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Economics Past Questions and Answers

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Economics Questions

Question 4156:

Which of the folowing NOT among the objectives of OPEC?

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A To stabilize the revenue from oil to producing countries
B To stabilize the price of iol in the world market
C To make sure that oil flows to all the consuming countries
D To estabilished petroleum refineries in all member state
E To co-ordinate and harmonize the oil policies of member countries

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Question 4157:

If the consumer demand for product X increases, as the demand for product, Y increases then the goods X and Y are ____________

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A Complimentary goods
B Composite goods
C Derived good
D Independent goods
E Substitute good

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Question 4158:

An economic system in which the decision on what and how to produce is determined by the individual is called ____________

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A Capitalism
B Communism
C Socialism
D Traditionalism
E Welfarism

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Question 4159:

In a two-sector economy, income is a function of ____________

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A Consumption + investment
B Consumption + investment + tax
C Consumption + investment + expenditure
D Consumption + exports + imports
E Saving + investment

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Question 4160:

Which of these is a necessary condition for trade by barter?

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A Double coincidence of wants
B Double exchange rate
C Durability of goods
D Divisibility of commodities
E Homogeneity of goods

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