Economics Past Questions And Answers
2081
If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be
- A. perfectly elastic
- B. inelastic
- C. elastic
- D. perfectly inelastic
2082
A change in supply implies a
- A. shift in the supply curve to the right and not to the left
- B. shift in supply curve to the left and not to the right
- C. shift in supply curve to the left or to the right
- D. movement along the supply curve
2083
In a joint stock company, preference shareholders are those who receive?
- A. high dividends when profits are high and little or nothing when profits are low
- B. a fixed rate of individend and have the first claim on the net profits of the company
- C. the remaining profits after all other shareholders have been paid
- D. dividends quarterly when others receive annually
2084
A monopolist may enjoy abnormal profit only if its
- A. marginal cost exceeds marginal revenue
- B. demand curve is perfectly elastic
- C. expenditure on advertisement increases
- D. price exceeds average total cost
2085
one of the disadvantages of the division of labour is that it
- A. saves time
- B. makes work monotonous
- C. encourages full utilization of capital
- D. makes workers skilled at their work
2086
A free trade area emerges when?
- A. traders from one part of the country can move freely to other parts
- B. customs regulation are harmonized among countries
- C. a group of countries decide to remove restrictions on imports from one another
- D. the UNCTAD is in force
2087
An isoquant lying above to the right of another represents
- A. a higher output level
- B. constant returns to scale
- C. over-capacity utilization
- D. a lower output level
2088
The following are features of subsistence agriculture except
- A. little capital
- B. processing of raw materials
- C. small allotments of land
- D. use of crude oil
2089
The current and capital accounts in Nigeria’s balance of payments contain all the following items except
- A. oil export
- B. receipts for shipping services
- C. cost of aviation
- D. IMF Standard Drawing Right (SDR)
2090
The working population refers to?
- A. a population where the average age is falling
- B. the population within the '0 -14'age bracket
- C. the economically active segment of the population
- D. the dependent population