Economics Past Questions And Answers
The Ownership of a Public Limited Company is made up of
- A. Two to twenty persons
- B. A minimum of seven shareholders
- C. A minimum of fifty and maximum of one hundred shareholders
- D. Two to fifty shareholders
In a free market economy, available resources are more efficiently allocated by complete reliance on?
- A. development planning
- B. strategic planning
- C. capital budgeting
- D. price system
Government uses all of the following ways to redistribute income, except
- A. Market intervention
- B. Transfer earnings
- C. Limited liability
- D. Taxation
Economic problem occurs when
- A. There is scarcity relative to demand
- B. All raw materials are imported
- C. Many people are out of work
- D. There are no buyers for our goods
One of the unique features that distinguishes the perfect and imperfect market condition is _________
- A. profit motive principles
- B. absence of price control board
- C. price determines production and distribution
- D. number of sellers and buyers
Zero price elastic demand of a commodity means that
- A) The product has no value when it comes to price evaluation
- B) The product is a public goods, thus no price is to be paid to consume it
- C) The quantity purchases of the product remain the same at all price level
- D) The quantity purchases of the product can be changed to any level without any change in price
Which of the following factors does not cause a change in demand
- A. Taste and fashion
- B. vagaries of weather
- C. price of other commodities
- D. price of commodity
How does producers expectation of a price fall affect the supply curve of a product? There will be
- A. a moment along the curve
- B. a leftward shift
- C. no shift of the supply curve
- D. a shift to the right
which of the following best describes the budget? A
- A. plan of government's needs and expenditure for a year
- B. detailed estimate of government financial operation for a year
- C. satisfactory balance between income and expenditure for one year
- D. plan for importation of essential goods and services for one year
The definition of economics as 'the science which studies human behaviuor as a relationship between ends and scarce means which have alternative uses' was given by
- A. Adam Smith
- B. David Ricardo
- C. Lionel Robbins
- D. Thomas R. Mtithus