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Economics Past Questions and Answers

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Economics Questions

Question 481:

A typical corporate form of business organization is owned by

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A President of a country
B Shareholders
C The general manager and the executives
D A local government
E Foreigners and citizens of the country

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Question 482:

The burden of tax on a commodity whose demand is infinitely inelastic

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A Is zero
B Will be borne by the seller alone
C Will be borne by the buyer alone
D Will be borne by both buyer and seller
E Is impossible to tell who bears it

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Question 483:

The pre-dominance of non-working housewives and maids in West Africa

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A Will understate the national income of the countries
B Will overstate the national income of the countries
C Will lead to constant per capita income over the years
D Will lead to balance of payment deficits
E Will cause unfavourable terms of trade

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Question 484:

Inflation can be curbed by

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A Increasing aggregate demand
B Paying higher wages
C Increasing government expenditure
D Reducing aggregate demand
E A deficit budget

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Question 485:

In most cases the marginal utility derived from a particular good

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A Increases as additional units are consumed
B Increases at a decreasing rate as additional units are consumed
C Decreases at a constant rate as additional units are consumed
D Decreases as additional units are consumed
E Remains constant as additional units are consumed

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