A major advantage of specialization and division of labour is that
Time wastage will be minimized
Trade unions will be encouraged
There will be a ready market for labour
Workers will be adequately rewarded
Correct answer is A
No explanation has been provided for this answer.
Cost to output
Wages to profit
Cost to input
Output to input
Correct answer is D
No explanation has been provided for this answer.
An imperfect market exist where
The product is homogenous
There is perfect information among sellers
Both buyers and sellers have free entry into and free exits from the market
The location of some sellers gives them an advantage over others
Correct answer is D
No explanation has been provided for this answer.
If government fixes price below the equilibrium price, what effect will it have on demand?
Quantity demanded and supplied will be equal
Quantity supplied will be greater than quantity demanded
Quantity demanded will increase
Quantity demanded will decrease
Correct answer is C
No explanation has been provided for this answer.
An important feature of perfect competition is that
The movement of goods and services is restricted
There is adequate knowledge of existing prices
Prices are centrally administered
Individual economic units can influence prices
Correct answer is B
No explanation has been provided for this answer.