UNIPORT Economics 2019/2020 Past Questions

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

A perfect example of a public good is

A.air
B.education
C.defense
D.transport

A firm with marginal cost equal to its marginal revenue will produce the equilibrium output if it is in

A.pure competition only
B.pure monopoly only
C.monopolistic competition only
D.any type of market

If Mr.A earns $2,000 a year while Mr.B earns $8,000 a year but Mr.A pays $200 per annum in tax while Mr.B pays $400, such tax is

A.progressive
B.indirect
C.regressive
D.proportional

A profit-maximising monopolist should produce within the range where his demand is

A.inelastic
B. elastic
C. infinitely elastic
D. unitarily elastic

Economics speak about 'opportunity cost' when a consumer

A.has the chance to minimize costs
B.has to forgo one thong in order to have another
C.can equate its fixed costs' with his variable costs
D.is able to save part of his income

Which of the following is a liability of a commercial bank?

A.deposits
B.money at call
C.loans to customers
D.overdraft.

High dependency ratio is influenced by

A.high infant motility rate
B.the level of income
C.high birth rate
D.inadequate medical care for children
E.none of the above

Product homogeneity is one of the characteristics of

A.perfect competition
B.monopoly
C.monopolistic competition
D.oligopoly
E.competition

........... is the term that describes the cost of one product in terms of forgone production/acquisition of others.

A.Marginal cost
B.Production/acquisition cost
C.Optimum cost
D.Opportunity cost
E.Implicit cost

Diseconomies of scale can be caused by the following EXCEPT

A.managerial inefficiency
B.increased resource-cost
C.large market
D.inefficient business environment
E.technology