Economics

Which of the following has no limit in economics?

• Human labour

• Natural resources

• Technology

• Wants of consumers

The opportunity cost of a specialized machinery which can be used in only one production process is

• The cost of what is produced

• Zero

• The wear and tear of the machinery

• The replacement value of the machinery

Another name of opportunity cost is

• Money cost

• Social cost

• Real cost

• Revenue cost

Production ends with

• Consumption

• Transportation

• Specialization

• Distribution

Most people in Ghana are employed in

• Agricultural sector

• Primary sector

• Tertiary sector

• Government sector

Goods have economic value when it is

• Cheaply produced

• Relatively scarce

• Stable in price

• Produced in abundance

The sale of second-hand spare parts is an example of

• An industrial activity

• A primary economic activity

• A tertiary economic activity

• A secondary economic activity

Natural resources do not include

• Timber

• Gold

• Petroleum

• Capital

Economics exist because

• It is a science

• Resources have many uses

• Resources are relatively scarce

• Resources satisfy human wants

All wants cannot be met because of the problem of

• Scarcity

• Unemployment

• Inflation

• Choice