Economics Past Questions

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The market supply curve slopes upwards from left to right indicating that
  • A. at a lower price, more is supplied
  • B. two commodities can be supplied at the same time
  • C. at a lower price, less is supplied
  • D. producers pay high taxes
A country whose population size is too small relative to its resources is
  • A. over populated
  • B. optimally populated
  • C. under populated
  • D. producing the optimum output
When population is classified according to professions, it is called
  • A. geographical distribution of population
  • B. age distribution of population
  • C. sex distribution of population
  • D. occupational distribution of population
When Lump-sun tax is paid by a producer, it means that;
  • A. The tax is paid proportional to the quantity of output produced
  • B. The tax is paid regardless of volume of output
  • C. The tax is paid in arrears
  • D. The tax is returned to the producer after the payment
. Which of the following is a legal tender in West Africa?
  • A. Treasury bill
  • B. Share
  • C. Credit card
  • D. Currency
ln which of the following business units are the owners mostly the customers?
  • A. Co-operatives
  • B. Limited liability companies
  • C. Partnerships
  • D. Public corporations
If the coefficient of price elasticity of supply is greater than one, the supply is said to be
  • A. perfectly elastic
  • B. infinitely inelastic
  • C. fairly inelastic
  • D. fairly elastic
Mining is an example of
  • A. tertiary production
  • B. primary production
  • C. secondary production
  • D. advanced production
The reward which accrues to labour for participating in production is
  • A. interest
  • B. wage
  • C. bonus
  • D. profit
Which if this is likely to be inflationary
  • A. Tax increase
  • B. Budget surplus
  • C. increase in unemployment
  • D. wage increase