Economics Past Questions And Answers
1051
At equilibrium, one of the distinctive features of monopoly compared with perfect competition is that in the former?`
- A. price is always equal to marginal cost
- B. supply is always equal to demand
- C. price is always higher than marginal cost
- D. there are always many buyers and many sellers
1052
The equilibrium point of a firm is attained at the point where the isoquant is
- A. greater than the isocost
- B. less than the isocost
- C. tangent to the isocost
- D. greater than the output
1053
The major role of multi-national companies in the petroleum industry in Nigeria is
- A. the establishment of refineries
- B. oil marketing and prospecting
- C. oil marketing only
- D. oil prospecting only
1054
A consumer is in equilibrium when
- A. his market Supply is equal to his market demand
- B. he maximizes his satisfaction from spending his income
- C. the market is also in equilibrium
- D. he has consumed all he wants
1055
labour can be efficient when there are
- A. adequate tools to work with
- B. high level of employment
- C. limited vacancies
- D. government restrictions
1056
The major contribution of OPEC to the Nigerian economy is the
- A. provision of social infrastructures
- B. granting of subsidies on petroleum products
- C. stabilization of oil prices
- D. building of refineries
1057
Physical productivity is affected by all the under listed factors except the
- A. state of technology
- B. quantity of inputs
- C. quality of inputs
- D. price of output
1058
How is NNP at factor cost derived from GNP at market prices?
- A. GNP - Depreciation + Indirect taxes + Subsidies
- B. GNP Depreciation - Indirect taxes + Subsidies
- C. GNP + Depreciation Indirect taxes - Subsidies
- D. GNP+ Depreciation- Indirect taxes + Subsidies
1059
The basic economic problems of society include___________
- A. scarcity, for whom to produce and where
- B. what to produce, how and for whom
- C. scarcity, when to produce and how
- D. how to produce and sell
1060
International trade and domestic trade are similar in all aspects except that
- A. Transportation by land, water and air is involved
- B. Goods are exchanged
- C. Services are exchanged
- D. The same currency is used as the medium of exchange