Economics Past Questions and Answers

Perfect knowledge of events in a perfect market will be made possible by the existence of

A Many buyers and sellers
B Homogeneous products
C Means of communication
D Large number of traders

Question 1407:

An increase in the price of a commodity from $10 to $ 15 leads to an increase in the quantity supplied from 10 units to 15 units. The price elasticity of supply is

A 0.
B 0.5.
C 1.
D 5.

Question 1408:

Economic development may be hindered if there is

A A high pool of skilled labour
B A high rate of economic growth
C Political stability
D Rapid population growth

Question 1409:

Which of the following types of unemployment results from changes in the pattern of aggregate demand ?

A Technological unemploment
B Stuctural unemployment
C Frictional unemployment
D Seasonal unemployment

Question 1410:

Which of the following is not a reason countries import goods?

A Differences in natural endowments
B The law of absolute advantage
C Differences in tastes
D The love for other nations