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Economics Past Questions

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Economics is called a social science because it is
  • A. A branch of social studies
  • B. A study of the ways man devises to satisfy his unlimited wants from unlimited resources
  • C. A dismissal science in the Malthusian sense
  • D. Governed by scientific law
  • E. The study of human wants by the means of scientific method of observation
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Opportunity cost is a term which describe
  • A. The initial cost of setting up a business venture
  • B. Cost of one product in terms of foregone production of others
  • C. The monetary equivalent of the utility of commodity
  • D. Cost related to an optimum level of production
  • E. Implicit cost
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If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X
  • A. X and Y are complementary commodities
  • B. X and Y are substitute goods
  • C. X and Y are independent goods
  • D. X and Y are jointly supplied
  • E. X and Y are inferior commodities
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Which of the following item in the balance of payment of account is an invisible transaction?
  • A. Import of cars
  • B. Export of cocoa
  • C. Export of crude petroleum
  • D. Tourism
  • E. Import of building materials
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Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs?
  • A. Interest rates
  • B. Opportunity costs
  • C. Economic rent
  • D. Indirect costs
  • E. Wages
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