Economics Mock 2024

Question 1 of 50

The basic economic problem arises because

Question 2 of 50

A student chooses to buy a textbook instead of a pair of shoes. The shoes are the

Question 3 of 50

The questions "what to produce, how to produce and for whom to produce" are the

Question 4 of 50

The law of demand states that, other things being equal,

Question 5 of 50

Cars and petrol are

Question 6 of 50

The law of diminishing marginal utility states that

Question 7 of 50

The reward for labour as a factor of production is

Question 8 of 50

Breaking production into small tasks done by different workers is

Question 9 of 50

10 workers produce 250 bags. What is the average product of labour?

Question 10 of 50

Who organises the other factors of production and bears the risk?

Question 11 of 50

The law of supply states that, other things being equal,

Question 12 of 50

When there is excess demand in a market, the price tends to

Question 13 of 50

A market where goods are bought and sold through the internet is

Question 14 of 50

An economy in which the state owns and plans most production is

Question 15 of 50

Ghana's economy, with both private businesses and state enterprises, is best described as

Question 16 of 50

Under barter, trade is difficult mainly because of the need for

Question 17 of 50

Which institution issues Ghana's currency?

Question 18 of 50

Shares of public companies in Ghana are traded on the

Question 19 of 50

Costs that do not change with output, such as rent, are

Question 20 of 50

A high dependency ratio means

Question 21 of 50

A point inside a production possibility curve shows

Question 22 of 50

A fall in the price of a good itself causes

Question 23 of 50

An increase in consumers' income usually shifts the demand curve for a normal good

Question 24 of 50

Total utility from 1, 2 and 3 oranges is 10, 18 and 24 units. What is the marginal utility of the third orange?

Question 25 of 50

An improvement in production technology shifts the supply curve

Question 26 of 50

Beef and hides are an example of

Question 27 of 50

A maximum price set by the government below equilibrium usually leads to

Question 28 of 50

Inflation in Ghana is usually measured with the

Question 29 of 50

Unemployment that happens when workers are between jobs is

Question 30 of 50

Money used to compare the values of different goods is serving as a

Question 31 of 50

Which is a positive economic statement?

Question 32 of 50

A normative statement in economics is one that

Question 33 of 50

A firm has fixed costs of GH¢200 and a variable cost of GH¢10 per unit. What is the total cost of 50 units?

Question 34 of 50

For the firm making 50 units at a total cost of GH¢700, what is the average cost?

Question 35 of 50

A market with many buyers and sellers of an identical product, and free entry, is

Question 36 of 50

A price ceiling below equilibrium leads to

Question 37 of 50

Break-even occurs where

Question 38 of 50

Fiscal policy uses

Question 39 of 50

Supply of agricultural produce is inelastic in the short run because

Question 40 of 50

A country can produce 100 tonnes of rice or 50 tonnes of maize. The opportunity cost of 1 tonne of maize is

Question 41 of 50

Using Qd = 100 − 2P and Qs = 20 + 2P, the equilibrium quantity is

Question 42 of 50

TC = 100 + 5Q. When Q = 20, average cost is

Question 43 of 50

For a firm with TR = 50Q − Q², marginal revenue at Q = 10 is

Question 44 of 50

If nominal GDP rises by 12% and prices rise by 8%, real GDP grows by about

Question 45 of 50

A CPI rising from 120 to 132 shows an inflation rate of

Question 46 of 50

Purchasing power parity theory suggests exchange rates adjust to equalise

Question 47 of 50

A government running a deficit to boost demand in a recession is following

Question 48 of 50

Price falls from GH¢8 to GH¢6 and quantity rises from 40 to 60. PED (point method from initial values) is

Question 49 of 50

The optimum firm size is where

Question 50 of 50

A concave PPC shows