Economics Past Questions And Answers
1231
The production within domestic territory of a country is called the _____
- A. net national product
- B. gross domestic product
- C. net income
- D. disposable income
1232
An increase in both the legal reserve ratio and discount rate has the effect of?
- A. increasing the quantity of money in circulation
- B. decreasing the quantity of money in circulation
- C. increasing the value of money
- D. decreasing the value of money
1233
Land is a most significant factor in terms of contribution to the economy because
- A. it enables us to build industries
- B. we build houses on it
- C. all our highways are constructed on it
- D. vital resources from it enrich the economy
1234
Internal economies of scale are expected to bring about?
- A. an increase in short-run average cost
- B. an increase in long-run average cost
- C. a decrease in long-run average cost
- D. a decrease in short-run average cost
1235
Government of West African countries levy taxes to
- A. prevent prices from falling
- B. make people richer
- C. limit the number of banks
- D. finance government projects
1236
The introduction of division of labour in a firm will lead to?
- A. a fall in output
- B. a decline in the efficiency of labour
- C. an increase output
- D. the separation of ownership from management
1237
Government can boost agricultural output in Nigeria primarily by
- A. embarking on buffer stock programmes
- B. placing embargo on food importation
- C. granting subsidies on farm inputs
- D. placing farmers on monthly income
1238
The National Electrical Power Authority (NEPA) in Nigeria is a
- A. Public Limited Company
- B. private limited company
- C. private authority
- D. public corporation
1239
If Mr Wale took a loan for the purpose of investment, the demand for money is________________?
- A. Precautionary motive
- B. Transactionary and Precautionary motive
- C. Speculative motive
- D. Speculative and Transactionary motives
1240
If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________
- A. a decrease in profit by 43%
- B. an increase in profit by 43%
- C. a net loss
- D. a net gain