Question 4581:

The problem of scarcity is reduced by ____________

A. Controlling consumptions of goods and services
B. Producing everything needed by consumers
C. Ensuring efficient allocation of resources
D. Restricting consumer choices and tastes

Question 4582:

Which of the following factors of production consists of man made goods

A. Land
B. Labour
C. Capital
D. Entrepreneur

Question 4583:

A major limiting factor of mass production is ____________

A. Efficient management
B. Adequate labour supply
C. Small size of the market
D. Adequate supply of raw materials

Question 4584:

Division of labour tends to ____________

A. Improved craftsmanship
B. The production of standardized goods
C. Increase in the cost of goods
D. Trade of barter

Question 4585:

Which of the following is an advantage of localization of industry?

A. Development of industrial firm
B. Operation of palatial market
C. Development slums
D. Attraction of foreign capital