choose the correct answer.

______ is achieved when revenues from selling goods and services exceeds the cost of their production. *

Profit

Revenues

Losses

Costs

______ is an organization of employees who have joined together to negotiate improved pay or improved working conditions with their employees. *

Trade union

Trade credit

Bank

Supplier

If the interest rates ______, people and firms will be able to borrow money more cheaply than before from banks. *

Remain the same

Rise

Fall

Increase

The main function of the central bank is______: *

To shake the stability of the banking system and national currency

To be controlled by commercial banks

To maintain the stability of the banking system and national currency

To borrow money from commercial banks

SMEs refer to _____________. *

Supplier and manager exchange

Small supplier enterprise

Small and medium-sized enterprises

Supplier management enterprise

_____ are a form of positive externality. *

Disruptive technologies

Technological spillovers

Automation

Product life cycle

There will be a deficit in the balance of payment of a country if it______ *

None of the options

does not have any imports

pays less to overseas countries than it receives

pays more to overseas countries than it receives

Business involves ______ and ______ resources into firms to produce goods and services to satisfy needs and wants of consumers. *

Planning, Combining

Planning, Coordinating

Organizing, Coordinating

Organizing, Combining

______ interest rates in an economy can help increase consumer spending goods and services and increase business investment. *

Higher

Excessive

Reducing

Increasing

Without economic growth, businesses will suffer from all of the following reasons except ______: *

Employment, incomes and demand will rise

Business revenues and profits will fall

Government tax revenues will fall

Entrepreneurs will not invest in new businesses

Factor substitution is best defined as: *

None of the options

When a public sector organization replaces the tasks which were originally undertaken by the private sector organizations

When labor replace the tasks which were originally undertaken by machines

When machines replace the tasks which were originally undertaken by labor

Resources are the ______ to productive activity. *

Outcomes

Outputs

Products

Inputs

When DVDs replaced video cassettes, DVDs were referred to as _______. *

Technological spillover

Disruptive technologies

Destroyed technologies

Technological span

All of the following are examples of services, except ________. *

Beauty treatments

Perfumes

Legal consultations

Banking facilities

People and organizations consume ______ and ______. *

Goods, Services

Materials, Services

Materials , Components

Goods, Materials