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Economics Past Questions and Answers

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Economics Questions

Question 2426:

Under the socialist economy , the decision on what to produce is determined by the

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A Producer
B Level of expected profit
C Price
D Government
E Preference of consumers

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Question 2427:

Credit creation by banks is limited by

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A An increase in bank deposits
B The establishment of specialized banks
C The non-availability of clllateral security
D The use of cheques for all transactions of the banks
E Abolishing the reverse ratio

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Question 2428:

Which of the following explains marginal cost?

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A Overhead cost plus variable cost resulting from production
B The average cost of producing more units of the products
C The extra cost of producing more units of products
D Overhead cost minus variable cost
E The additional to total cost resulting from the production of an additional unit

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Question 2429:

The effect of an increase in price on the demand for a commodity with elastic demand will be

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A An increase in the demand for the commodity
B A decrease in the demand for the commodity
C A further increase in the price of the commodity
D Reduction in the number of the distributors of the commodity
E A general increase in the cost of the production

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Question 2430:

In perfect competition , the marginal cost curve intersects the average cost curve

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A From below at its lowest point
B From above at its lowest point
C From below before the lowest point
D At the zero point
E From below after the lower point

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