Economics Past Questions and Answers

Which of the following forms of economic integration is a member nation free to impose duty against non-members

A Customs union
B Free trade area
C Common market
D Economic community

Question 37:

The pie chart above represent the total population of a school of 1,200. The shaded area of 60∘ shows the population of the underaged pupils.

What is the population of the matured students?

A 600
B 800
C 1000
D 1200

Question 38:

What type of price elasticity of demand is the diagram above representing?

A Perfectly inelastic demand
B Perfectly elastic demand
C Fairly elastic demand
D Composite demand

Question 39:

The curve labelled x is the

A Total revenue curve
B Total product curve
C Marginal product curve
D Marginal revenue curve

Question 40:

The line labelled M in the diagram above represent

A Total cost
B Fixed cost
C Variable cost
D Average cost