Advanced level 2024 Littoral mock economics 2

Advanced level 2024 Littoral mock economics

Advanced level 2024 Littoral mock economics 2

Inthings economics being ,equal the phrase ” means “ all other Figurel
A factors remain constant.
B factors are equally efficient.
C factors arc less efficient.
D other variables remain the same.
Total product
P
2. Which of the following concepts will remain
unresolved as a firm tries to solve the basic
economic problems?
A Opportunity cost.
B Scale of preference.
C Choice.
D Scarcity.
No of workers
Within which employment range are returns to
labour increasing?
A O-R
B R-S.
C S-T.
D T-U.
O R S T
6.
3. Market failure occurs when
A market practices discriminate against the
poor.
B the price system cannot allocate resources
optimally.
C the market enables more of merit goods
to be produced.
D tax rates increase market prices
unnessarily.
Which of the following is an external source
of finance for a businessman?
A Leasing.
B Bank draft.
C Ploughed back profit.
D Public issue.
7.
4. In which economic system is there
no freedom of choice and therefore
loss of consumer sovereignty?
A Command economy.
B Free enterprise economy.
C Mixed economy.
D Traditional economy.
A situation where a firm takes over another,
selling off the company’s resources thereby
terminating it is called
A asset stripping.
B take -over bids.
C holding company .
D pyramiding.
8.
Marginal cost and Average cost pricing
policies are mostly practiced by
A public companies.
B public corporations.
C private companies.
D Monopolies.
The percentage share of total employment, 9.
sales or output of an industry accounted for
by the 3 or 5 largest firms in the industry is
called
A location quotient .
B firms outlay.
C industrial localization.
D concentration ratio.
5.
Question 10 is based on the population
statistics of Country Y in a given year.
Total population
Labour force
Activity rate
How many people are gainfully employed in
this country ?
A 6 million people.
B 8 million people.
C 12 million people.
D 15 million people.