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Economics Past Questions and Answers

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Economics Questions

Question 786:

The interdependence between households and business enterprises illustrated in the figure is known as

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A Market interaction
B Cash flow
C Circular flow of income
D Supply and demand for goods and services
E Household preference schedule

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Question 787:

Study the figure above. At paint H the price elasticity of supply is

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A Perfectly inelastic
B Inelastic
C Unit elastic
D Perfectly elastic
E Elastic

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Question 788:

Choice in economic life is necessitated by?

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A The need to construct scale of preference
B The opportunity cost of consumption
C Unlimited wants
D Scarcity of economic resources

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Question 789:

Choice in economic life is necessitated by?

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A The need to construct scale of preference
B The opportunity cost of consumption
C Unlimited wants
D Scarcity of economic resources

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Question 790:

Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?

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A Variable cost
B Opportunity cost
C Total cost
D Prime cost

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