J Economics 22

Local firms can help in reducing unemployment in a country when

If workers at the school canteen cannot sell during the holidays, this is example of

A situation in which all inputs are doubled and output also doubles is known as

Correct Answer: Option 2 — derived demand. The demand for labour is not wanted for its own sake but because it is needed to produce goods and services. This is called derived demand.

The theory of comparative advantage states that a commodity should be produced in that nation where the

Statutory organizations usually established by Acts of parliament are called

The demand curve for goods of ostentation is usually

The point x inside the ppc indicates?

The distinction between capital and recurrent expenditure lies in the

Occupational mobility as applied to factors of production means the case by which

The effect of changes in the condition of demand on a demand schedule with the price constant is a

A baker bought flour and other ingredients for S250.00, spent S52.00 on distribution, sold the bread for S320.00. The value added by the baker.

An example of commodity money is

Correct Answer: Option 3 — “has unlimited liability in case of business failure. Ordinary partners (also called general partners) actively participate in managing the business and are personally responsible for all business debts and obligations.

The ordinary partner in a partnership

One benefit a country can derive from the extraction of crude oil is increase in

Which of the following activities will not lead to economic growth?

In manufacturing, division of labour may be hindered by

If W stands for wages/salaries, P for profits, R for interest and Z for rent on land and real estate, then national income is

The line labelled M in the diagram above represent

In a country with large population of full-time house wives, national income

The use of the bank rate, cash ratio and open market operations constitute

In perfectly elastic supply, the supply curve

Marginal cost is?

If inflation is anticipated, people may

If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are

IBRD as an international monetary institution is concerned with the

Demand-pull inflation is likely to be caused by

If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is

A major characteristic of natural resources is they

A country's budget allocation to various sectors of the economy is shown in the pie chart above...

Use it to answer this question.

If the budget of the country was $7,200, how much is allocated to Education?

Which of the following forms of economic integration is a member nation free to impose duty against non-members

A greater burden of the taxes on essential goods is borne by the

If the marginal utility of commodity is equal to its price, then

The middlemen is responsible for

The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

Developments outside a given firm that reduce the firm’s costs are called

Under flexible exchange rates, a deficit could be corrected by

An advantage of the sole proprietorship over the partnership form of business organization is that

An electrical engineer who is teaching physics in a secondary school is said to be