Economics 2008 | Study Mode

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Question 11
A
rationality
B
surplus
C
sovereignty
D
credit
Explanation

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Correct option: B
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Question 12
A
an increase in supply
B
a decrease in price
C
a decrease in quantity supplied
D
an increase in quantity supplied
Explanation

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Correct option: D
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Question 13
A
set a mximum price
B
release products from the buffer stock
C
sell the excess to consumers
D
set a minimum price
Explanation

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Correct option: D
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Question 14
A
an increase in the demand for labour
B
a decrease in the demand for labour
C
an increase in wages
D
a decrease in wages
Explanation

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Correct option: B
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Question 15
A
N396
B
N323
C
N250
D
N146
Explanation

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Correct option: D
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Question 16
A
earn excess profit
B
earn normal profit
C
break-even
D
expand their operations
Explanation

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Correct option: B
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Question 17
A
A baker
B
A wheat farmer
C
A large chain store
D
An automobile plant
Explanation

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Correct option: D
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Question 18
A
final output
B
factor cost
C
value added
D
profits earned
Explanation

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Correct option: C
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Question 19
A
taxes
B
pensions
C
imports
D
exports
Explanation

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Correct option: D
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Question 20
A
money supply
B
general price level
C
velocity of money
D
interest rate
Explanation

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Correct option: B

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