Economics II | Study Mode

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Question 21
A
Production increases
B
Demand increases
C
Price of the commodity increases
D
Population of the country increases
Explanation

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Correct option: C
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Question 22
A
the rate of birth is high
B
the death rate is low
C
the growth rate is high
D
population is increasing more than resources in the country
Explanation

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Correct option: D
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Question 23
A
the interest rate charged on bank loans
B
the general price level
C
the size of countries gold stock
D
the level of economic development in a country
Explanation

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Correct option: B
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Question 24
A
the trade agreement between two countries
B
the difference in the volumes of exports of two countries
C
the value of a unit of export in relation to the value of a unit of import
D
None of the above
Explanation

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Correct option: C
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Question 25
A
Outstanding balance on the current account of a commercial bank
B
A credit balance on a savings account
C
A crossed postal order
D
An insurance policy
Explanation

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Correct option: A
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Question 26
A
regulates supply and demand
B
rations the consumers
C
rewards the producers
D
allocates scarce resources
Explanation

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Correct option: D
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Question 27
A
price is fixed at equilibrium level
B
price is fixed above equilibrium level
C
price is not fixed but determined by demand and supply
D
price is fixed below equilibrium level
Explanation

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Correct option: D
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Question 28
A
manufactured goods are in short supply
B
money is in short supply
C
buyers are many
D
scarcity and choice are involved
Explanation

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Correct option: D
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Question 29
A
proportional tax
B
progressive tax
C
competitive tax
D
regressive tax
Explanation

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Correct option: D
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Question 30
A
normal
B
scarce
C
inferior
D
superior
Explanation

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Correct option: C

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