A level south west regional mock gce 2022 economics 1
A level south west regional mock gce 2022 economics 1
. Which of the following is true for primary
production?
A. It leads to the production of finished goods
B. It leads to the production of intangibles
C. It is the main stage of production in
Developed Countries
D. It deals with the extraction of free gifts of
nature
8. Non-excludability as used on public goods
implies:
A. Consumption of a unit by one person does not
prevent another person from its use
B. Consumption of a unit by one person
prevents another person from its use
C. Once provided,it is not possible to prevent
anyone from consuming the good
D. Once provided, people may not be able to
abstain from using the good
Banana (tons)
Figure1.
Which point(s) on the curve show(s) the use of
inefficient methods of production?
A. Points B and C
B. point Z
C. Point A
D. Points G and Z
9. The ability of a worker to achieve greater output
within a shorter period of time without a fall in
work quality defines:
A. Productivity of labour
B. Efficiency labour
C. Division of labour
D. Specialisation of labour
2. The type of opportunity cost associated with a
concave Production Possibility curve is:
A. Increasing
B. Constant
C. Decreasing
D. Convex
3. Economics is considered a science because:
A. It makes use of normative statements
B. It makes use of laws related to longstanding
theories
C. It does not test the validity of hypothesis
D. It is void of formulation of hypothesis
10.Which of the following is correct about returns to
the variable factor?
A. It describes production in the long run
B. It gives rise to the law of diminishing marginal
returns
C. It leads to the law of returns to scale
D. It involves only the combination of variable
factors
4. The basic economic problem of ‘what to produce’
relates to the selection of:
A. The method of production
. – [
B. The distribution of output
C. The type of output
D. The location of production lines
ll.Alimitedliabilitycompanyraises65%ofits
capital from debentures.Its capital structure can
be described as:
A. Highly geared
B. Lowly geared
C. Balanced gearing
D. Equity capital
5. The economic term which describes the role
consumers play in determining what to produce
in a market economy is:
A. Consumer choice
B. Consumer satisfaction
C. Consumer.Loyalty
D. Consumer Sovereignty
12.When a nationalised industry equates its price to
the unit cost of production,it is said to be
practising:
A. Predatory pricing
B. Average cost pricing
C. Marginal cost pricing
D. Limit pricing
6. Which of the following Is an alternative name of
the command economy?
A. Capitalist economic system
B. Mixed economic system
