Which of the following is NOT a feature of capitalism?
Detailed economics planning
Free enterprise
Competition
Private ownership of property
Entrepreneurs and the pursuit of profit
Correct answer is A
No explanation has been provided for this answer.
Remuneration of labour based on number of hours worked is known as
Fees
Commission
Time-rates
Salary
Wages
Correct answer is C
No explanation has been provided for this answer.
When an economy is having a balance of payment surplus the best alternative opened to it is to
Borrow from abroad
Devalue its currency
Increase its foreign reserve
Promote imports into the country
Sell out its foreign assets
Correct answer is C
No explanation has been provided for this answer.
Which of the following is NOT a factor that brings about changes in demand?
A change in real income
Government policy
Increase in population
The price of the good or service
Taste and fashion
Correct answer is B
Factors that can shift the demand curve for goods and services, causing a different quantity to be demanded at any given price, include changes in tastes, population, income, prices of substitute or complement goods, and expectations about future conditions and prices.
The willingness of an individual backed up with purchasing power at a given time is
Demand
Desire
Effective demand
Utility
Want
Correct answer is C
No explanation has been provided for this answer.