Economics Past Questions And Answers
A benefit that is present in all forms of economic integration is that
- A. common agricultural policy is in place
- B. the size of the market is widened
- C. factors of production are free to move and be moved
- D. common currency is in use
Which of the following is used by the Central Bank of Nigeria to control inflation?
- A. Tariff on imports
- B. Tax rate
- C. Exchange rate
- D. Discount rate
If two commodities are unrelated, a change in the price of one will____________
- A. have effect on the quantity demanded of the other
- B. have no effect on the quantity demanded of the other
- C. increase the quantity demanded on the other
- D. decrease the quantity demanded on the other
Records of a country's invisible trade are recorded in her_____________-
- A. Trade account.
- B. Capital account.
- C. Current account
- D. Financial account
A monopolist has the power to influence the prices of goods and services. Therefore, he is a
- A. price maker
- B. price taker
- C. price system
- D. price competition
A country's import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade?
- A. 20%
- B. 71%
- C. 120%
- D. 140%
The demand for beans in bags is given by the function Q - 36 + 0.4P = 0. Where P is price in naira and Q is quantity.
Find Q when P = 20 naira.
- A. 12 bags
- B. 24 bags
- C. 28 bags
- D. 30 bags
If an increase in earning leads to more of of a commodity being demanded, the good is said to have
- A. positive income elasticity
- B. negative income elasticity
- C. positive cross elasticity
- D. negative cross elasticity
Unlike the retailer, the wholesaler provides?
- A. useful information to the manufacturer about consumers' taste
- B. after-sales services to the consumers
- C. useful information to the costumers on the benefits and uses of the product
- D. useful information about market trends and finance to the manufacturer
Which of the following determinants of supply cannot be predicted easily?
- A. price of the commodity
- B. new techniques of production
- C. national emergencies
- D. mobility of labour