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Thursday, 02 July 2026
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Economics Past Questions and Answers

Economics Questions

Question 3551:
Scale of preference is important for the following reasons except in
  • A Satisfying wants
  • B Making rational
  • C Making optinum allocation of resources
  • D Using scarce resources efficiently
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Question 3552:
In a socialist economy, prices of commodities are determined by
  • A Forces of demand and supply
  • B Producers of the commodities
  • C The central planning authority
  • D Consumers who are sovereign
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Question 3553:
Which of the following cannot be classified as land in economics
  • A Bauxite deposit in the ground
  • B A lake used for irrigation
  • C A bulldozer for clearing farm land
  • D Grazing field for cattle
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Question 3554:
A country allocation to various sectors of the economy is shown in the pie chat below, use it to answer question 5 and 6<br/>If the budget of the country was $7,200, how much is allocated to Education?
  • A $2,400.00
  • B $2,000.00
  • C $1,200.00
  • D $1,000.00
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Question 3555:
What is the ratio of expenditure on health to agriculture?
  • A 2.3
  • B 3.4
  • C 4.3
  • D 5.4
View Answer & Explanation