BUK Economics 2010/2011 Past Questions

Which of the following is an economic activity?

The reward for land as a factor of production

The three broad categories of production are

A carpenter's consumer goods include; I. a kilogram of rice II. 3 pairs of shoes III. 4 pairs of sacks. IV. 3 screw drivers,

In a capital system, the means of production are owned and controlled by

Mixed economy refers to a system in which the means of production are controlled by

An economic good is described as a good which

The concept of opportunity cost is important to the firm because it

As a firm expands, it enjoys some advantages called

Division of labour is limited by

An entrepreneur is likely to make more profits when

Natural growth rate is

A major effect of ageing population is

One of the problems associated with the middleman in the distribution of goods, is that he

The distribution of goods is said to be completed when it reaches

The gap between demand and supply curves below the equilibrium price indicates

Demand for inferior goods is an example of

The market structure in which the operators are many and none of them can influence the price is

One main benefit of partnerships is