Economics Past Questions

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As consumption of beer increases, its marginal utility to a drinker will
  • A. Increase
  • B. Remain constant
  • C. Fluctuate
  • D. Decrease
  • E. Change proportionally
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Which of the following sector of the economy is estimated to be the largest employer of labour in the country
  • A. Construction
  • B. Agriculture
  • C. Distribution
  • D. Mining and petroleum
  • E. Transport and communication
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The expression ‘terms of trade’ is used to describe
  • A. Quality of export
  • B. The direction of foreign trade
  • C. Terms of purchase on deferred payment basis
  • D. The rate at which export exchange for imports
  • E. Import licensing
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If the demand of a product with perfectly elastic supply increases, there will be
  • A. An increase in price and quantity offered
  • B. An increase in quantity offered but price will remain the same
  • C. A reduction in price and quantity offered
  • D. An increase in price but a reduction in quantity offered for sale
  • E. An increase in quantity offered but a reduction in price
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Which of these would not be included in the fundamental principle of a free enterprise economy
  • A. Private ownership of factors of production
  • B. The right to organize factor for production purposes
  • C. The right to make private profit
  • D. Government control of mobility of factor of production
  • E. Government effort to encourage competitive capitalism within the law of the country
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