Economics is often defined as the study of how people make choices, while considering how these choices are constrained because of limited resources such as money, time, and information.
Economics is often perceived as a hard subject, especially at the advanced level because it requires the students to connect to a larger world that they may not be aware of.
When preparing for any exam, it is integral that you do past papers. It’s simply the best way to prepare for an exam. In this sense, we have selectively chosen the June session of 2016 for you to evaluate yourself. These questions are based on the CGCE Economics syllabus. This quiz covers a wide range of topics such as “Economic growth, inflation and so on”.
This quiz is made up of 15 questions, with each question having four possible answers. Only one of the answers is correct among the four given choices.
When you are done with this set of questions, you can then move on to the next set of questions which are also based on the June session of 2016. For more such quizzes, click on more
Profit maximizing output and optimum output are the same in the long run under
Effective product differentiation will tend to make
If a firm has prospective sales of 10 million FCFA, fixed costs of 12 million FCFA and variable costs of 8 million FCFA, in the short run it should
If a nationalized industry is to operate with financial autonomy, which of the following pricing policies should it adopt?
A firm’s total fixed cost = 100,000 FCFA; Average fixed cost = 100 FCFA; and Average variable cost = 600.FCFA. The output produced by this firm is
The reservation of particular tasks to workers with specialized skills is termed
If the government finds that it has to make an interest payment of 36,000 FCFA on a loan of 1,000,000 FCFA for three months, what is the rate of interest per annum?
When a factor of production is in temporarily fixed supply, enabling economic rent to be earned only in the short run, this is referred to as
Gross National Product at market price minus Gross Domestic Product at market price is equal to
Given that the National Income of a given country is 6,000 million FCFA, determine its personal disposable income assuming that households pay taxes for 500 million FCFA, contribute 600 million FCFA for National Social Insurance and receive transfer payments worth 200 million FCFA.
The increase in the value of inventories brought about by inflation is known as
In an economy, total final expenditure is always equal to
In an open economy, an increase in imports everything being equal
In an economy, equilibrium income stands at 1,000 million FCFA while full employment income is 1,500 million. What gap is created in this economy?
In a closed economy with no government intervention, C = 50 + 0.85Y, where Y is income. Autonomous investment is constant at 60. Induced investment is I = 0,05Y for all levels of income. At what level of income will savings equal investment?