In which market is one country’s currency used to buy another country’s currency?
Correct answer B. Foreign exchange market
Subject / 2,686 questions
Agriculture MCQs
Page 10 of Agriculture multiple-choice questions with answers. Tap an option to check yourself.
Page 10 of 135
What is an organisation called that employs resources to produce a good or service for profit and owns and operates one or more plants?
Correct answer C. Firm
What is the money payment a firm must make to an outsider to obtain a resource called?
Correct answer A. Explicit cost
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What is it called when different prices are charged for goods of the same standard?
Correct answer D. Price discrimination
What is a firm’s total revenue minus all of its economic costs known as?
Correct answer D. All of these
In which economic system are property resources publicly owned, with the government using central planning to direct and coordinate economic activity?
Correct answer A. Command economy
What is the amount left when total consumption is subtracted from total income?
Correct answer A. Saving
What is it called when part of income or savings is used to generate more income?
Correct answer B. Investment
What is the total of all goods and services produced within a country in a year called?
Correct answer B. GDP
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Who wrote “The Wealth of Nations”?
Correct answer C. Adam Smith
What is the analytical method that reasons from the general to the particular, from theory to facts, called?
Correct answer C. Deduction
What is the process of deriving economic principles called?
Correct answer C. Both A and B
Which part of the economy is made up of households and business firms?
Correct answer A. Private sector
What is a measure of average or real output per unit of input called?
Correct answer B. Productivity
In which market do households sell, and firms buy, resources or the services of resources?
Correct answer B. Resource market
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What is the price paid for the use of labour services per unit of time called?
Correct answer A. Wage
What is the failure to use all available economic resources to produce goods and services called?
Correct answer D. Unemployment
In which economic system do traditions and customs decide how scarce resources are used?
Correct answer A. Traditional economy
What do we call the amount by which a country’s imports of goods and services exceed its exports?
Correct answer C. Trade deficit
What is the body of knowledge and techniques used to produce goods and services from economic resources called?
Correct answer D. Technology