Economics is called a social science because it is
A branch of social studies
A study of the ways man devises to satisfy his unlimited wants from unlimited resources
A dismissal science in the Malthusian sense
Governed by scientific law
The study of human wants by the means of scientific method of observation
Correct answer is E
Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behavior of individuals, groups, and organizations.
If the demand for a product with perfect elastic supply increases, there will be
An increase in price and quantity offered
An increase in quantity offered but the price will remain the same
A reduction in price and quantity offered
An increase in price but a reduction in quantity offered for sale
An increase in quantity offered but a reduction in price
Correct answer is B
No explanation has been provided for this answer.
Which of these would not be included in the fundamental principle of a free enterprise economy
Private ownership of factors of production
The right to organize factor for production purposes
The right to make private profit
Government control of mobility of factor of production
Government effort to encourage competitive capitalism within the law of the country
Correct answer is D
No explanation has been provided for this answer.
Construction
Agriculture
Distribution
Mining and petroleum
Transport and communication
Correct answer is B
No explanation has been provided for this answer.
The expression ‘terms of trade’ is used to describe
Quality of export
The direction of foreign trade
Terms of purchase on deferred payment basis
The rate at which export exchange for imports
Import licensing
Correct answer is D
No explanation has been provided for this answer.