Economics SS 2

_____ is referred to as increment cost (a) output marginal (B) marginal cost (c) average fixed cost (d) variable cost

The total income which a firm derived from the sale of its product is known as ____ (a) total revenue (B) revenue (c) marginal revenue (d) average revenue

All the following are major types of economic system except (a closed) socialism (B closed) capitalism © economics system (d) mixed economy

Free market economy is also known as (a) capitalism (b) socialism (c) mixed economy (d)social economy

Control the economic is also known as (a) capitalism (B) mixed economy (c) social economy (d) socialism

An association of workers formed to enable the members to take collective rather than individual is known as (a) trade union (B) trading Union (Union of trading (d) Union

A group of firms producing broadly similar commodities is known as (a) plant (b) firm (c) industry (d) factory

____ industry is concerned with production of goods with the help of nature (a) primary industry (b) secondary industry (c) genetic industry (d) service industry

Which of the following are not agent of distribution (a) wholesaler (B closed) retailer (c) consumer (d) government agency

When a country has a large labor force it is beneficial to use a method of production which is ( a) capital intensive (b) land intensive (c) labour intensive (d) technically intensive