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Economics Past Questions and Answers

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Economics Questions

Question 391:

When elasticity is zero, the demand curve is

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A Perfectly elastic
B Perfectly inelastic
C Concave
D Downward slopping
E Circular

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Question 392:

The following is NOT a reason for the existence of small firms

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A Scale of production is limited by size of the market
B Expansion brings diminishing returns
C Large firms can carter for wide markets
D Small firms can provide personal services
E All of the above

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Question 393:

Inferior goods are referred to in Economics as goods

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A Whose quality is low
B Consumed by very poor people
C Whose consumption falls when cunsumers' income rises
D Which satisfy only the basic needs
E None of the above

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Question 394:

Malthus became famous through his theory which may be stated simply

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A The death rate may become so high that people may not be able to produce
B Population may outgrow the means of subsistence
C People will eventually decide not to have children
D Migration of people from one place to another may leave some parts of the world barren
E All of the above

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Question 395:

A commercial bank is unique in that it is the only institution that

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A Makes loans to private people and businessmen
B Accept deposits
C Can store peoples' valuables
D Can transfer money from one place to another for its customers
E Saves money through the granting of credits

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