Economics Past Questions And Answers
If the marginal utility of good X exceeds that of good Y, this implies that
- A. a rational consumer will buy less of X
- B. consuming more of X will increase total utility
- C. Y is an inferior good
- D. X will be cheaper than Y
Economic freedom is a basic feature of economy
- A. an industrialized economy
- B. a planned economy
- C. a developed economy
- D. a market economy
which of the following could be used to measure the efficiency of labour?
- A. education and training
- B. rate of inflation
- C. level of unemployment
- D. input-output ratio
If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is?
- A. normal
- B. elastic
- C. inelastic
- D. abnormal
An example of injection into the circular flow of income is
- A. taxes
- B. pensions
- C. imports
- D. exports
Which of the following items is not included in the measurement of the national income using the income approach
- A. wages and salary
- B. government purchases
- C. interest
- D. divedend
The central banks controls commercial banks through all the following measures except
- A. The uses of directives
- B. The use of bank rate
- C. Open market operations
- D. Accepting deposits
Which of the following classes of goods accounts for largest proportion of Nigeria's imports?
- A. Food and animal products
- B. Consumers goods
- C. Chemicals
- D. Machinery and transport equipment
(a) Define cross elasticity of demand.
(b) The table below shows the response of quantity demanded to changes in price for three pairs of commodities.
Use the table to answer the questions that follow.
| Commodity | changes in price | commodity | Changes in Quantity Demanded | ||
| Original Price ( | New price ( | Original Quantity (kg) | New Quantity (kg) | ||
| Bread | 15 | 20 | Yam | 150 | 200 |
| Beef | 25 | 40 | Fish | 1,000 | 3,000 |
| Butter | 100 | 50 | Margarine | 250 | 400 |
Economic growth takes place when there is an increase in
- A. savings over time
- B. investment over time
- C. population over time
- D. output over time