Economics Past Questions

Refresh Questions
An owner-manager of a firm can also be called
  • A. shareholder
  • B. an entrepreneur
  • C. an employer
  • D. a chairman
  • E. a chairman
One of the functions of the Central Bank is
  • A. production of goods
  • B. issuing of currency
  • C. presenting budgets
  • D. printing of cheque book
  • E. printing of cheque book
Assume a household would consume N100 worth of goods and services per week if its weekly income were zero and would spend an additional N80 per week for each 100 of additional income, if C represents consumption and Y income the equation that summarizes this relationship is
  • A. C =8+100Y
  • B. C=100+8Y
  • C. C = 100+80Y
  • D. C=80+1Y
  • E. C=80+1Y
Which of the following causes the demand curve to shift to the right?
  • A. A reduction in the size of population
  • B. An increase in the income of the buyer
  • C. The availability of substitutes
  • D. A decrease in price of the good
  • E. A decrease in price of the good
A producer sustains a loss in the short run if?
  • A. marginal revenue is less than price
  • B. price is less than average cost
  • C. marginal cost is less than marginal revenue
  • D. average variable cost is less than average cost
  • E. average variable cost is less than average cost
The difference between the highest and the least marginal
  • A. product of the variable factor is 3
  • B. 8
  • C. 10
  • D. 12
  • E. 12
National development plans in Nigeria fail mainly because of
  • A. over dependence on foreign aids
  • B. poor implementation strategies
  • C. inadequate funding of projects
  • D. shortage of skilled manpower
  • E. shortage of skilled manpower
A person should consume more of something when its marginal:
  • A. benefit exceeds its marginal cost
  • B. cost benefit
  • C. cost equal its marginal benefit
  • D. benefit is still positive.
  • E. benefit is still positive.
Monoculture agriculture means
  • A. the cultivation of seasonal crops
  • B. the cultivation of one major crop
  • C. plantation agriculture
  • D. shifting cultivation!
  • E. shifting cultivation!
The situation in which there is a persistent fall in the general price level is referred to as
  • A. devaluation
  • B. depreciation
  • C. deflation
  • D. inflation
  • E. inflation