Economics Past Questions and Answers

When a variable is associated with time period, it is?

A A flow
B A stock
C Circular
D Static

Question 892:

Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is

A Rational
B Consistent
C Inconsistent
D Transitive

Question 893:

Air is essential to life but commands no price!
Diamond is not essential to life but commands a high?

A Thrift
B Value
C Abundance
D Scarcity

Question 894:

The average product of labour in a given period is obtained by dividing the?

A Number of workers by the total product
B Total product by the number of hours actually worked
C Change in total product by the change in the number of workers
D Total product by the number of workers

Question 895:

Development outside a given firm which reduce the firm costs are called?

A Internal economies
B External economies
C External diseconomies
D Optimum effects