The households and the business firms of the economy are called__________________?
A. Public sector
B. Ptivate sector
C. Govt sector
D. None
A measure of average output or real output per unit of input is called____________________?
A measure of average output or real output per unit of input is called____________________?
A. Efficiency
B. Production
C. Productivity
D. None
A market in which products households sell and firms buy resources or the services of resources is__________________?
A market in which products households sell and firms buy resources or the services of resources is__________________?
A. Resource market
B. Product market
C. Consumer market
D. Producer market
The price paid for the use of services of labour per unit of time is called__________________?
The price paid for the use of services of labour per unit of time is called__________________?
A. Salary
B. Income
C. Wage
D. All
Failure to use all available economic resources to produce goods and services is called__________________?
Failure to use all available economic resources to produce goods and services is called__________________?
A. Unemployment
B. Underemployment
C. Inflation
D. Deflation
An economic system in which traditions and customs determine how the economy would use its scare resources ?
An economic system in which traditions and customs determine how the economy would use its scare resources ?
A. Traditional economy
B. Mixed economy
C. capitalistic economy
D. Command economy
The amount by which a nation’s import of goods (or goods and services) exceeds its export of goods or goods and services is________________?
The amount by which a nation’s import of goods (or goods and services) exceeds its export of goods or goods and services is________________?
A. Trade surplus
B. Trade deficit
C. Trade bloc
D. None
The body of knowledge and techniques which can be used to produce goods and service from economic resources is________________?
The body of knowledge and techniques which can be used to produce goods and service from economic resources is________________?
A. Technology
B. Advanced knowledge
C. Both
D. None
A tax imposed by a nation on an imported good is called_________________?
A tax imposed by a nation on an imported good is called_________________?
A. Tariff
B. Foreign exchange
C. Net profit
D. GNP
Nominal income adjusted for inflation__________________?
Nominal income adjusted for inflation__________________?
A. Real income
B. Net income
C. Total income
D. None