Economics Past Questions And Answers
1151
National income at factor cost means national income at?
- A. current prices
- B. nominal prices
- C. last year prices
- D. base year prices
1152
The voting power in co-operative societies is vested on
- A. management
- B. members without loan
- C. shareholders
- D. members with the highest contribution
1153
In a situation where the finished product of an industry is fragile, bulky and perishable, such an industry should be located close to its
- A. raw materials
- B. market
- C. labour supply
- D. power supply
1154
The primary objective of establishing the Export Process Zone is to?
- A. facilitate agricultural production
- B. encourage the production and processing of export commodities
- C. erect imported raw materials
- D. erect economic structures near the port
1155
Charging different prices for the same commodity is a feature of a
- A. perfect competition
- B. commodity market
- C. monopolistic competition
- D. monopoly market
1156
The active population of a country determines the size of its
- A. economic resources
- B. national income
- C. labour force
- D. gross domestic product
1157
The major objective of economic growth is to?
- A. redistribute income and other benefits of growth
- B. equalize opportunities for education and employment
- C. increase the aggregate expenditure on goods and services
- D. increase real per capital income
1158
According to the theory of comparative advantage specialization will result in
- A. labour-intensive method of production
- B. capital-intensive method of production
- C. efficient allocation of resources
- D. efficient distribution of output
1159
Average product is less than marginal product when
- A. there is constant returns to scale
- B. there is increasing returns to scale
- C. there is decreasing returns to scale
- D. diminishing returns set in
1160
The government can influence the price of agriculture products by?
- A. fixing minimum prices when agricultural output is low
- B. fixing maximum prices in years of bumper harvest
- C. the use of buffer stock and stabilization funds
- D. paying all farmers producing identical crops a uniform amount of money