Economics Past Questions and Answers

Nation engage in external trade because of difference in

A Comparative cost
B Absolute cost
C Fixed cost
D Variable cost

Question 4567:

Which of the following forms of economic integration is a member nation free to impose duty against non-members

A Customs union
B Free trade area
C Common market
D Economic community

Question 4568:

The pie chart above represent the total population of a school of 1,200. The shaded area of 60∘ shows the population of the underaged pupils.<br/><br/>What is the population of the matured students?

A 600
B 800
C 1000
D 1200

Question 4569:

What type of price elasticity of demand is the diagram above representing?

A Perfectly inelastic demand
B Perfectly elastic demand
C Fairly elastic demand
D Composite demand

Question 4570:

The curve labelled x is the

A Total revenue curve
B Total product curve
C Marginal product curve
D Marginal revenue curve