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Economics Past Questions and Answers

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Economics Questions

Question 2461:

Why are West African countries referred to as under-developed?

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Question 2462:

Economics is often described as a science because it

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A Adopts the use of laboratory experiments
B Involves accurate predictions of human beings
C Makes use of controlled experiment
D Use scientific methods to explain observed phenomena
E Deals with observation and field work

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Question 2463:

Scarcity in Economics means that

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A The economy can scarecely produce anything
B Human wants are limitless
C The economy has very few resources
D Human wants are limited, relative to resources
E Resources are limited relative to wants

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Question 2464:

which of the following has a derived demand?

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A Labour
B Butter
C Television set
D Breads
E Motor cars

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Question 2465:

In Economics production is complete when

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A Goods are manufactured in the factories
B Are sold to the final consumer
C Goods and services are distributed by the government
D Producers fixed the price of goods produced
E Goods and services gets to the retailer

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