Economics Past Questions And Answers
1191
The decision on what to produce is a problem in
- A. all economics system
- B. a mixed economic system only
- C. a democratic socialist economy only
- D. a free enterprise system only
1192
A huge national debt is an indication that the gold reserves of a nation has
- A. appreciated
- B. decreased
- C. depreciated
- D. stagnated
1193
A limited liability company is owned by the
- A. president of the country
- B. workers
- C. general manager
- D. shareholders
1194
A firm operating at full capacity will experience rising short-run total costs when
- A. prices of its variable inputs rise
- B. prices of its variable inputs fall
- C. there is a change in management
- D. labour productivity increases
1195
Where is the headquarter of the African Development Bank (ADB) located?
- A. Lome
- B. Adis Ababa
- C. Accra
- D. Abdijan
1196
Excise duty is levied on
- A. the total population
- B. local products
- C. luxury goods
- D. the working population
1197
which of the following defines Economics most comprehensively ?
- A. The study of buying and selling
- B. The organization of industries and markets
- C. The study of human behaviour in the allocation of scarce resources
- D. National development, planning and budgeting
1198
One of the greatest demerits of the middlemen in Nigeria is that they
- A. increase the price of goods and services at will
- B. Sell in small units only
- C. Store goods in warehouse that are not spacious enough
- D. Sell on credit to retailers only
1199
Legal Entity means
- A) A company is owned by large number of people
- B) A company is owned by small number of people
- C) A company is insulated against litigation
- D) A company is not insulated against litigation
1200
Performance of one task in a production process is known as
- A. specialization
- B. standardization
- C. division of labour
- D. segmentation