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Economics Past Questions
Precautionary motive relates to
- A. demand for money
- B. demand for goods
- C. supply of money
- D. supply of goods
When governments want to discourage consumption, they tax goods whose demand
- A. price inelastic
- B. abnormal in nature
- C. price elastic
- D. normal in nature
Which of the following is not a trade union in Nigeria?
- A. Nigerian Labour Congress
- B. Academic Staff Union of Universities
- C. Nigerian Economic Society
- D. Nigerian Union of Journalists
Normal profit means;
- A. All the accountant cost are covered but not all the economist cost
- B. All the economist cost are covered but not all the accountant cost
- C. More than economist cost are covered
- D. None of the economist and Accountant costs is covered
Which of the following statements is correct? The Central Bank
- A. prints the country’s currency
- B. handles the collection of depts. Owed to the government
- C. lends money to businessmen
- D. issues the country’s currency
The most important quality of money is that it must be
- A. relatively scarce
- B. generally acceptable
- C. portable
- D. durable
The most common index for measuring development is
- A. the level of illiteracy
- B. the per capital income
- C. nutritional levels
- D. population growth rate
If the quantity demanded of a commodity increases from 20 to 30 units when there is an increase in price from 4 naira to 5 naira, the elasticity of demand is
- A. 0
- B. 1
- C. 2
- D. 5
The amount of satisfaction obtained from the consumption of a commodity at a particular time is called
- A. marginal utility
- B. diminishing utility
- C. total utility
- D. average utility
Natural growth rate of population can be defined as the
- A. difference between birth rate and death rate
- B. number of births in a year
- C. increase in the population growth in a year
- D. difference between the total population and the death rate