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Economics Past Questions and Answers

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Economics Questions

Question 3661:

Economic problem arise in all society because?

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A Resources are mismanaged by leaders
B There is no proper planning
C Resources are not in adequate supply
D The services of economist are not employed

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Question 3662:

which of the following is not emphasized in a production possibility curve

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A Scarcity of resources
B Economic development
C Inefficiency in the use of resources
D Unemployment of labour

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Question 3663:

the organisation of productive factors is the reponsibility of the?

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A Management
B Entrepreneur
C Production manager
D Labour union

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Question 3664:

producers operating in a free market economy are more efficient as a resulf of?

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A The existence of competition
B The very few number of participants
C The commitment of the shareholders
D Government regulation of their activities

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Question 3665:

a downward sloping demand curve means that?

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A Total revenue declines as price is lowered
B Demand falls as output rises
C Demand falls as output falls
D Price must be lowered to sell more

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