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Economics Past Questions

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2816

Which of the following best explains what to produce?

  • A. How much goods are to be produced
  • B. The combination of resources to be used
  • C. Which goods and services to be produced
  • D. How many wants are to be satisfied
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2817

The demand for money is described as a

  • A. competitive demand
  • B. joint demand
  • C. derived demand
  • D. composite demand
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2818

Which of the following is the main outcome of a trade union's interference with the wage rate? Wages are

  • A. lowered but more employment opportunities are created
  • B. lowered but employment level remains unchanged
  • C. increased and employment levels are unchanged
  • D. increased but employment levels are reduced
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2819

The introduction of tariffs and quotas

  • A. reduce th prices of imports
  • B. increase the demand for locally made goods
  • C. discourage domestic industries from becoming more efficient
  • D. reduce the prices of locally made goods
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2820

A government that wants to get more revenue will increase the tax on commodities with a

  • A. high price elasticity of demand
  • B. low price elasticity of demand
  • C. high income elasticity of demand
  • D. low income elasticity of demand
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