An increase in the rice harvest; all things being equal; may cause
A. Price to increase substantially. B. Price to fall substantially. C. Demand to fall substantially. D. Farmer’s incomes to be more than doubled Correct Answer: Option B = Price to fall substantially.
One way of obtaining the median of a given data is to
A. Sum the value and divide by the number of items. B. Arrange the data in ascending order and subtract each item from the mean. C. Arrange the data in descending order and add each item to the least. D. Arrange the data in either ascending or descending order and...
When a commodity market operates without government interference; commodities are distributed through
A. A government distribution agency. B. The operation of price mechanism. C. A central planning committee D. Retailers only. Correct Answer: Option B – A government distribution agency.
The distinguishing function of an entrepreneur is
A. Planning. B. Control. C. Risk-bearing. D. Management. Correct Answer: Option C = Risk-bearing.
A consumer with $10 needs a dress; a pair of shoes; a handbag and jewelry costing $20; $10; $7 and $3 respectively. The opportunity cost of buying the pair of shoes Is the
A. Dress. B. Jewelry. C. Handbag and Jewelry. D. Dress and Jewelry Correct Answer: Option C = Handbag and Jewelry.Products
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