Small firms are important for the development of a country because
The prices of their products are usually high
They render personalized services to the consumers
They usually produce goods for the elites
They do not normally provide after sales services
Correct answer is B
No explanation has been provided for this answer.
The main objective of setting up private businesses is to
Protect the interest of the government
Maximize profits
Provide infrastructure
Promote exports
Correct answer is B
No explanation has been provided for this answer.
Transport
Water
Raw materials
Labour supply
Correct answer is C
No explanation has been provided for this answer.
The cost which firm will incur whether it is in production or not, is referred to as
Average cost
Variable cost
Opportunity cost
Fixed cost
Correct answer is D
No explanation has been provided for this answer.
Economist speaks about ‘opportunity cost’ when a consumer
He has the change to minimize cost
Has to forgo one thing in order to have another
Can equate his fix costs with his variable costs
Is able to save part of his income
Correct answer is B
No explanation has been provided for this answer.