Rents and interest are rewards to

A. Labour and capital respectively

B. Land only

C. Capital only

D. Labour and land respectively

E. Land and capital respectively

The process that leads to an agreement on the condition of service between employer and employee is termed

A. Salary negotiation

B. Arbitration

C. Collective bargaining

D. Conciliation

E. Reconciliation

Diminishing return occurs in short run when there is a reduction in the

A. Average product of the fixed factor

B. Total product of the variable factor

C. Total product of the fixed factor

D. Marginal product of the variable factor

E. Marginal product of the fixed factor

In production, factory buildings are regarded as

A. Variable cost

B. Average costs

C. Marginal costs

D. Total cost

E. Fixed costs

The Ownership of a Public Limited Company is made up of

A. Two to twenty persons

B. A minimum of seven shareholders

C. A minimum of fifty and maximum of one hundred shareholders

D. Two to fifty shareholders

E. A maximum of fifty shareholders

All the following are the economic reasons for establishing public enterprises except the provision of ,

A. An avenue for expressing national prestige

B. Services at a cheaper cost

C. Socially necessary facilities

D. Services which are natural monopolies

E. Employment opportunities

The unemployment associated with decrease in demand is referred to as

A. Disguised

B. Imposed

C. Cyclical

D. Voluntary

E. Functional

Monopoly can best be described as a market in which

A. A single seller sells a product which has no close substitute

B. Few sellers sell a product s at different prices

C. The entry of other firms is restricted by the few firms in the market

D. Two or more sellers sell a product which is differentiated

E. a single buyer buys a product which has no close substitutes

Which of the following market structure are imperfect in competition. I monopoly II duopoly III oligopoly

A. I only

B. II and III only

C. I and II only

D. I and III only

E. I,II and III only

Demand-pull inflation results when there is

A. inadequate improvement in the wage rate of workers

B. execessive demand due to high purchasing power

C. excessive supply of raw materials for production

D. rise in productivity of the factors of production

E. excessive rise in the standard of living