FUTA Economics 2009/2010 Past Questions

Economic goods are termed scarce goods when they are

Macroeconomics is the study of economic science from the point of view of

The demand and supply equations for a commodity are given respectively as D = 20 - ½P and S = 8 + ¼P. Recalling that at equilibrium D=S, the equilibrium price(p) and quantity (Q) can be obtained as

A commodity is said to have a derived demand when the commodity

Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?

Which of the following Best describes the production function?

The Law of diminishing returns begins to operate when

Total fixed cost measures the cost of

The output on which total revenue total cost is known as

Use the following production and cost data of a profit-maximizing firm to answer the questions below

Unit of total input	Total output	TFC	TVC
0	0	100	0
1	3	100	100
2	8	100	124
3	16	100	172
4	20	100	190
5	22	100	200

Calculate the marginal physical product of the last unit of input

Use the following production and cost data of a profit-maximizing firm to answer the questions below

Unit of total input	Total output	TFC	TVC
0	0	100	0
1	3	100	100
2	8	100	124
3	16	100	172
4	20	100	190
5	22	100	200

At what level of input have diminishing marginal returns set in

The total money in circulation includes cash

To reduce the high rate of inflation in the economy, Government should

The money market is a financial market that specializes in the provision of

Foreign exchange rate in a free market economy is determined by

The primary objective of all economic organizations is to

Tariffs on imports are meant to

The money which government spends yearly for the maintenance of its schools is

In order to raise more revenue for a certain period, government should impose higher taxes on goods whose demand is

A company is said to be highly geared if the