Economics Mock 2021

Question 1 of 50

Which is a free good?

Question 2 of 50

A demand curve normally slopes

Question 3 of 50

Utility is the

Question 4 of 50

Tertiary production includes

Question 5 of 50

Supply of agricultural produce in Ghana is affected by

Question 6 of 50

The equilibrium price is where

Question 7 of 50

If demand rises while supply is unchanged, equilibrium price

Question 8 of 50

A mixed economy combines

Question 9 of 50

The body responsible for official statistics in Ghana is the

Question 10 of 50

A key feature of the free market economy is

Question 11 of 50

Barter is

Question 12 of 50

A commercial bank's main function is to

Question 13 of 50

The Ghana Stock Exchange is located in

Question 14 of 50

The arithmetic mean of 4, 8, 12 and 16 is

Question 15 of 50

A graph showing data as bars of equal width is a

Question 16 of 50

In a table, the price is GH¢4 and quantity is 10 units. Total revenue is

Question 17 of 50

The median of 3, 5, 7, 9, 11 is

Question 18 of 50

Average cost is

Question 19 of 50

A change in income shifts the demand curve for a normal good

Question 20 of 50

Goods for which demand falls as income rises are

Question 21 of 50

Joint demand exists when goods are

Question 22 of 50

When marginal utility is zero, total utility is

Question 23 of 50

Production is complete when the goods

Question 24 of 50

Average product is

Question 25 of 50

Goods produced together, such as beef and hides, are in

Question 26 of 50

A subsidy to producers shifts the supply curve

Question 27 of 50

A minimum price set above equilibrium causes

Question 28 of 50

A black market often arises when the government

Question 29 of 50

The unemployment rate measures

Question 30 of 50

The bank that acts as the lender of last resort is the

Question 31 of 50

A function showing the relationship between price and quantity demanded is the

Question 32 of 50

Marginal revenue is the

Question 33 of 50

A barrier to entry in a monopoly may be

Question 34 of 50

Monopolistic competition is characterised by

Question 35 of 50

Price discrimination means

Question 36 of 50

Income elasticity of demand for an inferior good is

Question 37 of 50

The law of diminishing returns applies in the

Question 38 of 50

Economies of scale are reflected by a

Question 39 of 50

If 4 workers produce 40 units and 5 workers produce 45 units, the marginal product of the 5th worker is

Question 40 of 50

Total cost of 10 units is GH¢200 and of 11 units is GH¢215. Marginal cost of the 11th unit is

Question 41 of 50

A perfectly competitive firm is a

Question 42 of 50

A cartel such as OPEC is an example of

Question 43 of 50

GNP = GDP +

Question 44 of 50

When demand is elastic, a fall in price will

Question 45 of 50

If TC = 100 + 5Q, the average fixed cost at Q = 20 is

Question 46 of 50

Marginal cost cuts average cost at

Question 47 of 50

Total product is at a maximum when marginal product is

Question 48 of 50

Price discrimination is possible when

Question 49 of 50

In the long run, a firm in monopolistic competition earns

Question 50 of 50

If MPC = 0.8, the multiplier is