An economic system in which property resources are publicly owned and govt uses central economic planning to direct & coordinate economic activities ?
A. Command economy B. Closed economy C. Open economy D. None
Total consumption deducted from total income is called__________________?
A. Net income B. Gross income C. Saving D. None of these
Using part of income/saving for more income is called_________________?
A. Investment B. Busyness C. Consumption D. Entrepreneurship
“Wealth of nations” was written by_________________?
A. Lewis B. Rostow C. Keynes D. Adam Smith
The process of deriving principles is called___________________?
A. theoretical economics B. Economics analysis C. Both A. and B. D. None of these
The households and the business firms of the economy are called__________________?
A. Public sector B. Private sector B. Govt sector C. None
A measure of average output or real output per unit of input is called____________________?
A. Efficiency B. Production C. Productivity D. None
A market in which products households sell and firms buy resources or the services of resources is__________________?
A. Resource market B. Product market C. Consumer market D. Producer market