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Economics Past Questions and Answers

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Economics Questions

Question 3251:

When the demand for a good is fairly inelastic, the burden of an indirect tax falls

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A More on the consumers of the goods
B More on the sellers of the goods
C On sellers and consumers equally
D Completely on the capital

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Question 3252:

<i>Dumping </i>means the selling of a good in a foreign market at a price that is

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A Below the home market price
B Above the home market price
C Equal to the home market price
D Able to clear the home market price

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Question 3253:

Which of the following group of accounts make up the balance of payments?

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A The current account multiple account and capital account
B Monetary movement account;company account and international account
C Cash acount; double entry account and current account
D Capital account; current account and monetary movement account

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Question 3254:

A country's balance of payment is deficit when

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A A country's payment for imports of visible goods are greater than her receipts from exports of visible goods
B The total receipts from her exports of visible and invisible goods are greater than her payments for visible and invisible imports
C It can record a surplus on current account of her balance of payment accounts
D The total payment for visible and invisible imports are greater than the total receipts from her exports of visible and invisible goods

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Question 3255:

In order to stabilize oil price in the world market, there is the need for OPEC members to

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A Always have budget deficit
B Encourage competition among themselves
C Adhere to production quotas
D Fix the price of non-oil products

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