Human wants are insatiable because wants are

A. limited while means are scarce

B. unlimited and means are also unlimited

C. limited and means are also limited

D. unlimited while means are scarce

Scale of preference is important for the following reasons except in

A. satisfying wants

B. making rational

C. making optinum allocation of resources

D. using scarce resources efficiently

In a socialist economy, prices of commodities are determined by

A. forces of demand and supply

B. producers of the commodities

C. the central planning authority

D. consumers who are sovereign

Which of the following cannot be classified as land in economics

A. Bauxite deposit in the ground

B. A lake used for irrigation

C. A bulldozer for clearing farm land

D. Grazing field for cattle

A country allocation to various sectors of the economy is shown in the pie chat below, use it to answer question 5 and 6.

If the budget of the country was $7,200, how much is allocated to Education?

A. $2,400.00

B. $2,000.00

C. $1,200.00

D. $1,000.00

What is the ratio of expenditure on health to agriculture?

A. 2.3

B. 3.4

C. 4.3

D. 5.4

The demand curve for neccessity is usually

A. vertical

B. backward bending

C. horizontal

D. negatively sloped

What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? total revenue will

A. increase

B. fall

C. fluctuate

D. remain unchanged

If the quantity of men's hat demanded per week is represented by the function Qd=20-\(\frac{1}{3}\)P, where P is price, how many hats are demanded when the price is $9.00?

A. 11

B. 17

C. 23

D. 47

The demand for torch and batteries is an example of

A. competitive demand

B. composite demand

C. complementary demand

D. derived demand