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Economics Past Questions and Answers

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Economics Questions

Question 281:

In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when

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A MUX = MUA
B MUX = PX
C PX = X
D PX = PY

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Question 282:

Which of the following could be used to measure the efficiency of labour?

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A Rate of inflation
B Input-output ratio
C Buying more machines
D Unemployment rate

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Question 283:

How can a firm benefit from external economies?

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A Increasing its expenditure on advertising
B Increasing the workforce
C Locating in an area in which the industry is already established
D Merging with another domestic firm engaged in the same industry

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Question 284:

Disposable income is total income

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A Less tax
B Divided by tax
C Plus tax
D Multiplied by tax

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Question 285:

In which of the following economic systems do we have the means of production and exchange controlled by private individuals

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A Socialist system
B Mixed system
C Capitalist system
D Traditional system

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