Full employment is a situation in which _______

• A. Every adult is employed.
• B. Only the disable are not employed.
• C. All adults who can work are employed.
• D. All those who are able and eligible can find employment

A buyer who haggles in the market is applying the principle of

• A. choice
• B. price mechanism
• C. opportunity cost
• D. utilty maximization

A persistence rise in the prices of inputs will lead to

• A. cost push inflation
• B. demand pull inflation
• C. hyperinflation
• D. stagflation

(a) What is economic development? (b) Outline any five features of a Development Bank.

if a housewife has meat and tomatoes, she must find someone who wants meat and has tomatoes to give. this concept is described as?

• A. opportunity cost
• B. scale of preference
• C. complementary demand
• D. double of coincidence of wants

Government fixing of prices below the equilibrium point is aimed at protecting the

• A. sellers
• B. industries
• C. distributors
• D. consumers

Which of the following statements is not true in an inflationary period?

• A. the purchasing power diminishes
• B. Wages rise simultaneously with prices
• C. More money runs after a limited quantity of goods
• D. Aggregate real demand exceeds aggregate real supply

The notion of short-run and long-run periods is responding for grouping cost into

• A. fixed and variable
• B. implicit and explicit
• C. average and total
• D. capital and running

The principle that specified that the amount, when and how to pay tax should be made known to tax payer is known as

• A. Principle of economy
• B. Principle of convenience
• C. Principle of simplicity
• D. Principle of certainty

The suggestion that peasants in Africa have backward-bending supply curves of output implies that their response to an increase in the price of their crops will be to?

• A. increase their output
• B. decrease their output
• C. keep their output constant
• D. hoard their output