An economic system in which the state owns and controls the means of production is known as
Free enterprise
Socialist economy
Mixed economy
Capitalist economy
Welfare company
Correct answer is B
No explanation has been provided for this answer.
A scale of preference is a list
Of consumer's wants arrange in order of importance
That helps the individual to make rational choice
That enables the consumer to make a wise decision about his choice
That is necessary because human beigns are faced with competitive wants
Of all satisfied wants arrange in order of magnitude
Correct answer is A
No explanation has been provided for this answer.
A firm's compulsory cost whether it is in production or not, is referred to as its
Prime cost
Variable cost
Marginal cost
Fixed cost
Average cost
Correct answer is D
No explanation has been provided for this answer.
Capital as a factor of production is important because
It enables us to carry out task which can not be done by human effort only
Most tasks can be done with bare hands
People can work without capital
Without capital all the factors are useless
It provides money which is essential for the growth of business
Correct answer is E
No explanation has been provided for this answer.
Land is a most significant factor in terms of contribution to the economy because
It enables us to build industries
We build houses on it
All our highways are constructed on it
We get a lot of fishes from it
Vital resources from it enrich the economy
Correct answer is E
No explanation has been provided for this answer.