When price elasticity of supply is equal to 0.4, supply is said to be

A. inelastic

B. elastic

C. unitary elastic

D. public utilities

In the money market , money can only be borrowed for

A. long term

B. short term

C. capital project

D. public utilities

Deflation can be controlled by increase in

A. the bank rate

B. income tax

C. the price level

D. the budget deficit

Mortgage banks give loan to investors on long term basis to

A. finance agriculture

B. establish banks

C. acquire machinery

D. build houses

The situation where by a government spends more than its budgets for a fiscal year is known as

A. extra budget

B. surplus budget

C. mid-year budget

D. deficit budget

In a socialist economy, factors of production are owned and controlled by the

A. citizens

B. businessmen

C. government

D. foreigners

One quality of money which makes it possible to be carried easily is its

A. Scarcity

B. Durability

C. portability

D. acceptability

A form of tax in which the poor pay a higher rate than the rich is known as

A. regressive tax

B. backward tax

C. oppressive tax

D. retrogressive tax

The reduction in the value of a country's currency of other nations is known as

A. deflation

B. devaluation

C. inflation

D. revaluation

The creation of utility can be referred to as

A. value added

B. profit maximization

C. entreprenuership

D. production