Economics Past QuestionsQuestion 46:Let capital formation = CF, Production = P, C = consumption. Then CF =_______ A. P - C B. P + C C. PC D. P/C Question 47:If wage rate is less than the average revenue product, the firms would be earning________ A. Loss B. Super normal profit C. Normal profit D. Higher revenue Question 48:The determination of wages in a labour market depends on the_______ A. Government B. People C. Interaction between demand and supply of labour D. Economy Question 49:If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______ A. Buyer B. Seller C. Government D. Local authority Question 50:A contractionary monetary policy is used to control__________ A. Deflation B. Inflation C. Recession D. Balance of Payment deficit |
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