Economics Mock 2022

Question 1 of 50

Which institution acts as banker to the government?

Question 2 of 50

Population growth caused by more births than deaths is

Question 3 of 50

The alternative forgone when a choice is made is the

Question 4 of 50

The study of the economy as a whole is

Question 5 of 50

An economic system in which resources are owned and controlled by the state is

Question 6 of 50

When the price of a good rises, the quantity demanded usually

Question 7 of 50

Goods that are used together, such as cars and petrol, are

Question 8 of 50

Total cost is made up of

Question 9 of 50

Division of labour increases output because

Question 10 of 50

A market with only one seller is

Question 11 of 50

A persistent rise in the general price level is

Question 12 of 50

Which institution serves as the central bank of Ghana, responsible for issuing the cedi?

Question 13 of 50

GDP measures

Question 14 of 50

A tax on imported goods is a

Question 15 of 50

Scale of preference is

Question 16 of 50

GDP plus net income from abroad equals

Question 17 of 50

When the central bank raises the policy rate, borrowing usually

Question 18 of 50

Commercial banks create credit mainly by

Question 19 of 50

A cheque that can only be paid into a bank account is

Question 20 of 50

A tax whose rate falls as income rises is

Question 21 of 50

The total value of a country's exports and imports of goods and services, plus capital flows, is recorded in the

Question 22 of 50

Selling goods abroad below their cost of production is

Question 23 of 50

The dependency ratio compares

Question 24 of 50

The theory that population grows faster than food supply was put forward by

Question 25 of 50

Which is an indicator of economic development?

Question 26 of 50

If price rises by 10% and quantity demanded falls by 20%, price elasticity of demand is

Question 27 of 50

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

Question 28 of 50

An increase in the cost of production shifts the supply curve

Question 29 of 50

The law of diminishing returns states that as more of a variable factor is added to a fixed factor, eventually

Question 30 of 50

Which function of money allows people to compare the values of goods?

Question 31 of 50

A tax that takes a higher percentage of income as income rises is

Question 32 of 50

A country's balance of trade compares

Question 33 of 50

A population with a large proportion of young people has a

Question 34 of 50

The optimum population is the population that

Question 35 of 50

Normative economics deals with

Question 36 of 50

The opportunity cost of attending SHS for a 16-year-old might be

Question 37 of 50

A fall in the price of petrol is likely to

Question 38 of 50

A tax on producers shifts the supply curve

Question 39 of 50

Inflation reduces the effectiveness of money as a

Question 40 of 50

A firm in perfect competition with P = GH¢10 and AC = GH¢8 at output 100 earns supernormal profit of

Question 41 of 50

A price floor set above equilibrium in an agricultural market leads to

Question 42 of 50

A rise in the price of tea leads to an increase in demand for coffee. Tea and coffee are

Question 43 of 50

An increase in supply, other things equal, leads to

Question 44 of 50

A maximum price set below equilibrium leads to

Question 45 of 50

Using Qd = 80 − 4P and Qs = −10 + 5P, the equilibrium price is

Question 46 of 50

A major weakness of the command economy is

Question 47 of 50

Money supply M1 typically includes

Question 48 of 50

The Prebisch–Singer thesis argues that developing countries' terms of trade tend to

Question 49 of 50

A production possibility curve that is concave to the origin shows

Question 50 of 50

If price rises from GH¢10 to GH¢12 and quantity demanded falls from 100 to 90, PED is