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Economics Past Questions and Answers

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Economics Questions

Question 4911:

With regard to the benefit of socialism, which of the alternatives is not correct?

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A Consumers are charged fair prices for goods they purchases
B It ensures production of essential goods
C There is disincentive to hard work because private property is nota allowed
D It is more efficient since resources are not wasted on producing surplus

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Question 4912:

Goods for which demand rises as income rises are

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A Inferior goods
B Substitutes
C Complementary goods
D Normal goods

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Question 4913:

It is impossible to satisfy all human wants because

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A Of income inequality
B Human wants are unlimited
C Available resources are limited
D Money income is limited

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Question 4914:

If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving

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A Period of training
B Interest
C Rent
D Profit

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Question 4915:

The study of the economic behavior of individual decision making unit in a free enterprise

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A Microeconomics
B Economic system
C Market system
D Macroeconomics

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