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1.
An effective way of controlling inflation in a mixed economy is to
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A.
increase productivity
B.
reduce income tax
C.
ration available output
D.
increase imports

2.
One`of the limitations PPC assumption is that there is
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A.
no indication of technological development
B.
no recognition of preferred goods for countries
C.
technical inefficiency
D.
abundant resources

3.
A major disadvantage of the arithmetic means is that it is
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A.
not useful for large data
B.
not suitable for further statistical analysis
C.
cumbersome to determine the actual value
D.
affected by extreme data

4.
Demand patterns are determined by the market on the basis of
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A.
scale of preference
B.
cousumer sovereignty
C.
cosumer rationality
D.
price of the commodity

5.
A consumer surplus measures the
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A.
benefits derived from consuming a cheap commodity
B.
excess of total expenditure over total uility
C.
difference between marginal utility and marginal cost
D.
excess of marginal utility over price

6.
If the demand for one commodity excludes another, it is said to be
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A.
complementary demand
B.
competitive demand
C.
composite demand
D.
derived demand

7.
If demand increases without a change in supply, equilibrium price and quantity will
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A.
remain unchanged
B.
shift inward
C.
fall
D.
rise

8.
In the process of production, total output is at maximum when
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A.
MP=0
B.
MP > 0
C.
AP = 0
D.
AP > 0

9.
When a consumer is at equilibrium, the MRSxy is equal to the
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A.
sum of the prices
B.
product of the two prices
C.
ratio of the two prices
D.
difference of the two prices

10.
Minimum price legislation by government will
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A.
reduce supply
B.
increase supply
C.
reduce demand and create surplus
D.
increase demand and create scarcity

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