Economics

Which is a characteristic of a successful entrepreneur? (hint: choose 3 correct answers)

• Motivated

• Takes very little risk

• Passionate

• Hard-working

Main features of Inflation are:

• Prices rise continuously over long period of time

• Prices rise at a faster rate

• Rise in prices is same for all goods and services

• Rise in prices is not same for all goods and services

there is very little government interference. The government exercises little control over resources, and it does not interfere with important segments of the economy.

• mixed system

• Command economic system

• Traditional economic system

• market economic system / free market

The point where supply and demand are balanced is?

• product
• demand
• surplus
• equilibrium

Which of the following is not part of the current account?

• a. export of goods

• b. import of services

• c. grants and gifts

Which is the cost of goods or services used to operate a business?

• Income
• Expense
• Revenue
• Profit

Producers

• Individuals and organizations that determine what products and services will be available for sale.

• People who buy goods and services

An entrepreneur is someone 

• Someone who works for a new business
• Someone who starts a new business
• Someone who takes over an existing business
• Someone who does not want to work

A country produces 500 new capital goods in a week and 250 of these replace worn out capital goods. What is the new investment made?

• 500

• 750

• 250

• 550

Which one from the following is the most labour absorbing sector?

• Agriculture

• Fisheries

• Poultry farming

• Mining