UNIZIK Economics 2012/2013 Day 1 Past Questions

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

The burden of tax on a commodity whose demand is infinitely inelastic

A.is zero
B.will be borne by seller alone
C.will be borne by buyer alone
D.will be borne by seller and buyer
E.is impossible to tell who bears it

By balance of visible trade we mean

A.import and export of goods
B.import and export of services
C.balance of current account in the balance of payments
D.balance of capital account in the balance of payments
E.all of the above

Which of the following is not a visible item in international trade payments

A.Payments for imported cars
B.Receipts from cocoa exports
C.payments to foreign shipping companies
D.payments for steel imports
E.payments for petroleum imports

The maintenance of general economic stability in the Country necessarily relies heavily on

A.federal fiscal policy
B.coordinated federal state and local fiscal policies
C.tax and revenue policies of state government
D.federal grants to state and local government
E.federal grants to local governments

Which of the following are direct taxes

A.sales taxes
B.excise duties
C.income and company tax
D.tariff duties
E.commodity taxes

When demand is elastic it means that consumers

A.react more proportionately to price change
B.are not sensitive to price increases
C.will stop buying when price increases
D.react less proportionately to price change
E.react equally to price change

The production within the domestic territory of a Country is called

A.net national product
B.gross domestic product
C.net income
D.disposable income
E.gross national product

The economic goal in public utilities is to

A.maximize profits
B.expand assets
C.minimize costs
D.provide essential services
E.pay higher dividends to shareholders