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1 of 15

The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?

A. budget deficit

B. balance budget

C. budget surplus ‘

D. budget statement

2 of 15

Two goods, X and Y, are said to be complementary when?

A. A fall in the price of X raises the demand for Y

B. A fall in the price of X causes a fall in the demand for Y

C. A fall in the price of X does not affect the demand for Y

D. A rise in the price of X does not affect the demand for Y

3 of 15

\(\begin{array}{c|c}
\text{Unit of output} & \text{Table cost}\
\hline
1 & 20 \
2 & 32 \
3 & 42 \
4 & 48 \
5 & 50 \
\end{array}\)

in the above table, the marginal cost of the 3rd unit of output is

A. 12

B. 6

C. 10

D. 2

4 of 15

Which of these would NOT increase population of a country

A. Increase in death rate

B. Decrease in birth rate

C. Emigration

D. Migration

5 of 15

A limited liability company is owned by?

A. an individual

B. two or more partners

C. shareholders

D. government

6 of 15

The 'terms of trade' means

A. the trade agreement between two countries

B. the difference in the volumes of exports of two countries

C. the value of a unit of export in relation to the value of a unit of import

D. the production of total value of exports to the value of total trade

7 of 15

The advantage of sole proprietorship is as follow

A. It is always successful

B. Continuity is no problem

C. Control and supervision is under one man

D. Funds are easy to obtain

8 of 15

In a market where the demand for a product increases while the supply remains constant, what is the expected impact on the equilibrium price and quantity of the product?

Equilibrium price increases, equilibrium quantity decreases

Equilibrium price decreases, equilibrium quantity increases

Equilibrium price increases, equilibrium quantity increases

Equilibrium price remains unchanged, equilibrium quantity decreases

9 of 15

Which of the following factors is most likely to lead to an increase in the labor force participation rate in a country?

A decrease in the retirement age

An increase in educational attainment among women

A rise in unemployment benefits

A decline in the overall population size

10 of 15

Which of the following factors is most likely to cause a rightward shift in the supply curve for a particular good?

An increase in the price of the good

A decrease in the number of producers in the market

A technological advancement that reduces production costs

An increase in consumer income

11 of 15

Which of the following activities of government precludes the existence of a market economy?

A. The imposition of taxes

B. The control of the location of industry

C. The central planning of production

D. The fixing of maximum price for all necessities

12 of 15

Which of the following factors is most likely to cause a rightward shift in the supply curve for a product?

An increase in the price of a substitute good

A decrease in production costs due to technological advancements

An increase in consumer income

A rise in taxes on the product

13 of 15

The equilibrium market price is determined at a point where?

A. consumers can buy all they desire

B. sellers can dispose of all their wares

C. the price is moderate

D. quantity consumers desires equal quantity sellers offer

14 of 15

Which of the following statements is true?

A. A proportional tax is one which takes from high income people a larger fraction of their income than it takes for low income people

B. taxes on commodities of services which can be shifted elsewhere are usually called direct taxes

C. The sole proprietor is a legal entity

D. the influence of demand on price will be smallest on the short run

15 of 15

An economy in which both the public and the private sectors contribute substantially to the growth of output is?

A. a socialist economy

B. a capitalist economy

C. a mixed economy

D. an industrial economy

Economics Past Questions Practice

Set Your Time in Minutes

There are 15 questions in total

Economics Past Questions Practice

minutes!

The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?

Two goods, X and Y, are said to be complementary when?

\(\begin{array}{c|c}
\text{Unit of output} & \text{Table cost}\
\hline
1 & 20 \
2 & 32 \
3 & 42 \
4 & 48 \
5 & 50 \
\end{array}\)

in the above table, the marginal cost of the 3rd unit of output is

Which of these would NOT increase population of a country

A limited liability company is owned by?

The 'terms of trade' means

The advantage of sole proprietorship is as follow

In a market where the demand for a product increases while the supply remains constant, what is the expected impact on the equilibrium price and quantity of the product?

Which of the following factors is most likely to lead to an increase in the labor force participation rate in a country?

Which of the following factors is most likely to cause a rightward shift in the supply curve for a particular good?

Which of the following activities of government precludes the existence of a market economy?

Which of the following factors is most likely to cause a rightward shift in the supply curve for a product?

The equilibrium market price is determined at a point where?

Which of the following statements is true?

An economy in which both the public and the private sectors contribute substantially to the growth of output is?

Economics Past Questions Practice

Set Your Time in Minutes

There are 15 questions in total

Economics Past Questions Practice

minutes!

The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?

Two goods, X and Y, are said to be complementary when?

\(\begin{array}{c|c} \text{Unit of output} & \text{Table cost}\ \hline 1 & 20 \ 2 & 32 \ 3 & 42 \ 4 & 48 \ 5 & 50 \ \end{array}\) in the above table, the marginal cost of the 3rd unit of output is

Which of these would NOT increase population of a country

A limited liability company is owned by?

The 'terms of trade' means

The advantage of sole proprietorship is as follow

In a market where the demand for a product increases while the supply remains constant, what is the expected impact on the equilibrium price and quantity of the product?

Which of the following factors is most likely to lead to an increase in the labor force participation rate in a country?

Which of the following factors is most likely to cause a rightward shift in the supply curve for a particular good?

Which of the following activities of government precludes the existence of a market economy?

Which of the following factors is most likely to cause a rightward shift in the supply curve for a product?

The equilibrium market price is determined at a point where?

Which of the following statements is true?

An economy in which both the public and the private sectors contribute substantially to the growth of output is?

\(\begin{array}{c|c}
\text{Unit of output} & \text{Table cost}\
\hline
1 & 20 \
2 & 32 \
3 & 42 \
4 & 48 \
5 & 50 \
\end{array}\)

in the above table, the marginal cost of the 3rd unit of output is