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Economics Past Questions and Answers

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Economics Questions

Question 4851:

National income data helps to:

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A Compare living standards
B Measure military strength
C Estimate rainfall quantity
D Predict climate changes

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Question 4852:

Which factor makes national income calculation difficult?

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A Stable industrial growth
B Underground economic activities
C Efficient tax collection
D Improved banking system

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Question 4853:

Elasticity of supply measures:

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A Increase in consumer expenditure
B Responsiveness of quantity supplied to price change
C Government taxation effects only
D Relationship between demand and income

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Question 4854:

The formula for price elasticity of demand is:

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A Quantity supplied divided by fixed cost
B Total cost divided by total output
C Percentage change in price divided by total revenue
D Percentage change in quantity demanded divided by percentage change in price

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Question 4855:

If elasticity of demand is greater than one, demand is:

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A Unitary in supply
B Perfectly inelastic
C Inelastic
D Elastic

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