UNIPORT Economics 2020/2021 Past Questions

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

Progressive tax structure is designed to

A.take more from the income of the poor
B.take more from the income of the rich
C.take equal proportion of income from both the rich and the poor
D.reduce the problems emanating from tax imposition

One of the dangers of localizing of industries is

A.residual unemployment
B.mass unemployment
C.structural unemployment
D.cyclic unemployment

A major determinant of demand for a luxury good is

A.the price of the good
B.price of other goods
C.the income of consumers
D.taste and fashion

A possible factor which limits the extent of growth of a firm is the

A.existence of a monopoly
B.bureaucratic delays in decision-making
C.use of by-products
D.unwillingness to share ownership and control

A country with over-valued currency will

A.expect balance of payment surplus
B.have increased demand for her exports
C.increase her foreign reserve
D.decrease her foreign reserve

One major aim of a cartel is

A.increase production
B.regulate output through quota system
C.have a joint account
D.share profits equally

A common natural response of people to the problem of uneven distribution of resources in a place

A.hoarding
B.shifting cultivation
C.family planning
D.migration

A shift in supply is caused by the following factors except

A.the price of the goods
B.the cost of resources
C.the number of buyers
D.the techniques of production

An inflation in which the price level rises steadily at an average rate of about 2% per annum is best described as

A.galloping
B.induced
C.creeping
D.suppressed

Terms of trade simply means the price

A.ratio of import to export
B.ratio of export multiplied by import
C.ratio of export to import
D.ratio of export multiplied by price ratio of import