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Economics Past Questions and Answers

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Economics Questions

Question 161:

The ultimate objectives of economics is to_________?

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A Decide under what circumstances that government should intervene in the economy
B Organize production at the lowest cost
C Make the best use of scarce resources
D Make efforts to understands how the economy works

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Question 162:

The savings deposit in a commercial bank is called____________?

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A Near money
B Call money
C Capital
D Fund

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Question 163:

A major determinant of the demand for a luxury good is____________?

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A The price of other goods
B The price of the good
C Tastes and fashion
D The income of consumers

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Question 164:

When a variable is associated with time period, it is_____________

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A Circular
B A flow
C Static
D A stock

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Question 165:

The factor of production that has the highest degree of mobility is__________?

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A Entrepreneurship
B Land
C Labour
D Capital

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