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Thursday, 02 July 2026
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Economics Past Questions and Answers

Economics Questions

Question 4856:
Income elasticity of demand measures:
  • A Production response to taxation
  • B Responsiveness of demand to income change
  • C Relationship between price and supply
  • D Cost of production changes
View Answer & Explanation
Question 4857:
National income statistics help government to:
  • A Determine religious practices
  • B Organize sporting competitions
  • C Formulate economic policies
  • D Predict election outcomes
View Answer & Explanation
Question 4858:
Supply is elastic when:
  • A Quantity supplied remains fixed always
  • B Producers ignore market prices
  • C Quantity supplied changes greatly with price
  • D Demand exceeds supply permanently
View Answer & Explanation
Question 4859:
Which of the following is not strictly included in the study of economics?
  • A Whether a product is harmful
  • B Distribution
  • C Production
  • D Consumption
View Answer & Explanation
Question 4860:
The demand for a commodity not directly for immediate consumption but for the production of another commodity is
  • A Composite demand
  • B Derived demand
  • C Competitive demand
  • D Joint demand
View Answer & Explanation