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Economics Past Questions and Answers

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Economics Questions

Question 3406:

Which of the following best explains what to produce?

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A How much goods are to be produced
B The combination of resources to be used
C Which goods and services to be produced
D How many wants are to be satisfied

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Question 3407:

The demand for money is described as a

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A Competitive demand
B Joint demand
C Derived demand
D Composite demand

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Question 3408:

Which of the following is the main outcome of a trade union's interference with the wage rate? Wages are

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A Lowered but more employment opportunities are created
B Lowered but employment level remains unchanged
C Increased and employment levels are unchanged
D Increased but employment levels are reduced

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Question 3409:

The introduction of tariffs and quotas

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A Reduce th prices of imports
B Increase the demand for locally made goods
C Discourage domestic industries from becoming more efficient
D Reduce the prices of locally made goods

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Question 3410:

A government that wants to get more revenue will increase the tax on commodities with a

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A High price elasticity of demand
B Low price elasticity of demand
C High income elasticity of demand
D Low income elasticity of demand

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