Economics Past Questions and Answers

Two factors which can improve the efficiency of labour are ____________

A Population size and age of retirement
B School leaving age and number of disabled workers
C Work environment and health status of workers
D School leaving age and number of part-time workers

Question 1852:

The study of economics is Important to every society because it ____________

A Enables individuals to satisfy all their wants
B Helps in the utilization of scarce resources.
C Helps producers to know what to produce.
D Restores equilibrium between producers and consumers

Question 1853:

A consumer with $10 needs a dress, a pair of shoes, a handbag and jewelry costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes Is the ______________

A Dress.
B Jewelry.
C Handbag and Jewelry.
D Dress and Jewelry

Question 1854:

The distinguishing function of an entrepreneur is _____________

A Planning.
B Control.
C Risk-bearing.
D Management.

Question 1855:

When a commodity market operates without government interference, commodities are distributed through _____________

A A government distribution agencies.
B The operation of price mechanism.
C A central planning committee
D Retailers only.