IMSU Economics 2013/2014 Past Questions

The study of economics is necessitated by:

Another name for real cost is

This is not a tool for economic analysis

Consumer's sovereignty is associated with the economic system called:

The most important factor that determines demand and supply is:

Efficiency of labour can be improved by

The function of the commercial bank is to

The following are factors of production except

______ is a principle that states that a country, community or individual will benefit to the greatest extent if it specializes in the production of foods which it has advantage over the other

______ means the wealth owned collectively by state or local authorities

______ signifies a situation whereby liability of the shareholder is limited to fully paid up value of shares held

______ is a form of business organization that is democratically controlled and exempted corporation tax

Periods of less than full employment correspond to:

The following are advantages of localization of industry except

The tendency for firms and individuals to concentrate on the activity which is of most advantage to them is known as