Which of the following best describes capital as a factor of production?
A natural resources found everywhere
A stock of physical assets used for production
The organization of human and material resources for production
Resources used in training labour
Correct answer is B
No explanation has been provided for this answer.
Every society strive to pursue all the following economic objectives except
Increase production
Price stability
An inequitable distribution of income
Sustainable growth and income
Correct answer is C
No explanation has been provided for this answer.
The price elasticity of coefficient indicates
How far business can reduce cost
The degree of competition
The extent to which curve shifts
Consumer responsiveness to price changes
None of the above
Correct answer is D
No explanation has been provided for this answer.
The money payment made to owners of land and labour are
Rent and wages
Interest and profits
Wages and interest
Dividends and salary
Tax
Correct answer is A
No explanation has been provided for this answer.
A major setback in any mixed economy is
That is combined both the capitalist and socialist systems
The freedom of choice in the production and consumption of goods and services
That government intervenes to secure full utilization of resources
That economy decisions are determined by market forces
That the absence of profit motive in the public sector may reduce incentives for hard work
Correct answer is E
No explanation has been provided for this answer.