Economics Test

The study of economics is important to every society because it

• Enables individuals to satisfy all their wants

• Help producers to know what to produce

• Helps in the utilization of scarce resources

• Restores equilibrium between producers and consumers

The following factors affect demand EXCEPT

• Price

• Income of the consumer

• Periods of festival

• Income of the supplier

The demand for Butter and Bread is an example of

• Joint Demand

• Competitive Demand

• Composite Demand

• Derived Demand

What is change in Quantity Demanded

The following are reasons for Abnormal supply EXCEPT

• Price

• Target income

• Rising wages

• Existence of some fixed assets

Calculate the mean of the distribution above

The median of the distribution above is

• 5.5

• 6

• 8

• 4

If 40 men were employed in a factory and they produce an average of 10 crates of Bear per person. Calculate the total product

If 2000 crates of bear were produced by 20 workers in a factory on a daily basis. Calculate the average output.

• 120 Crates per workers

• 50 crates per workers

• 100 crates per workers

• 200 crayes per workers

Marginal in economics means

• Substraction

• Margin

• Additional

• Deficit