“When one of the factors of production is fixed in quantity or is difficult to increase, increasing the other factors of production will result in a less than proportionate increase in output”. This statement is known as the______________?
(A) Law of diminishing return
(B) Law of supply
(C) Law of demand
(D) Law of supply and demand
What refers to the amount of a product made available for sale ?
(A) Supply
(B) Demand
(C) Product
(D) Good
What do you call any particular raw material or primary product such as cloth, wool, flour, coffee, etc ?
(A) Utility
(B) Necessity
(C) Commodity
(D) Stock
The difference between the present and future worth of money at some time in the future is called __________________?
(A) Discount
(B) Deduction
(C) Inflation
(D) Depletion
What is defined as the interest on a load or principal that is based only on the original amount of the loan or principal ?
(A) Effective rate of interest
(B) Nominal rate of interest
(C) Compound interest
(D) Simple interest
What refers to the cumulative effect of elapsed time on the money value of an event, based on the earning power of equivalent invested funds capital should or will earn ?
(A) Present worth factor
(B) Interest rate
(C) Time value of money
(D) Yield
Perfect monopoly exists only if_______________?
(A) the single vendor can prevent the entry of all other vendors in the market
(B) the single vendor gets the absolute franchise of the product
(C) the single vendor is the only one who has the permit to sell
(D) the single vendor is the only one who has the knowledge of the product
Oligopoly exists when there is/are _______________?
(A) Few sellers and few buyers
(B) Few sellers and many buyers
(C) Many sellers and few buyers
(D) One seller and few buyers