Economics ss2

The main concern of economists is to

• Allocate scarce resources to satisfy human wants

• Satisfy human wants

• Redistributed income between the rich and the poor

• Control the growth of population

A business outfit is said to be a public limited company when it

• Is owned by the government

• Operates as public operations

• Is run by the public

• Sell its shares to the member of the public

The gap between the demand and supply curve above the equilibrium price is

• Normal demand

• Excess supply

• Equilibrium quantity

• Abnormal demand

Production resources can also be called

• Principle of production

• Factors of production

• Items of production

• Labour and material resources

Which of the following sectors is most capital intensive?

• Insurance

• Petroleum

• Commerce

• Tourism

Which of the following serves as the banker’s bank

• Commercial bank

• Mortgage bank

• The central bank

• Development bank

Goods for which demand rises as income rises are

• complementary goods

• Inferior goods

• Normal goods

• Substitute goods

A firm’s main aim is to

• Maximise profit

• Survive in business

• Increase in market share

• Satisfy the ambition of its managers

A demand schedule shows the Quantities of goods that are

• Bought at given price at a time

• Produced at given price at a time

• Supplied at given price at a time

• Reserved for future consumption

The factors of production which takes the initiatives in combining resources for production is known as

• Capital

• Land

• Entrepreneur

• Capital