There is scarcity when

Points within a Production Possibilities Curve (PPC) indicate 

Which of the following is not a feature of labour?

The pursuit of private profits is a feature of

A major feature of the socialist economic system is 

 If the budget on education is $50 m out of an annual national budget of $300 m. The sector of a pie chart representing education is 

Price elasticity of demand is the responsiveness of quantity demanded to a change in

When total revenue increases as price falls, the coefficient of price elasticity of demand is 

If the quantity demanded of rice de- creased from 150 bags to 100 bags, the percentage change in quantity demanded is

The law of demand will not hold when

The diagram above shows the demand for milk. Use it to answer questions this question.

 

The movement from point x to z might have been caused by

The diagram above shows the demand for milk. Use it to answer questions this question.

 

If demand for postal services decline as a result of increased use of e-mails, then the two services are in 

Other things being equal, an increase in the demand for land in the short-run will cause an increase in the 

If the coefficient of price elasticity of supply of a commodity is 0.8, then supply is 

The negative slope of the demand curve is best explained by

Minimum price legislation is used to protect the interests of 

The table below shows the supply and demand schedule for apples. Use it to answer question 17

Price  ($)	Quantity demanded	Quantity supplied
10	50	25
20	35	35
30	20	45
40	5	55

 

At what price is excess supply equal to 25? 

Which of the following best explains diseconomies of scale? Increase in output causes the

In the short-run, a firm can increase output by 

The fixed cost of producing 100 units of a good is $600. If the variable cost is $400. the average total cost of one unit of the good is

Firms in perfect competition break even in the long-run because

The government policy that encourages public corporations to operate profitably is 

Separation of ownership from control is more pronounced in a

Warehousing of goods in the process of distribution is the function of

The supply of labour to an occupation will tend to rise when

Malthus predictions did not come to pass mainly because

In determining the growth of a country's population, infant mortality is a component of

The low productivity per worker in agriculture experienced in West African countries is due to

What will be the likely effect if agriculture is fully mechanized in West Africa?

Locating firms in urban areas 

 An advantage a small firm has over a large firm is that the former can better

National income estimates will be understated as a result of the activities of

Use the table below to answer this question.

Gross National Product	$400m
Depreciation	$100m
Total Population	25m

The value of Net National Product is

Use the table below to answer this question.

Gross National Product	$400m
Depreciation	$100m
Total Population	25m

The value of per capita income is

One effect of inflation is that

The function of money that enables credit purchases of goods and services is 

Supply of money is best defined as the

Capital market operators deal in the 

Money supply will increase when the Central Bank

 Expansionary fiscal policy implies

A commodity with perfectly inelastic demand has the burden of tax borne by 

An increase in a country's production capacity usually leads to economic 

One indicator of the low level of cap ital formation in developing countries is

Balance of payments is defined as the 

Devaluation of currency will help to correct balance of payments deficit if a country's