Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.
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Question 161: Under normal circumstances a producer will bear the entire burden of taxation on his output if the?
Options:
A) demand for his product is completely elastic
B) supply of his goods is more elastic than the demand
C) demand for his product is more elastic than the supply
D) production of his commodities is subject to diminishing returns
E) production of his commodities is subject to increase returns to scale
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The correct answer is A .
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Question 162: The money paid per hour for work done is
Options:
A) salary
B) wage rate
C) cost
D) bonus
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The correct answer is B .
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Question 163: In a public company, enterpreneurial functions are performed by the?
Options:
A) workers
B) shareholders
C) general manager
D) board of directors
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The correct answer is D .
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Question 164: The market in which the operators are many and none of them can influence the price is
Options:
A) stock exchange market
B) imperfect market
C) perfect foreign market
D) exchange market
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The correct answer is C .
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Question 165: The types, sources and uses of government income are mainly concerned with?
Options:
A) public expenditure
B) public revenue
C) public budget
D) public finance
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The correct answer is D .
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Question 166: In order to accelerate economic development, a country must?
Options:
A) stimulate her population growth rate
B) pursue a high population growth rate
C) pursue a rational population policy
D) pursue an incremental population policy
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The correct answer is C .
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Question 167:
A firm is at its optimum size when ___________
Options:
A) It has a motive to increase output
B) It produces the greatest output at a minimum cost
C) Marginal cost equals marginal revenue
D) Marginal cost is less than marginal revenue
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The correct answer is B .
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Question 168: The main function of the price system is to?
Options:
A) distribute resources equally among competing ends
B) ensure efficient allocation of resources in the economic system
C) allocate goods and services equally
D) minimize cheating
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The correct answer is B .
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Question 169: Production takes place when
Options:
A) output is transformed into input
B) machines replace human effort
C) input is transformed into output
D) there is specialization and division of labour
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The correct answer is C .
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Question 170: Which of the following items does NOT belong to a country's current account in the balance of payments accounts?
Options:
A) Merchandise exports
B) Merchandise import
C) Travel
D) Foreign currencies
E) Insurance services
Show Answer
The correct answer is D .