Economics Past Questions And Answers
Which of the following is NOT directly concerned with dealings in treasury bills?
- A. The stock exchange
- B. The Central bank
- C. Commercial banks
- D. Discount houses
The rate of increase in utility is
- A. average utility
- B. increasing utility
- C. total utility
- D. marginal utility
The current stage of the economy is depicted in curve 1. Point P suggests that the economy is
- A. reaching full employment but not full production
- B. attaining full production but not full employment
- C. under capitalized
- D. attaining both full employment and full production
Foreign exchange control in Nigeria is enforced by the
- A. Commercial banks
- B. Merchant banks
- C. Mortgage banks
- D. Central banks
When the general price level persistently falls, the rate of unemployment
- A. rises
- B. stagnates
- C. rapidly reduces
- D. equal natural groth rate
The long-run average cost curve touches to the short-run average cost curves at the
- A. minimum points of all short run average cost curves
- B. declining points of all short-run average cost curves
- C. minimum point of only one of the short-run cost curves
- D. rising points of all short-run average cost curves
In a car assembly plant, division of labour is demonstrated by
- A. assigning each worker to a specific activity
- B. assigning each worker a given number to produce
- C. increasing the daily output
- D. producing a specific model
The major reason why nations engage in international trade is that?
- A. it allows free movement of factors of production
- B. it makes possible the use of capital-intensive method of production
- C. nations are substantially different in their endowments of economic resources
- D. it affords the trading nations the opportunity to earn high profit
The table below shows the natural growth gowth rate of the population of country N over a period of time. Use the information contained in the table to answer the following questions.
| Year | Birth Rate per '000 | Death Rate per '000 | Natural Growth Rate |
| 1971 | 45 | 32 | L |
| 1972 | 39 | P | 12.50 |
| 1973 | 26 | 22 | Q |
| 1974 | R | 22.50 | 4.50 |
| 1975 | 26.50 | 22.50 | S |
| 1976 | 20.50 | T | 3.00 |
(a) Determine L. P, Q, R, S and T. [6 marks]
(b) With the use of a bar chart, graphically present the changes in the natural growth rate over the years. (Use of graph sheet is essential) [8 marks]
(c) Outline any three reasons for changes in birth rate. [6 marks]
The table below shows the natural growth gowth rate of the population of country N over a period of time. Use the information contained in the table to answer the following questions.
| Year | Birth Rate per '000 | Death Rate per '000 | Natural Growth Rate |
| 1971 | 45 | 32 | L |
| 1972 | 39 | P | 12.50 |
| 1973 | 26 | 22 | Q |
| 1974 | R | 22.50 | 4.50 |
| 1975 | 26.50 | 22.50 | S |
| 1976 | 20.50 | T | 3.00 |
(a) Determine L. P, Q, R, S and T. [6 marks]
(b) With the use of a bar chart, graphically present the changes in the natural growth rate over the years. (Use of graph sheet is essential) [8 marks]
(c) Outline any three reasons for changes in birth rate. [6 marks]
In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending. (ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.
- A. i, ii and iii
- B. i, ii and iv
- C. i, ii, iii and vi
- D. i, ii, iii and iv