atswa pilot questions answers part i - The Institute of Chartered ...
atswa pilot questions answers part i - The Institute of Chartered ...
atswa pilot questions answers part i - The Institute of Chartered ...
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30. E<br />
SECTION A<br />
PART II - SHORT-ANSWER QUESTIONS (20 Marks)<br />
Write the answer that best completes each <strong>of</strong> the following <strong>questions</strong>/statements.<br />
1. <strong>The</strong> branch <strong>of</strong> Economics which is concerned with the behaviours <strong>of</strong> individual<br />
consumers and firms is called ................................<br />
2. <strong>The</strong> practice <strong>of</strong> selling a good abroad at a lower price than that charged for the<br />
same good in the domestic market is called.........................<br />
3. Suppose the total cost <strong>of</strong> producing 12 units and 13 units <strong>of</strong> a commodity in a<br />
perfect competitive market are ¢182 and ¢198, respectively, it follows that the<br />
marginal cost <strong>of</strong> the 13 th unit is .....................<br />
4. When inflation occurs as a result <strong>of</strong> a sustained increase in the aggregate<br />
expenditure in the economy, it is classified as a ........................<br />
5. A sustained sectoral increase in the national output and per capita real national<br />
income is termed .............................<br />
6. A member <strong>of</strong> the World Bank Group established to promote the growth <strong>of</strong><br />
productive private enterprises in developing countries is ......................................<br />
7. If the actual litre price <strong>of</strong> kerosene equals the equilibrium price, the difference<br />
between the quantity <strong>of</strong> kerosene supplied and quantity demanded will be equal<br />
to ..................<br />
8. <strong>The</strong> technical relationship that exists between the quantities <strong>of</strong> various inputs and<br />
the maximum output <strong>of</strong> the commodity that can be produced within a given<br />
period <strong>of</strong> time is referred to as ..................................<br />
9. In national income accounting, gross national product (GNP) less capital<br />
consumption allowance gives................................<br />
10. A document that contains the statements <strong>of</strong> a central government estimated<br />
revenue and projected expenditure for a financial year is called a .........................<br />
11. <strong>The</strong> ratio <strong>of</strong> index <strong>of</strong> export prices to index <strong>of</strong> import prices expressed as a<br />
percentage is referred to as ..........................................<br />
12. <strong>The</strong> numerical value <strong>of</strong> income elasticity <strong>of</strong> demand co-efficient for an inferior<br />
good is ....................................<br />
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