Economics Past Questions and Answers

A country's budget allocation to various sectors of the economy is shown in the pie chart above...<br/>Use it to answer this question<br/><br/>What is the ratio of expenditure on health to Agriculture if the yearly budget is 7200?

A 2: 3
B 3:4
C 4:3
D 5:4

Question 4592:

A consumer of a single commodity is in equilibrium when

A He can equate his demand with price
B He equates marginal utility and price
C He can equate his marginal and total utilities
D His marginal utility is equal to zero

Question 4593:

If the government imposes a minimum price on a commodity

A Market surplus occurs
B The market will be cleared in the short-run
C Excess demand occurs
D Government regulation is no longer needed

Question 4594:

A minimum price legislation is also called

A Price ceiling
B Price floor
C Price control
D Price mechanism

Question 4595:

Which of the following factors is not a cause of diminishing returns?

A Increase in variable inputs
B Land fragmentation
C Constant technology
D Technological innovations