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Economics Past Questions and Answers

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Economics Questions

Question 1316:

What is the effect of inelastic demand for agricultural products on the income of a farmer?

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A A price rise results in its fall
B A price fall results in its fall
C A price fall results in its rise
D A price rise leaves the income unchanged

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Question 1317:

Plywood industries are often located near the source of?

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A Finance
B Labour
C Power supply
D Raw materials

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Question 1318:

A firm is said to have benefited from external economies in production if it has realized?

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A A more efficient management of resources
B A better combination of factors of production
C Reduced resources costs due to operation of other firms
D A higher profit level due to increased sales

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Question 1319:

One of the dangers of the localization of industries is?

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A Residual employment
B Mass unemployment
C Structural unemployment
D Cyclical unemployment

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Question 1320:

A glut in the world market for crude oil means?

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A A fall in crude oil production
B An excess supply of crude petroleum
C A higher crude oil price offered by the buyer
D A higher crude oil price demanded by the seller

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