• When Trinidad exchanges its oil for cement from Jamaica, the form of trade is best described as:
  • A.

Barter

• B.

Regional trade

• C.

Counter trade

• D.

International trade

• 2.

Which of the following statements about the planned economy is INCORRECT?

• A.

Consumers have a choice in the market place.

• B.

Wages can be negotiated between workers and employers.

• C.

The government owns and operates the major national operations.

• D.

The means of production are owned by the government.

• 3.

In a free enterprise system, all of the following conditions exist EXCEPT:

• A.

Decisions about prices are made in the market place.

• B.

There is greater ownership of the factors of production by the government than by the private sector.

• C.

Consumers are free to make their choices in the market place.

• D.

Private sector members are encouraged to remain in business because of the opportunity to make a profit.

• 4.

In a mixed economy, for which of the following enterprises do governments take responsibility?

• A.

Manufacturing

• B.

Utilities

• C.

Commercial banking

• D.

Construction

• 5.

The private sector is composed of the following sections: i). household ii). business iii). government iv). the market place

• A.

I and ii

• B.

i, ii and iv

• C.

i and iii

• D.

Ii, iii and iv

• 6.

A group of professional engineers wishing to enter into a business enterprise would most likely operate:

• A.

A co-operative

• B.

A partnership

• C.

A joint-stock company

• D.

A proprietorship

• 7.

In which type of system does the state ownership and control all of the country's productive resources?

• A.

Capitalist system

• B.

Mixed system

• C.

Planned system

• D.

Socialist system

• 8.

Which of the following business organizations belong to the public sector? i). Nationalized industries ii). Partnerships iii). Public corporations iv). Sole traders

• A.

I and iii only

• B.

Ii an iv only

• C.

i, ii and iii only

• D.

Ii, iii and iv only

• 9.

In a partnership, the sleeping partner is one who:

• A.

Contributes not less than three-quarters of the share capital of the business

• B.

Sleeps on the premises as a watchman and is paid a salary

• C.

Takes no active part in the affairs of the business but shares in its profits

• D.

Undertakes the task of implementing the policy decisions of the partnership

• 10.

Which ONE of the following is NOT a function of a trade union?

• A.

Assisting in the settlement of industrial disputes

• B.

Bargaining for the rights and privileges of employers

• C.

Bargaining for improvements in workers' wages and working conditions

• D.

Seeking educational, social, and legal benefits for its members