Economic problems arises because

A. resource are scarce relative to wants

B. man is insatiable

C. money is scarce

D. man engages in too many economic activities

The economic system in which resource are privately owned dis known as

A. Capitalism

B. Socialism

C. communism

D. unitarism

Quasi-rent refers to

A. payment made on aquisition of a firm's premises

B. payment made for the procurement of tools and equipments

C. returns on investment

D. payments made on any factors of production that is temporaly fixed in supply

Reward for entrepreneurship is

A. rent

B. wages

C. interest

D. profit

Which of the following is the function of an entrepreneur?

A. Avoidance of risks

B. decision making

C. employment control

D. Organizing unions

The difference between the highest and lowest in a set of data is

A. range

B. median

C. variance

D. mode

In which of the following economic system is the consumer referred to as the king?

A. Capitalist economy

B. socialist economy

C. communist economy

D. Mixed economy

The dispersal of people in a country is called

A. mobility of people

B. geographical distribution

C. occupational distribution

D. state distribution

In a country with ageing population , the total population

A. comprises young school leavers only

B. comprises mainly women

C. is increasing at a low rate

D. has reached the optimum level

Population growth can be controlled by all the following except

A. legalizing abortion

B. incentives on immigration

C. family planning

D. limiting number of children per family