Economics Past Questions And Answers
1901
The burden of a government tax on a commodity whose demand is inelastic will
- A. be borne only by the government
- B. fall more heavily on consumers
- C. be shared equally between consumers and producers
- D. fall more heavily on producers
1902
If a 6% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as
- A. elastic
- B. unitary elastic
- C. perfectly inelastic
- D. perfectly elastic
1903
One of the major uses of national income statistics in Nigeria is to
- A. Equally distribute national income among citizens
- B. Determine the total population
- C. Compare population growth among nations
- D. Estimate per capita income
1904
The main problem of the Organization of Petroleum Exporting Countries is how to?
- A. prevent members from violating their quota
- B. enhance the quality of petroleum product
- C. compete with the North Sea producers
- D. ensure viable crude reserves
1905
Which of the following leads to an initial increase in the aggregate demand of an economy?
- A) an increase in the price energy
- B) a decrease in consumer wealth
- C) an increase in investment
- D) an increase in the wage rate
1906
The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely?
- A. competitive
- B. composite
- C. supplementary
- D. complementary
1907
The market price of a commodity is determine by the
- A. total number of people in the market
- B. total demand for the commodity
- C. quantity of the commodity supplied
- D. interaction of demand and supply
1908
country is said to be overpopulated when
- A. the resocurce are more than enough to cater for the population
- B. the size of the population is greater than the annual budget
- C. the resources are inadequate to cater for the population
- D. there are too many able-bodied men and women in the country
1909
Joint ventures are partnerships involving
- A. the poor and the rich
- B. employers and workers
- C. government and private investors
- D. multinationals and individuals
1910
Economics of scale operate only when?
- A. marginal cost is falling with input
- B. average cost is falling with output
- C. fixed cost is variable
- D. variable cost is less than fixed cost