Which of the following is an economic activity?

A. attending a town's meeting

B. a visit to the stadium

C. payment of school fees

D. arresting a petty thief

The reward for land as a factor of production is

A. interest

B. rent

C. dividends

D. wages

The three broad categories of productions are

A. direct, secondary and extractive

B. primary, tertiary and direct

C. primary, secondary and tertiary

D. secondary , primary and direct

A carpenter's consumer goods includes 1. a kilogram of rice II. 3 pairs of shoes III. 4 pairs of socks IV. 3 screw drivers

A. I and IV only

B. I,II,III and IV

C. I, II and IV only

D. I, II and III and III

In a capitalist system, the means of production is owned and controlled by

A. the government

B. politicians

C. private indidviduals

D. the workers

Mixed economy refers to a system in which the means of production are controlled by

A. private enterprises and the government

B. private indidviduals

C. the government only

D. the workers and businessmen

An economic goods is described as a good which

A. yields utility and commands a price

B. is useful and occupies a space

C. is in high demand and transferable

D. has unlimited supply

The concept of opportunity cost is important to the firm because it

A. determines the price of the firms products

B. increases the level of output of the firm

C. leads to maximum satisfaction of the consumers

D. guides firms in allocating scarce resources

As a firm expand s , it enjoys some advantages called

A. variable proportion

B. diminishing marginal returns

C. internal economies of scales

D. decreasing returns to scale

Division of labour is limited by

A. the size of the market

B. the productivity of capital

C. cost of production

D. the factors of production