w economics 19

Balance of trade involves the exchange of

When an increase in inputs leads to a more than proportionate increase in output, there is

The motive for holding money to meet unforeseen events is termed

The short-run in production is the time period when

In most underdeveloped countries, development plans do not achieve their objective due to

The total value of goods and services produced within the borders of a country is

A point X inside the production possibility curve indicates that

The demand for coffee and tea is

Devaluation of currency may not correct a balance of payments deficit if the demand for export is

In perfect competition, the average revenue curve of a firm is

If the coefficient of price elasticity of demand of a product is zero, then its demand curve will be

A cost of production that is positively related to output is the

What happens when a minimum price is imposed in a market?

Natural resources that are renewable are found in the

In most developing countries, a large percentage of the labour force is engaged in

The use of interest rates to control the money supply is a

Exploitation of forest resources becomes a major problem when

What happens when the central bank increases the bank rate?

Which of the following factors is not a condition for a change in the supply of a commodity

If the demand function is Qd = -0.5 + 20, calculate the quantity demanded when price is $15.0

When the price of a good is above the equilibrium, there will be

An increase in the prices of factor inputs may result in

A country is described as industrialized if

Supply of agricultural products is likely to be elastic in the

Insurance Companies are similar to commercial banks in that they

What effect will an increase in the supply of fish have on the meat market

Two commodities X and Y are in joint supply when

The wages of a group of workers in dollars is stated below; 40, 30, 70, 20, 60, 10, 10, 80, 30, and 10. What is the mean wage

The desire for profits is a major feature of

The major employer of labour in developing countries is the

One measure for financing a country's balance of payments deficit is through

Citizens are protected from the government's arbitrariness in taxation by the canon of

Malthusian theory of population was proved wrong because

Which of the following institutions is Concerned with expanding developing countries' commodity trade

Middlemen are made up of

Which of the following means of funding a business is very reliable and cheap?

Govermment in most cases influences the location of firms to

Which of the following is a major advantage of establishing a tomato-processing factory in a country?

If less of a good is bought as one's income increases, such a good is

The major achievement of the Economic Community of West African States (ECOWAS) is that it has

Which of the following factors will not underestimate the national income?

An improvement in a country's terms of trade means that the

Agricultural productivity may be increased if

In a period of unemployment and falling prices, the government should adopt a

Which of the following items is not considered as a transfer payment?

Human development can be improved if

The fundamental economic problem in every society is

Which of the following is true of the value of money? It