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Economics Past Questions and Answers

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Economics Questions

Question 4416:

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 differentiation
D Product
E None of the above

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Question 4417:

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 competing ends
D Ensure consumer sovereignty
E Achieve excess capacity

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Question 4418:

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 4419:

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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Question 4420:

A production possibility curve shows ____________

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A How much of resources a society uses to produce a particular commodity
B The rate of inflation
C The rate of unemployment in an economy
D The various combinations of the commodities that can be produced
E All of the above

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