Economic as a field of study is a

A. pure science

B. polititcal science

C. social science

D. physical science

The major agents of economics system are

A. consumer, workers and producers

B. markets, telecommunication and banks

C. schools, hospitals and universisties

D. indidviduals , firms and government

Which of the following is not an advantage of tubular presentation of data?

A. enables easy location of required figures

B. makes for easy comaprison of figures

C. occupy more space than mathematical equations

D. showa wether the figures are increasing or decreasing

The problem of scarcity is reduced by

A. controlling consumption of goods and services

B. producing everything needed by the consumers

C. ensuring efficient allocation of resources

D. restricting consumer choice and tatste

The reward for labour is

A. wage

B. profit

C. rent

D. dividend

Which of the following factors of production consists of man made goods?

A. land

B. labour

C. capital

D. entreprennuer

One major function of the entrepreneur is

A. bearing of risks

B. maximizing profits

C. taking charge of day to day managment

D. determinig the selling price of his products

A major limiting factor of mass production is

A. efficient management

B. adequate labour supply

C. small size of the market

D. adequate supply of raw materials

Division of labour leads to

A. improved craftsmanship

B. the production of standardized goods

C. increase in the cost of goods

D. trade by barter

Which of the following is an advantage of localization of industry?

A. development of subsidiary firms

B. creation of paralell markets

C. developments of slums

D. attraction of foreign capitals