Economics Past Questions And Answers
Disposable income means;
- A) income that is lost after tax has been removed
- B) income that could be spent when tax has been removed
- C) income that tax authority mandated to be given to charity when tax has been removed
- D) income to be disposed secretly for future spending after tax has been removed
The law of diminishing returns is applicable to the__________
- A. fixed inputs of production.
- B. variable factors of production.
- C. plants and machinery of the firm.
- D. equipment and other capital
which of the following is an example of derived demand
- A. textbook
- B. labour
- C. staple food
- D. mobile phone
Which of the following functions does the wholesaler perform to save the retailer burden of carrying large stocks?` i Breaking the bulk ii Packing the goods in smaller containers iii Providing vital information iv Grant credit facilities
- A. i and ii
- B. i and iv
- C. ii and iii
- D. i, ii, iii and iv
Which of the following best explain an inflationary situation at current price level?
- A. Demand, supply
- B. Demand supply
- C. Demand = Supply
- D. Demand/Supply
In many developing countries, infrastructural problems is acute due to the shortage of?
- A. industries and industrial equipment
- B. savings, investment and consumption
- C. natural resources for development
- D. supporting services that encourage economic activities
A shift in supply curve indicates that a different quantity will be supplied at each possible price because?
- A. consumers are willing to pay higher prices
- B. supply is facing competition
- C. other factors than price have changed
- D. price has changed
Double counting is a problem in computing national income when using the
- A. expenditure method
- B. income method
- C. output method
- D. value-added method
The total amount of money in circulation includes cash?
- A. and current account
- B. owned by banks and the non-bank public
- C. and current acount balances owned by banks and non-bank public
- D. owned by banks, the government and the non-bank public
By utility we mean________
- A. Uselessness
- B. Power of satisfying a want
- C. Beneficial
- D. Consumable