Production is best defined in economics as
Creation of utility yielding goods and services
Distribution of goods and services
Manufacturing of goods by small factories
Provision of basic amenities
Rendering of services only
Correct answer is A
No explanation has been provided for this answer.
A major feature of capitalism is
Collective ownership of means of production
Competition
Equality or egalitarianism
Redistribution of income
Socialization and welfare
Correct answer is B
No explanation has been provided for this answer.
Elastic
Inelastic
Unitary elastic
Both A and B
Correct answer is B
No explanation has been provided for this answer.
The concept of choice in Economics refers to
A decision between one thing and another
Ranking of wants in an ascending order
Selection of most pressing wants out of a range of alternatives
Ranking of wants on a table of preference
Separating defective commodities from non-defective ones
Correct answer is C
No explanation has been provided for this answer.
The following are qualities of money EXCEPT
Acceptability
Divisibility
Homogeneity
Portability
Rationality
Correct answer is E
No explanation has been provided for this answer.
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