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Economics Past Questions and Answers

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Economics Questions

Question 476:

Which is the most liquid of the following financial assets held by an individual?

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A Outstanding balance on the current account of a commercial bank
B A credit balance on a savings account
C A crossed postal order
D An insurance policy
E All of the above

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Question 477:

The price mechanism

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A Regulates supply and demand
B Rations the consumers
C Rewards the producers
D Allocates scarce resources
E Does all of the above

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Question 478:

When marginal cost equals marginal revenue of products

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A The firms is producing at a loss
B The firm is at a break-even point
C The firm is making the least profit
D The supplementary cost of the firm is highest
E The firm has maximum profit

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Question 479:

Disposable income equals

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A Personal income less business profits
B Personal inome minus taxes and subsidies
C National income less borrowing from abroad
D National income plus transfer of payments
E Personal income less taxes plus subsidies

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Question 480:

What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices?

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A Free market
B Perfectly competitive market
C Controllled market
D Stock exchange market
E Open market

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