IMSU Economics 2014/2015 Past Questions

Practice each question, then open it to see the full details.

The circular flow of goods and incomes shows the relationship between:

A.goods and services.
B.wages and salaries.
C.firms and households.
D.income and cost of goods and services

Partner with influential status only is

A.Active
B.Enlightened
C.Social
D.Nominal.

______ is the distribution of goods and services

A.Commerce
B.Economics
C.Distribution
D.Transport

Foreign trade includes all except ______

A.External
B.International
C.Trade between nations
D.National

Bulk purchasing of raw material and finished goods from the producer refers to

A.Wholesale trade
B.Bulk purchasing
C.Discount purchase
D.Large purchase

______ service are services rendered to the members of the public?

A.Direct
B.Indirect
C.Private
D.General

Small scale retailers includes the following except

A.Road side traders
B.Market traders
C.Supermarket
D.Urban stores

A store that is owned and controlled by a single firm is

A.Chain store
B.Supermarket
C.Departmental
D.Large store

Factors considered in setting up a retail business include the following

A.Capital requirement
B.Source of supplies
C.Type of Goods
D.All of the above

The study of economics is necessitated by

A.Opportunity cost
B.Wants
C.Scarcity
D.Choice