Economics Past Questions and Answers

If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to

A Technical progress
B Size of the population
C Amount of natural resources
D The environment
E The quality of human resources

Question 777:

The process by which a country attempts to reduce the import of manufactured goods at home is described as?

A Export-promotion
B Import-substitution
C Industrialization
D Export-diversification
E Import-creation

Question 778:

Under normal circumstances a producer will bear the entire burden of taxation on his output if the?

A Demand for his product is completely elastic
B Supply of his goods is more elastic than the demand
C Demand for his product is more elastic than the supply
D Production of his commodities is subject to diminishing returns
E Production of his commodities is subject to increase returns to scale

Question 779:

Which of the following is NOT a part of the fixed costs of a limited liability company?

A Interest on loans
B Rent on buildings
C Depreciation reserves
D Management expenditure
E Wages

Question 780:

The act of combining factor inputs in order to obtain specific output is known as

A Factor procurement
B Manufacturing
C Investment
D Industrialization
E Production