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Economics Past Questions and Answers

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Economics Questions

Question 3671:

the backward bending supply curve of labour indicates?

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A An abnormal supply situation
B The law of supply
C That labour supply and wage are directly related
D That the elasticity of supply is uniform

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Question 3672:

A supply curve parallel to the X- axis indicates?

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A Fairly elastic supply
B Infinitely elastic supply
C Fairly inelastic supply
D Perfectly inelastic

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Question 3673:

if the marginal utility of a commodity is equal to its price then

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A The consumer is in equilibrium
B More of the commodity can be consumed
C Total utility is also equal to its price
D The market is not in equilibrium

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Question 3674:

A price floor is usually fixed

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A At the equilibrium and causes shortage
B Above the equilibrium and causes shortage
C Below the equilibrium and causes shortage
D Above the equilibrium and causes surplus

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Question 3675:

A market is in equilibrium when?

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A There is no government intervention
B The demand is the same as the supply
C Buyers and sellers are free to sell more goods
D There is no free entry and exit

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