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Economics Past Questions and Answers

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Economics Questions

Question 2196:

Demand in Economics is synonymous with

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A Needs
B Wants of the consumer
C All goods demanded in the market
D Wants supported with ability to pay
E All consumers goods

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Question 2197:

All the following factors will cause a change in demand except

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A The consumer's income
B The consumer's taste
C A change in population size
D A change in weather condition
E The price of commodity

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Question 2198:

A rational consumer tends to do all the following except

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A Buying more at a high price than at a low price
B Buying more at a low price than at a high price
C Buying at utility maximization
D Reacting to price changes
E Complying with the law of demand

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Question 2199:

A firm that charges different price of goods or services that have same technical qualities is called

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A A perfect competitor
B A monopsony
C An oligopoly
D A discriminating monopoly
E A duopoly

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Question 2200:

A perfect market has all the following features except that

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A There are many buyers and few sellers
B The commodities bought and sold are homogenous
C There is free entry and exit
D Buyers and sellers have perfect knowledge of the market
E There is only one ruling price

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