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4421

Economics problems arise in all societies because

  • A. resources are mismanaged by leaders
  • B. there is no proper planning
  • C. resource are not in adequate supply
  • D. the services of economists are not employed
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4422

Which of the following is not emphasized in a product possibility curve?

  • A. Scarcity of resources
  • B. Economic development
  • C. Inefficiency in the use of resources
  • D. Unemployment of labour
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4423

Producers operating in a free market economy are more efficient as a result of

  • A. the existence of competition
  • B. the very few number of participants
  • C. the commitment of the shareholders
  • D. government regulation of their activities
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4424

In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?

  • A. 0.0045 million
  • B. 4.5 million
  • C. 1.25 million
  • D. 16 million
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4425

A downward sloping demand curve means that

  • A. total revenue declines as price is lowered
  • B. demand falls as output increases
  • C. demand falls as output falls
  • D. price must be lowered to sell more
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