Economics can be defined as the practical science that deals with production, consumption and distribution of wealth. Economics is one of the aspects that keeps the world running today. Its knowledge is very useful for professionals in all industries and aspect of life, not only business
The questions involved in this quiz are questions from the most recent year of the CGCE Advanced level economics, the June session of 2021. The questions are based on the Advanced level syllabus. You must have an understanding of the topics ``economy, demand, supply etc.” before attempting this quiz
The key to a good grade is studying and answering past examination questions. With this, a student will be able to determine how far he or she is prepared for any economics examFor more on economics questions and quizzes you can visit our website
A concave Production Possibilities Curve (PPC) denotes
An economic problem arises when
Which of the following is associated with the capitalist economy?
The basic economic question for all societies arises because resources
The knowledge-based part of an economy falls under the
manufacturing firm operates a balanced system of 3 machines A, B and C with
capacities 10, 15 and 25 units of a product per hour respectively. How many
units of each machine will enable the firm to operate at full capacity per
Which of the following is a benefit from the successful practice of division of labour?
Question 8 is based on the table below relating to four different firms.
Which of the firm is experiencing decreasing returns to scale?
The law of diminishing returns may be offset by
The optimum population point is given at
When the number of people moving out of a country exceeds the number of people coming in, then there is
Why are the prices of manufactured products more stable than those of agricultural products?
Which of the following describes a public good?
The price of a good express in terms of another good is called
There are 100 suppliers of ’bush mangoes’ in a community with each having an identical supply function given as Qs =2P, where Qs is the quantity supplied and P is the price. Determine the market supply function.