Economics is best described as the study of

A. the wealth of nations

B. how man consume his products

C. how man provides for his everyday needs

D. the distribution of wealth

The most frequent occurring value in a given data is the

A. mode

B. median

C. mean

D. range

Subsistence production means that goods and services are

A. produced for consumption only

B. sold to others

C. sold in the country

D. produced for the market

Warehouse facilities in the distribution and marketing of products are provided by

A. manufacturer

B. wholesaler

C. retailer

D. advertisers

Which of the following is a reward to a factor of production?

A. interest

B. donation

C. gifts

D. subsidy

Land is a factor of production because it

A. is a free gift of nature

B. contains valuable mineral resources

C. assits in the creation of utility

D. is owned by individuals and governments

One of the advantages of large scale production is that

A. there is a rise in the cost of administration

B. consumers sacrtifice their indidvidual tatstes

C. the firm can use labour-saving machinery

D. the demand for a firm's product becomes localized

Which of the following is an advantage of division of labour?

A. production of specialized goods

B. employment of experts

C. monotony of work

D. Greater use of machinery

Despite the benefits large firms enjoy, it could be limited by the

A. a desire to make maximum profit

B. introduction of efficient transport system

C. growth of specialization

D. extent of the market

Localization of industry refers to the

A. conentration of the firms of an industry in a particular area

B. siting of industries in rural areas

C. even spread of industries

D. governement policy of influencing