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Economics Past Questions and Answers

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Economics Questions

Question 3496:

which of the following can be described as land

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A Forest
B Diamond
C Roads
D Crude oil

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Question 3497:

An outward shift of the production possibility curve shows that?

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A Production is shifting to the left
B Resources are under-utilized
C Economic growth has taken place
D Factors of production are moving outward

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Question 3498:

The following constitute the criteria for identifying an economic system except?

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A Ownership of resources
B Scarcity of resources
C Method of decision making
D Motivation for production

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Question 3499:

A disadvantage of the mean as measure of central tendency is that?

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A Is affected by extreme values
B Can only be used for continuous data
C Cannot be used to measure the qualities of a population
D Cannot be determined in group data

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Question 3500:

which of the following is not an effect of many middlemen in the chain of production

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A Shortage of commodities
B Low retail prices
C Hoarding of goods
D High retail prices

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