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Economics Past Questions and Answers

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Economics Questions

Question 3771:

_____is the term that describes the cost of one product in terms of forgone production/acquisition of others.

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A Marginal cost
B Production/acquisition cost
C Optimum cost
D Opportunity cost
E Implicit cost

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Question 3772:

An activity does not have a cost when

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A The activity does not require the giving up of any other activity or thing
B The government pays for it
C It is carried out by a non-governmental organisation
D It is not priced
E It is easy to undertake.

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Question 3773:

Choices arise on account of ____

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A Numerous wants
B Enough money to undertake effective demand
C Scale of preference
D Human wants being numerous but the time, money and influence to satisfy them are limited.
E Needs

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Question 3774:

Economics is best defined as ____

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A The study of allocation of resources to satisfy human wants
B The study of human behaviour in the process of buying and selling
C Study of how nations grow and improve their welfare
D The study of how to allocate scarce<br/>resources to satisfy human wants
E All of the above.

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Question 3775:

Economics may be described as ____

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A The study of demand and supply of things in our environment
B The study of production and distribution
C The study of human behaviour in the allocation of scarce resources
D The study of the employment of labour, capital, land and capital
E The study of money and banking.

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