The most basic concern of economists is to
Create human wants
Satisfy all human wants
Redistribute income so that it is used correctly
Create perfect competition
Allocate scarce resources to satisfy human wants
Correct answer is E
No explanation has been provided for this answer.
Opportunity cost is define as the
Money cost
Cost of production
Real cost
Variable cost
Fixed cost
Correct answer is C
No explanation has been provided for this answer.
Scarcity in Economics generally refers to
A period of production
Hoarding of goods
Monopolization of existing supply of resources
Period of famine
Resources being limited
Correct answer is E
No explanation has been provided for this answer.
Economics is a social science because it
Deals with an aspect of human behaviour
Provides people with commodity they want
Deals with limited resources which have alternative uses
Deals with the production of goods for present and future consumption
Is related to how choice is made
Correct answer is A
No explanation has been provided for this answer.
Which of the following is not an argument for locating industries in rural areas?
Rural areas supply agricultural raw materials
The pace of development of rural areas will be quicken
Employment will be for rural inhabitants
Capital is easily available in rural areas
Rural-urban migration will decrease
Correct answer is D
No explanation has been provided for this answer.