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Economics Past Questions


Question 786:


The interdependence between households and business enterprises illustrated in the figure is known as

A. Market interaction
B. Cash flow
C. Circular flow of income
D. Supply and demand for goods and services
E. Household preference schedule


Question 787:


Study the figure above. At paint H the price elasticity of supply is

A. Perfectly inelastic
B. Inelastic
C. Unit elastic
D. Perfectly elastic
E. Elastic


Question 788:


Choice in economic life is necessitated by?

A. The need to construct scale of preference
B. The opportunity cost of consumption
C. Unlimited wants
D. Scarcity of economic resources


Question 789:


Choice in economic life is necessitated by?

A. The need to construct scale of preference
B. The opportunity cost of consumption
C. Unlimited wants
D. Scarcity of economic resources


Question 790:


Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?

A. Variable cost
B. Opportunity cost
C. Total cost
D. Prime cost






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