Economics Past Questions And Answers
301
Indirect taxes are generally
- A. progressive
- B. regressive
- C. equitable
- D. proportionate
302
By passing the middlemen in the chain of distribution can lead to _________
- A. a problem of unemployment of labour
- B. the creation of artificial scarcity
- C. high prices of goods and services
- D. an increase in government tax revenue
303
positive checks as envisaged by Thamos Malthus can be prevented if
- A. date rate is reduced
- B. marriage is abolished
- C. more hospitals are built
- D. more restraint is adopted
304
Abstention from consumption which enables capital to be produced is called
- A. Savings
- B. Production
- C. Accumulation
- D. Opportunity cost
305
A possible factor which limits the extent of growth of a firm is the?
- A. existence of a monopoly
- B. bureaucratic delays in decision-making
- C. use of by-products
- D. unwillingness to share ownership and control
306
Economics is regarded as a science because it?
- A. studies laws that govern human behaviour
- B. uses scientific method to explain human behaviour
- C. makes use of controlled experiments to explain human behaviour
- D. makes use of machines to study human behaviour
307
For a supply curve, an increase in the price of a commodity will result in?
- A. a decrease in supply
- B. a decrease in the quantity supplied
- C. an increase in supply
- D. an increase in the quantity supplied
308
A straight line indifference curve indicates that the two products are
- A. normal goods
- B. inferior goods
- C. perfect substitutes
- D. close substitutes
309
which of the following agricultural system is mainly for the cultivation of food crops for family consumption?
- A. Co-operative farming
- B. Commercial farming
- C. Subsistence farming
- D. Plantation farming
310
A rational consumer tends to do all the following except
- A. buying more at a high price than at a low price
- B. buying more at a low price than at a high price
- C. buying at utility maximization
- D. reacting to price changes