The main concern of economists is to

A. allocate scarce resouces to satisfy human wants

B. satisfy all human wants

C. redistribute income between the rich and the poor

D. control the growth of population

Productive resources can also be called

A. principle of production

B. factors of production

C. items of production

D. labour and material resources

Production covers all the following except when

A. utility is created

B. a good is manufactured

C. a commodity is consumed

D. individual wants are satisfied

Data presented in tables are usually arranged in

A. charts and graphs

B. rows and columns

C. graph and rows

D. columns and charts

The theory of diminishing marginal utility states that as more units of a commodity are consumed, the

A. satisfaction from an extra unit decreases

B. satisfaction from an extra unit rises

C. satisfaction from an extra units remains constant

D. total satisfaction from the goods remains the same

Which of the following factors does not cause a change in demand

A. Taste and fashion

B. vagaries of weather

C. price of other commodities

D. price of commodity

If good P and Q are jointly demanded, an increase in the price of P will likely

A. leave the demand for Q constant but reduce the quantity demanded of P

B. reduce the quantity of P but increase the Price of Q

C. Increase the quantity supplied of Q

D. decrease the quantity demanded of Q

The gap between demand and supply curves above the equilibrium price is

A. normal demand

B. excess supply

C. equil;ibrium quantity

D. abnormal demand

A major function of the price mechanism is that it determines the

A. allocation of resources

B. amount of national savings

C. population of the country

D. number of goods to be taxed

Which of the following determinants of supply cannot be predicted easily?

A. price of the commodity

B. new techniques of production

C. national emergencies

D. mobility of labour