Economics Past Questions And Answers
1851
The short-run supply curve for medical doctors is more likely to be
- A. perfectly elastic
- B. perfectly inelastic
- C. fairly inelastic
- D. fairly elastic
1852
The concentration of industries in one place is referred to as
- A. location of industries
- B. multiplication of industries
- C. pluralization of industries
- D. localization of industries
1853
What type of unemployment is revealed by the dotted lines on the graph?
- A. frictional unemployment
- B. Cyclical unemployment
- C. Circular unemployment
- D. Underemployment
1854
What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?
- A. Availability of labour in the area
- B. Availability of power
- C. Nearness of raw material
- D. Access to transport facilities
1855
Which of the following is not a source of finance for a one-man business?
- A. money lenders
- B. inheritance
- C. loans from insurance companies
- D. Sales of shares
1856
Which of the following is an item of government recurrent expenditure?
- A. Road construction
- B. Port facilities
- C. Wages and Salaries
- D. Telecommunication projects
1857
The ability of commercial banks to create money depends on the
- A. reserve ratio
- B. liquidity ratio
- C. interest rate
- D. capital base
1858
The demand made on each other by the agriculture and industrial sector as the economy grows are reflected in?
- A. backward and forward linkages
- B. horizontal and vertical linkages
- C. vertical linkages
- D. functional linkages
1859
From the graph below P2 in price control situation is referred
- A. Minimum price
- B. Shut-down price
- C. Maximum price
- D. Mark-up price
1860
The precautionary demand for money is determined by
- A. the rate of interest
- B. the level of savings
- C. the level of income
- D. general price level