Economics Past Questions And Answers
If national income rises by 6% and population rises by 3%, per capita income will?
- A. rise by 6 percent
- B. fall by 3 percent
- C. fall by 6 percent
- D. rise by 3 percent
If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in
- A. consumers' income
- B. demand
- C. consumers' tastes
- D. quantity damanded
A policy by which government restrict the amount of foreign currencies bought and sold is known as
- A. devaluation
- B. credit creation
- C. exchanging control
- D. export promotion
The role of the Central Bank in the economic development of Nigeria is to
- A. give short-and medium-term loans to the public
- B. give financial and technical advice to customers
- C. use cheques and bankdrafts to faciliate business transactions
- D. maintain a stable price system
A consumer of a single commodity is in equilibrium when
- A. he can equate his demand with price
- B. he equates marginal utility and price
- C. he can equate his marginal and total utilities
- D. his marginal utility is equal to zero
Increasing returns to scale suggests that
- A. a firm can make a profit by reducing output
- B. a firm can make more profit by increasing output
- C. as the producer reduces the quantity of raw materials used, the marginal product will double
- D. as the producer increases the quantity of raw materials used, the marginal product will fall
If a country operates a freely floating exchange rate system, and suffers a balance of payments deficit can be eliminated through?
- A. a rise in the external value of its currency
- B. a fall in the external value of its currency
- C. an increase in the volume of imports
- D. the consumption of more foreign goods
An economic system in which most capital goods are owned by individuals and private firms is known as
- A. Mixed economy
- B. Planned economy
- C. Capitalist economy
- D. Traditional economy
The real cost of a commodity is
- A. the cost of the alternative that has to be sacrificed for it
- B. the alternative that has to be forgone in order to purchase it
- C. its market price
- D. the alternative cost involved when the opportunity of buying the commodity is missed
Which of the following is not a set of measures of central tendency?
- A. Mode and Median
- B. mean and median
- C. Mean and mode
- D. Median and percentage