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Economics Past Questions and Answers

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Economics Questions

Question 4996:

Which relationship exists between tea and coffee?

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A Joint supply relationship
B Complementary relationship
C Independent relationship
D Substitute relationship

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Question 4997:

One major objective of calculating national income is:

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A Measuring cultural diversity
B Measuring economic welfare
C Determining rainfall quantity
D Predicting election outcomes

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Question 4998:

Which factor makes demand more inelastic?

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A Large number substitutes
B Flexible consumer preference
C Luxury consumption pattern
D Absence of close substitutes

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Question 4999:

Demand for petrol is often:

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A Perfectly inelastic supply
B Perfectly elastic
C Relatively inelastic
D Unit elastic always

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Question 5000:

When demand is inelastic, total revenue increases if:

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A Price increases moderately
B Supply becomes perfectly elastic
C Quantity demanded rises greatly
D Income falls completely

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