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Economics Past Questions and Answers

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Economics Questions

Question 6:

The demand curve facing the monopolist in the foreign market is__________

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A Elastic
B Inelastic
C Perfectly elastic
D Unitary

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Question 7:

Supply is________

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A A stock
B A Flow
C Constant
D A table

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Question 8:

A rise in the supply of a commodity cause__________

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A An increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
B An increase in both equilibrium
C A decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
D A decrease in both equilibrium

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Question 9:

The method obtained by adding all the reward of factors of production in national income is________

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A Income approach
B Expenditure approach
C Value added method
D Output approach

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Question 10:

An economy in which the whole income is not consumed is referred to as______

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A Frugal economy
B Spend thrift economy
C Capitalist economy
D Mixed economy

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