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Economics Past Questions and Answers

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Economics Questions

Question 556:

If a commodity has many substitutes, it is most likely that?

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A The demand curve is fairly inelastic
B The demand curve is fairly elastic
C The demand curve is paraell to the quantity axis
D The demand curve is positively sloped
E The price of the commodity is too high

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Question 557:

Which of the following statement does NOT describe a situation of perfect competition.?

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A The firm faces an infinitely elastic demand curve
B The firm makes no pure profit in the short run
C The price does not change with changes in the output level of the firm
D There is freedom of entry into, and exit out of the industry
E The firm can sell all it produces at the market price

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Question 558:

Surplus in balance of payment leads to?

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A Inflation or increasing prices generally
B Increases in foreign reserves
C Decreases in foreign reserves
D Government budget surplus
E None of the above

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Question 559:

Which of the following does NOT belong in respect of the quantity of money?

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A Durability
B Division into the smallest units of value
C Portable
D Identifiable by all
E Measure of value

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Question 560:

Government budget can be described as the sum of?

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A Indirect tax, direct tax, and loans expected within a financial year
B Planned recurrent expenditure and planned investment expenditure
C Planned capital expenditure for a development plan within a plan period
D Planned expenditure and expect revenue within a financial year
E Planned expenses of all ministries within a financial year

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