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Economics Past Questions and Answers

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Economics Questions

Question 3846:

The basic feature of a market economy is ____

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A The reduction in the power of sellers
B The enthronement of consumer<br/>sovereignty
C The dismantling of barriers to trade
D The perfectly elastic price for every<br/>transaction
E The intersection of demand and supply curves

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Question 3847:

The following are the conditions that must be fulfilled for price determination EXCEPT ___

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A Market merger
B Market segmentation
C Demand elasticities
D Product differentiation
E None of the above

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Question 3848:

The main function of price mechanism is to ____

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A Limit consumer demand
B Enable producers make profits
C Allocate scarce resources among<br/>competing ends
D Ensure consumer sovereignty
E Achieve excess capacity

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Question 3849:

When government intervenes in price-setting, the regulated price is usually

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A Higher than the last price
B Lower than the last price
C Higher than the equilibrium price
D Lower than the equilibrium price
E Higher than the ceiling price

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Question 3850:

A firm achieves least cost in production by substituting factors until

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A Their factor prices are equal
B Their marginal products are equal to the factor prices
C Their marginal products are each equal to zero
D The ratios of their marginal product equals the ratio of their prices
E None of the above

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