Economics Past Questions And Answers
1221
The quantity theory of money states that a reduction in the quantity of money in circulation would bring about
- A. A constant change in price
- B. A rise in prices
- C. An unequal fall in prices
- D. A proportionate fall in price
1222
Which of the following is a tariff?
- A. Limit on the amount of goods which can be imported
- B. Inteest rate on foreign loans
- C. Government payment to domestic producers for exports
- D. Tax on imported goods
1223
Co-operative societies formed to market the output of their members are called
- A. Consumers' co-operative societies
- B. marketing co-operative societies
- C. Credit and thrift co-operative societies
- D. Producers' co-operative societies
1224
In the diagram below, the marginal rate of substitution of X for Y, for a movement from S to T is
- A. 13:3
- B. 1:5
- C. 18:4
- D. 5:1
1225
A primary industry is concerned with?
- A. extraction of resources in their raw states
- B. the operation of small scale enterprises
- C. the economic activities of primary producers
- D. clearing and cultivation of land only
1226
The survival of a partnership depends on
- A. the managerial ability of the partners
- B. access to finance
- C. the goodwill of the partners
- D. political stability
1227
The output of an extra unit of an input is referred to as________
- A. Output of the input.
- B. Marginal product of the input
- C. Average product of the input
- D. Utility of the input employed
1228
The distinguishing function of an entrepreneur is_______
- A. Planning.
- B. Control.
- C. Risk-bearing.
- D. Management.
1229
Basic extractive activities are classified as
- A. manufacturing production
- B. tertiary production
- C. secondary production
- D. primary production
1230
The theoretical relationship between money supply and prices is weakened by changes in the
- A. money supply
- B. general price level
- C. velocity of money
- D. interest rate