Economics Past Questions and Answers

Frictional unemployment?

A Is total unemployment minus structural unemployment
B Occurs when the unemployed are persons with specific training
C Occurs when the number of job seekers exceeds the number of vacancies
D Occurs when people are changing jobs

Question 882:

For the improvement of the welfare of a people, a high production level is not enough because

A The have-nots deserve more than a fair share
B Equitable distribution is necessary
C Production efficiency is vital
D Savings in the country must be guaranteed at more than 50 percent of income earned.

Question 883:

Economic development is defined as?

A Positive change plus growth
B Avalibility of more goods and services
C Outward shift of the production possibility curve
D Growth in the national income

Question 884:

In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?

A The quantity supplied is infinitely elastic
B When price is zero, the quantity supplied infinite
C When price is infinite, the quantity supplied zero
D The quantity supplied is definite

Question 885:

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

A 75 units
B 35 units
C 7 units
D Not determinable from the schedules except when graphed