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Economics Past Questions and Answers

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Economics Questions

Question 4536:

problems arise in all societies because

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A Resources are mismanaged by leaders
B There is no proper planning
C Resource are not in adequate supply
D The services of economists are not employed

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Question 4537:

Which of the following is not emphasized in a product possibility curve?

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A Scarcity of resources
B Economic development
C Inefficiency in the use of resources
D Unemployment of labour

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Question 4538:

Producers operating in a free market economy are more efficient as a result of

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A The existence of competition
B The very few number of participants
C The commitment of the shareholders
D Government regulation of their activities

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Question 4539:

In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?

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A 0.0045 million
B 4.5 million
C 1.25 million
D 16 million

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Question 4540:

A downward sloping demand curve means that

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A Total revenue declines as price is lowered
B Demand falls as output increases
C Demand falls as output falls
D Price must be lowered to sell more

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