Economics Past Questions And Answers
Population Statistics of a Country. In 1990, the difference between the dependent population and the active population ratio is
- A. 22%
- B. 20%
- C. 16%
- D. 4%
which of the following is the correct way to calculate total cost?
- A. Addition of fixed cost to variable cost
- B. Division of total cost by total output
- C. Multiplication of fixed cost by the variable cost
- D. Subtraction of fixed cost from total cost
An imperfect market in which there is only one buyer of a commodity is?
- A. monopsony
- B. oligopoly
- C. monoploy
- D. duopoly
The additional cost incurred by producing an additional unit of output is known as
- A. Fixed cost
- B. Total cost
- C. Average cost
- D. Marginal cost
An increase in the supply of a commodity X automatically results in an increase in the supply of another commodity Y. This is a cause of
- A. elastic supply
- B. joint supply
- C. exceptional supply
- D. competitive supply
when the demand for foreign exchange exceeds its supply, the value of the domestic currency
- A. appreciates
- B. depreciates
- C. remains unchanged
- D. expands
Development banks mainly provides
- A. savings account facilities for a developing economy
- B. foreign exchange facilities for importers and exporters
- C. capital for development of specific sectors
- D. capital for hire-purchase of machinery
A necessary condition for specialization in an economy is the existence of
- A. a regulated market
- B. a competitive market
- C. a medium of exchange
- D. adequate capital
If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is
- A. elastic
- B. perfectliy inelastic
- C. inelastic
- D. perfect elastic
One disadvantages of direct taxes is that they
- A. allocate scarce resources
- B. are not rigid
- C. can be progressive
- D. can be evaded