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Economics Past Questions and Answers

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Economics Questions

Question 586:

A movement along a given demand curve for a good is caused by a change in

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A A consumer income
B The price of the good
C Taste
D The prices of other goods
E Population

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Question 587:

External economies are

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A The advantage accuring to a firm as a result of its expansion
B The advantages accuring to one firm as a result of the existence of other firms in the same locality
C Benefits derived by a firm as a result of its own individual policy
D Reaped only by agricultural firms
E Bound to increase the costs of production whatever the circumstances

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Question 588:

Economics is a science which deals basically with

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A The factors of production
B Allocation of scarce resources
C Oil exportation
D The gross domestic product (GDP)
E National income

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Question 589:

Economics is a science which deals basically with

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A The factors of production
B Allocation of scarce resources
C Oil exportation
D The gross domestic product (GDP)
E National income

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Question 590:

Economist speak about 'opportunity cost' when a person

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A Has the opporunity to attain a high degree of cost minimization
B Has to forego one thing in order to have another
C Can equate his fixed costs with his variable costs
D Is able to run his business without much expenditure
E Has to maximize utility in order to maintain a high standard of living

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