The money payment made to owners of land and labour are

A. rent and wages

B. interst and profits

C. wages and interest

D. didvidends and salary

E. tax

The price elasticity of coefficient indicates

A. how far business can reduce cost

B. the degree of competition

C. the extent to which curve shifts

D. consumer responsiveness to price changes

E. none of the above

Every society strive to pursue all the following economic objectives except

A. increase production

B. price stability

C. an inequitable distribution of income

D. sustainable growth and income

Which of the following best describes capital as a factor of production?

A. a natural resources found everywhere

B. a stock of physical assets used for production

C. the organization of human and material resources for production

D. resources used in training labour

The system whereby goods are exchanged for goods is known as

A. stock exchange

B. barter system

C. banking

D. co-operative system

The graph of the function X = a + bY is

A. linear

B. quadratic

C. cubical

D. exponential

Productivity , per worker, is best measured by

A. total output less number of workers

B. total output multiplied by number of workers

C. number of workers less total output

D. total output didvided by number of workers

In determining cost economics considers

A. implicit cost only

B. explicit cost only

C. implicit and explicit costs

D. explicit cost less implicit

The precautionary motive for holding money is to enable the holder to

A. buy stocks when interest are high

B. overcome unforseesn contigencies

C. buy goods and services on daily basis

D. buy fixed assets

In long run, all factors inputs are

A. variable

B. diminishing

C. constant

D. fixed