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Economics Past Questions and Answers

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Economics Questions

Question 511:

The fundamental problem of Economics is?

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A Money
B Poverty
C Unemployment
D The scarcity of resources relative to wants
E Inflation

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Question 512:

If you do not have to give anything in order to get a particular thing, then its opportunity cost is?

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A Zero
B Not measurable
C Its price in money
D Infinite
E Equal to one

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Question 513:

Which of the following is the standard concept for measuring and analyzing population growth?

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A The rate of natural increase
B The net migrate
C The rate of population increase
D The fertility rate
E All of the above

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Question 514:

When we draw a market demand curve, we?

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A Ignore tastes, incomes and other prices
B Assumes that tastes, income and prices do not matter
C Assumes that taste, income and all other prices change in same direction as prices
D Assume that tastes, incomes and all other prices remain constant
E Both A and B above

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Question 515:

Capital earns income because?

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A It is productive
B It is expensive
C It is always cheaper to substitute capital for labour
D It is technically more efficient than labour
E Both A and B above

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