Q.         Which of the following is Microeconomics concerned with? A.           The size of national output B.            The levelof employment ...

Q.         If the demand for a commodity is inelastic, an increase in its price will cause the total expenditure of the consumers of the commodity to: A.           Remain the same       ...

Q.         Microeconomics deals with the: A.           Allocation of resources of the economy as between production of different goods and services                ...

Q.         Which is not an essential feature of a socialist economy? A.           Social ownership of the means of production         B.            ...

Q.         A mixed economy is characterised by the co-existence of: A.           Modern and traditional industries B.            Public and private sectors ...

Q.          Which is not an essential condition for an economic problem to arise? A.           Unlimited wants        B.            Use of money ...

Q.         Who defined Economics as a 'Science which studies human behaviour as a relationship between ends and means which have alternative uses? A.           L. Robbins       ...

Q.         Which is not a central problem of an economy? A.           What to produce        B.            How to produce ...

Q.         Economic problems arise because: A.           Wants are unlimited B.            Resources are scarce C.            ...

Q.         What best explains a shift in market supply curve to the right? A.           An advertising campaign is successful in promoting the good   B.            A new ...