SECTION B: MINOR PAPER: ECONOMICS
1. Economics is similar to other sociai sciences because they‘are concerned with the
study of Human behavior but different from them because it is concerned with the
study of :
a) Unlimited needs
b) Unlimited resources
C) Limited wants
d) Limited resources
2. Why is wine more expensive than water"?
a) This is because wine is luxury and water is a necessity
b) The marginal utility for Wine is higher than that for water
c) The total utility for wine is higher is higher than the total utility for water
D) Wine has a higher value in exchange than water
3. Which of the following is a determinant of efficiency of labor?
a) Division of labor
b) The size of the total population
0) The working condition
d) Public holiday
4. A country has birth rate of 100 per thousand and death rate of 60 per thousands of
the population. What is the population percentage growth rate".>
a) 60%
b) 40%
c) ”25%
d) 4%
5. The main difference between the public corporation and the public company is that
the public corporation:
a) Must operate in the public interest
b) is owned by a local authority
c) Has an unlimited number of shareholders
d) Must primarily maximize profits