Which of the following is not a middleman in the distribution channel? The

• A. wholesaler
• B. distributor
• C. agent
• D. consumer

The most important attribute of money is?

• A. homogeneity
• B. relative scarcity
• C. divisibility
• D. general acceptance

The use of the bank rate, cash ratio and open market operations constitute

• A. monetary policy
• B. export policy
• C. fiscal policy
• D. import policy

Marginal cost can be derived from the

• A. total product
• B. total revenue
• C. total cost
• D. average fixed cost

When the government initiates measures to make an organization in which it has substantial interest more profit oriented, such a business is described as being

• A. indigenized
• B. restructured
• C. privatized
• D. commercialized

Goods consumed out of habit have

• A. elastic demand
• B. perfectly elastic demand
• C. inelastic demand
• D. unitary elastic demand

Long-run production is called

• A. diminsihing returns to scale
• B. returns to scale
• C. external economies of scale
• D. economies of scale

Despite the benefits large firms enjoy, it could be limited by the

• A. a desire to make maximum profit
• B. introduction of efficient transport system
• C. growth of specialization
• D. extent of the market

Which of the following are the major disadvantage of direct system of taxation? i, Disincentive of hard work ii, Difficulties in assessment and collection iii, imperfection in tax assessment.

• A. i and ii
• B. i and iii
• C. ii and iii
• D. i, ii and iii

The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?

• A. $1.50
• B. $15.00
• C. $150.03
• D. $166.67