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Economics Past Questions and Answers

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Economics Questions

Question 566:

The most basic concern of economists is to?

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A Create human wants
B Satisfy all human want
C Redistribute income so that it is used correctly
D Create perfect competition
E Study ways of allocating scarce resources in order to satisfy human wants

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Question 567:

Which of these statement is NOT true of economics as a discipline?

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A It is a social science
B It is analytical
C It is concerned with people's material well-being
D It assumes limited human wants
E It assumes unlimited human resources

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Question 568:

An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?

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A Substitute goods
B Complementary goods
C Elastic goods
D Inelastic goods
E Inferior goods

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Question 569:

An equilibrium price?

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A Keeps excess demand within limits
B Keeps excess supply within limits
C Generates the greatest possible demand and supply
D Generates the greatest possible profits
E Equates the quantity supplied to be equal to the quantity demanded.

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Question 570:

When a nation’s exports are greater than its imports

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A The net foreign trade is zero
B An unfavourable balance of payment exist
C A favourable balance of payment exists
D An un favourable balance of trade exist
E A favourable balance of trade exists

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