Economics Past Questions

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Less developed countries obtain foreign exchange reserve mainly from the export of
  • A. Manufactured goods
  • B. Processed and semi processed commodities
  • C. Invisible items
  • D. Primary product
  • E. All of the above
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By ‘trade by barter’, we mean
  • A. Trade done by people in the village
  • B. Exchange of goods for money
  • C. International trade
  • D. Exchange of goods for goods
  • E. The trade of the middle ages
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In order to build up its capital stock, the typical less developed country should ideally
  • A. Increase total saving
  • B. Depend on hand-out from foreigners
  • C. Impose tariff on import
  • D. nationalise all foreign concern
  • E. None of the above
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The advantage of sole proprietorship is as follow
  • A. It is always successful
  • B. Continuity is no problem
  • C. Control and supervision is under one man
  • D. Funds are easy to obtain
  • E. Inter-generational equity is assured
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Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities
  • A. Fairness
  • B. The distribution of income and wealth
  • C. Public need which is determined by the government
  • D. Private needs determined by the market
  • E. The ability of individual to make profit
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