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Economics Past Questions and Answers

Economics Questions

Question 2581:
In a socialist economy, factors of production are owned and controlled by the
  • A Citizens
  • B Businessmen
  • C Government
  • D Foreigners
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Question 2582:
One quality of money which makes it possible to be carried easily is its
  • A Scarcity
  • B Durability
  • C Portability
  • D Acceptability
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Question 2583:
A form of tax in which the poor pay a higher rate than the rich is known as
  • A Regressive tax
  • B Backward tax
  • C Oppressive tax
  • D Retrogressive tax
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Question 2584:
The reduction in the value of a country's currency of other nations is known as
  • A Deflation
  • B Devaluation
  • C Inflation
  • D Revaluation
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Question 2585:
The creation of utility can be referred to as
  • A Value added
  • B Profit maximization
  • C Entreprenuership
  • D Production
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