Economics Past Questions And Answers
The middlemen is responsible for
- A. providing research facilities
- B. purchasing raw materials
- C. designing the product
- D. breaking the bulk
For both the monopolist and the perfectly competitive firm , profit maximizing output occurs at the point where the
- A. marginal cost curves cuts the marginal revenue curve from below
- B. marginal revenue curve cuts the marginal output from above
- C. marginal cost curve intersect the X-axis
- D. marginal revenue curve intersects the Y-axis
The relationship between tax rate and income which is relevant to a proportional tax is depicted by?
- A. curve Z and Y
- B. curve X
- C. curve Z
- D. curve Y
The diagram below explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The total tax revenue is represented by
- A. P1EHPo
- B. PoHQo0
- C. P1EQoO
- D. P1ED1Po
When the government expenditure and income are the same in a fiscal year, this is referred as;
- A) Net balance
- B) Zero balanced budget
- C) Balanced budget
- D) Net income
A group of firm producing similar commodities for the same market constitute
- A. a cartel
- B. an industry
- C. a co-operative
- D. wholesaler
Opportunity cost is define as the
- A. money cost
- B. cost of production
- C. real cost
- D. variable cost
The main difference between a private and a public enterprises is the
- A. amount of profit realized
- B. mode of operation
- C. objective of the business
- D. ownership structure
Choice involves opportunity cost because
- A. goods give different utilities
- B. available resources are inadequate
- C. there are many goods to select from
- D. not all goods have the same price
The equilibrium wage in an economy is determined by the?
- A. public service
- B. worker's union
- C. rate of inflation
- D. supply and demand for labour