The amount by which a nation’s import of goods (or goods and services) exceeds its export of goods or goods and services is________________?

A. Trade surplus
B. Trade deficit
C. Trade bloc
D. None

An economic system in which traditions and customs determine how the economy would use its scare resources ?

A. Traditional economy
B. Mixed economy
C. Capitalistic economy
D. Command economy

Failure to use all available economic resources to produce goods and services is called__________________?

A. Unemployment
B. Underemployment
C. Inflation
D. Deflation

The price paid for the use of services of labour per unit of time is called__________________?

A. Salary
B. Income
C. Wage
D. All

A market in which products households sell and firms buy resources or the services of resources is__________________?

A. Resource market
B. Product market
C. Consumer market
D. Producer market

A measure of average output or real output per unit of input is called____________________?

A. Efficiency
B. Production
C. Productivity
D. None

The households and the business firms of the economy are called__________________?

A. Public sector
B. Ptivate sector
C. Govt sector
D. None

The process of deriving principles is called___________________?

A. Theoretical economics
B. Economics analysis
C. Both a. and b.
D. None of these

An analytic approach in which we move from general to particular from theory to facts is_________________?

A. Induction
B. Deduction
C. Specification
D. None

“Wealth of nations” was written by_________________?

A. Lewis
B. Rostow
C. Keynes
D. Adam smith