SS3 Mock Examinations
A) Inflation B) Unemployment C) Scarcity D) Poverty
A) Command B) Socialist C) Mixed D) Capitalist
A) Monopsony B) Monopoly C) Oligopoly D) Perfect Competition
A) To promote economic growth B) To reduce unemployment C) All of the above D) To control inflation
A) Price Ceiling B) Price control C) Price mechanism D) Price floor
A) the size of the population B) taste and fashion C) income distribution D) price of the commodity
A) 0.65 B) 0.50 C) 2.50 D) 2.00
A) import policy B) monetary policy C) fiscal policy D) export policy
A) utilities enjoyed by consumers B) Incomes of consumer in order of size C) opportunity cost of goods consumed D) consumer’s wants in order of priority
A) net indirect taxes B) net factor income C) net present value D) net national product
A) Is Horizontal B) Slopes downward C) Slopes upward D) Is Vertical
A) unemployment allowance paid to the citizens B) money transferred to another country C) transfer of funds from one bank to another D) the amount paid to a worker on transfer
A) Processing industry B) Mining industry C) Service industry D) Construction industry
A) his marginal utility is equal to zero B) he can equate his marginal and total utilities C) he can equate his demand with price D) he equates marginal utility and price
A) invisible balance account transaction B) balance of trade account transaction C) capital account transaction D) current account transaction
A) the size of the market is widened B) common agricultural policy is in place C) factors of production are free to move and be moved D) common currency is in use
A) attainable and efficient production levels. B) optimum production levels. C) unattainable production levels. D) attainable but inefficient production levels.
A) it is an active factor B) it’s reward is wages and salaries C) it is highly mobile D) it’s efficiency depends on its size
A) socialist economies B) statutory corporations C) command economies D) capitalist economies
A) determination of price by market forces. B) private ownership of productive inputs. C) setting of production targets by public authorities. D) freedom of choice for consumers.
A) 150° B) 60° C) 300° D) 16.6°
A) price of the product B) income of the buyer C) price of another product D) demand for the product
A) one B) greater than one C) zero D) less than one
A) 80% B) 33.3% C) 30% D) 65%
A) rare commodities are involved B) size of the population changes C) normal goods are involved D) income and consumers increase 
A) an increase in income of consumers B) a change in taste in favour of milk C) a decrease in the price of milk D) a favorable weather condition
A) competitive demand B) derived demand C) composite demand D) complementary demand
A) price only B) quantity supplied only C) supply only D) price and supply
A) perfectly elastic B) fairly inelastic C) fairly elastic D) perfectly inelastic
A) consumer’s choice B) diminishing marginal utility C) diminishing returns to scale D) increasing return to scale
A) government B) consumers C) foreign companies D) small scale producers
A) average cost to rise B) marginal revenue to fall C) marginal cost to fall D) firm to be de-stabilized
A) purchasing more equipments B) increasing the quantity of raw materials C) increasing the size of its machines D) changing its organizational structure
A) $10 B) $4 C) $15 D) $8
A) new firms can not enter the market due to copyright laws. B) marginal revenue is greater than marginal cost at all levels. C) more firms can enter the industry due to attractive prof its. D) profits are not enough to repay traders' loans.
A) nationalization B) liberalization C) indigenization D) commercialization
A) retailers B) supermarkets C) wholesalers D) departmental stores
A) unemployment benefit rises B) holiday entitlement is cut C) welfare packages improve D) there are less monetary benefits
A) net migration B) immigration rate C) fertility rate D) death rate
A) the use of simple traditional implements B) the law of increasing returns to scale C) laziness on the part of farmers D) the presence of many extension workers |
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