IMSU Economics 2019/2020 Model Past Questions

Practice each question, then open it to see the full details.

Which of the following solutions can give rise to economic problems?

A.unlimited human wants
B.wants of varying importance
C.limited means available for satisfying wants
D.means used in different ways.

The determinants of elasticity of demand includes

A.price, time and technology changes
B.time and availability of alternatives
C.price, time and availability of alternatives
D.technology and cost of production

The scale of preference shows a consumer’s

A.unlimited wants
B.demand for commodity
C.opportunity cost
D.marginal utility

Patents and copy rights enable monopolists to

A.determine the sale of their products
B.determine the quality of their products
C.restrict information flow to new firms
D.restrict entry of new firms

A major disadvantage of the arithmetic mean is that it is

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