A. socialism B. Welfarism C. communism D. capitalism E. traditionalism Correct Answer: Option D - capitalism
A. high tariffs B. price index C. excise duties D. bank rate E. subsidies Correct Answer: Option A - high…
A. overpopulated B. economically poor C. over-producing goods and services D. underpopulated Correct Answer: Option A - overpopulated
A. the former is characterized by complete government ownership of resources, the latter characterized by complete private ownership B. in…
A. resources are directed by the price mechanism B. workers do not earn equal wages C. the profit motive is…
A. inconsistent B. consistent C. transitive D. rational Correct Answer: Option A - inconsistent
A. total utility derived from each goods and services is increasing at an increasing rate B. marginal utility derived from…
A. Britain B. Canada C. Japan D. Germany E. China Correct Answer: Option A - Britain
A. groundnut B. cotton C. cocoa D. mineral oil E. palm kernel Correct Answer: Option D - mineral oil
A. planning has no practical relevance B. of the pattern of the consumers' spending C. the country is too large…