In the long term run, factors of production are considered to be
At maximum
Fixed
Variable
Increasing
Correct answer is C
In the Long-Run, all factors of production are variable and firms are able to adjust all costs.
Goods are said to be in competitive demand when they are
Substitutes
Complementary
Jointly demanded
Identical
Correct answer is A
Goods are considered competitive when they can readily be substituted for one another.
In the balance of payments of a country, tourism is classified under
Capital account
Invisible trade
Merchandise trade
Official reserves
Correct answer is B
No explanation has been provided for this answer.
Trade between two countries is known as
Bilateral trade
Bilateria trade
Multilateral trade
Internal trade
Correct answer is A
No explanation has been provided for this answer.
All economic systems must decide what to produce because
Resources are not available
Consumers want maximum satisfaction
Resources are limited in supply
Producers want maximum profit
Correct answer is C
No explanation has been provided for this answer.