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Economics Past Questions and Answers

Economics Questions

Question 5001:
Supply for manufactured goods is often:
  • A Completely fixed supply
  • B More elastic supply
  • C Perfectly inelastic supply
  • D Vertical market supply
View Answer & Explanation
Question 5002:
One advantage of national income statistics is:
  • A Prevention of inflation fully
  • B International economic comparison
  • C Elimination of unemployment
  • D Increase in exports automatically
View Answer & Explanation
Question 5003:
Transfer payments are excluded from national income because they:
  • A Measure export activities
  • B Are not current production payments
  • C Increase production output directly
  • D Represent manufacturing income
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Question 5004:
A major reason for advertising under monopolistic competition is:
  • A Price fixing agreements
  • B Restriction of consumers
  • C Product differentiation
  • D Elimination of substitutes
View Answer & Explanation
Question 5005:
Which market structure best protects consumers from exploitation through competition?
  • A Single seller system
  • B Public monopoly
  • C Monopoly
  • D Perfect competition
View Answer & Explanation