Economics Past Questions And Answers
In the short run, firms increase output by
- A) increasing the amount of labour used
- B) decreasing the size of their plant
- C) increasing the size of their plant
- D) decreasing the amount of labour used
Assisting members to solve temporary balance of payments problems is the reasons for the establishment of the
- A. International Monetary Fund
- B. Economic Commission for Africa
- C. World Bank
- D. African Development Bank
The benefits that result from concentrating similar firms in an area is referred to as
- A. external diseconomies of scales
- B. internal diseconomies of scales
- C. internal economies of scales
- D. external economies of scales
a country where labour is not sufficient to make proper use of natural resources is said to have an
- A. active population
- B. optimum population
- C. over-population
- D. under-population
The type of monopoly that develops as a result of granting patent right is known as
- A. natural monopoly
- B. state monopoly
- C. legal monopoly
- D. discriminating monopoly
The tax levied on goods and services at each stage of production is
- A. surtax
- B. VAT
- C. ad valorem tax
- D. PAYE
A normal supply curve is usually positively sloped because the relationship between
- A. price and supply is positive
- B. demand and price is positive
- C. supply and price is negative
- D. price and demand is negative
A decision on input combination solves the economic problem of
- A. how to produce
- B. for whom to produce
- C. when to produce
- D. what to produce
When a government cuts down her expenditure to reduce inflation, she has embarked on___________
- A. A restrictive Fiscal policy.
- B. An expansionary monetary policy.
- C. Physical policy.
- D. Implementing budget deficit
An important feature of a cartel is that?
- A. members do not reduce price below the cartel price
- B. each member has a fixed output above which it is not expected to produce
- C. a powerful member fixes the price at which others will sell
- D. membes fix the prices for their products