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Economics Past Questions and Answers

Economics Questions

Question 3506:
Government revenue will increase if taxes are levied on goods with?
  • A Be perfectly elastic demand
  • B Fairly elastic demand
  • C Perfectly inelastic demand
  • D Unitary elastic demand
View Answer & Explanation
Question 3507:
if the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a
  • A Necessity
  • B Good of ostentation
  • C Normal good
  • D Giffen good
View Answer & Explanation
Question 3508:
In order to calculate total utility (TU) from given levels of marginal utility (MU), one has to?
  • A Subtract MU from TU
  • B Add MU from the various levels
  • C Multiply MU by the initial TU
  • D Divide current MU by previous MU
View Answer & Explanation
Question 3509:
which of the following will not affect the market price of a commodity
  • A Increase in demand
  • B Change in taste
  • C Intersection of demand and supply
  • D Increase in supply
View Answer & Explanation
Question 3510:
All the following are methods of determing prices except?
  • A Maximum pricing
  • B Rationing
  • C Minimum pricing
  • D Auctioning
View Answer & Explanation