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Economics Past Questions and Answers

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Economics Questions

Question 576:

Opportunity cost is best defined as?

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A The penalty for not seizing golden opportunities
B Sacrificed alternative (output, income etc.)
C The cost of creating job opportunities
D Payment made to an industrial worker
E The difference between fixed and variable costs

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Question 577:

Progressive income tax can be expressed as

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A Tax that falls as income rises
B Tax that rises as income falls
C Tax that is independent of income
D Tax that rises as income rises
E Tax that is neutral to income

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Question 578:

From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

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A 15k, 13,000
B 20k, 17,500
C 13k, 20,000
D 18k, 18,000
E 18k, 15,000

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Question 579:

In this diagram, So So is the original supply curve while S<sub style='font-size: smaller;'>1</sub> S<sub style='font-size: smaller;'>1</sub> represent?

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A A movement along a give supply curve
B An increase in supply
C Decrease in supply
D A perfect elastic supply curve
E An abnormal supply curve

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Question 580:

From the above, the Growth Rate of Total National Output or GDP is

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A 6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
B 20.0%, i.e. (2 + 5 + 10 +3)%
C 2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
D 5.0%, i.e,(2 +5 + 10 + 3)/ 4%
E Not obtainable

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