Economics section A

This is based on all choice questions from unit 1 of microeconomics. Most of these questions are from many different past papers. 

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1. Non- excludability is where:

  • people can stop others from using the good.
  • no one can be excluded from the benefiting of a good.
  • people can be excluded from benefiting of a good.
  • the free market left alone fails to deliver an efficient allocation of resources.
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2. Which one of the following is a measure of productivity?

  • the annual percentage increase in production.
  • output divided by employment.
  • the quantity of capital equipment used divided by its price.
  • the total amount of output produced each month.

3. Which one of the following statements referring to the price mechanism is correct?

  • Producers and consumers take account of externalities.
  • High prices are always associated with hight profits for producers.
  • High prices can ration demand for scare goods and services.
  • Films are unable to influence the market demand for their products.

4. There is an output gap when

  • the economy is continuously producing more capital goods than consumer goods over a period of time.
  • unemployment occurs because the rate of economic growth increase above its trend rate of growth.
  • national output is higher or lower than it would have been if the country had grown continuously at its trend rate of growth.
  • productivity is continuously higher in one country than in another.

5. What are goods provided by the government for people who are deemed to need them called?

  • Positive externalities.
  • Merit goods.
  • Demerit goods.
  • Negative externalities.

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