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Economics Past Questions


Question 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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