Economics Past Questions And Answers
1
when a country has a large labour forvce , it is beneficial to use a method of production which is
- A. capital intensive
- B. land intensive
- C. labour intensive
- D. mechanically intensive
2
Which of the following means of funding a business is very reliable and cheap?
- A. Bank loans
- B. Loans from friends
- C. Plough back profits
- D. Debentures
3
An economic problem arises when________
- A. Sellers are few
- B. Scarcity and choices are involved
- C. Buyers are many
- D. Money is in short supply
4
The entire satisfaction that a consumer derived from a successive consumption of a particular commodity is known as
- A. marginal utility
- B. total utility
- C. average utility
- D. diminishing utility
5
One major criticism of foreign aid to developing countries is that it
- A. Gives too much power and control to world bank
- B. Encourages growth in government bureaucracy
- C. Is capital using rather than capital saving
- D. Provides incentives for capital flight
6
In a public company , entrepreneural function are performed by the
- A. workers
- B. shareholders
- C. creditors
- D. board of directors
7
An important determinant of price elasticity of demand is
- A. the state of technology
- B. the prices of other commodities
- C. the ease of substitution
- D. government policy
8
Elasticity of demand is an effective tool in the hand of a producer in that it enables him
- A. rise his profits and lower his, costs
- B. discourage buyers from cheating
- C. determine what he will produce
- D. set his price to maximize his profit
9
All the following factors will cause a change in demand except
- A. the consumer's income
- B. the consumer's taste
- C. a change in population size
- D. the price of commodity
10
The demand for factors of production is an example of?
- A. joint demand
- B. competitive demand
- C. derived demand
- D. composite demand