Economics Past Questions And Answers
An agreement among firms on price and segmentation is termed
- A. cartel
- B. collusion
- C. haggling
- D. specialization
Demand in Economics is synonymous with
- A. needs
- B. wants of the consumer
- C. all goods demanded in the market
- D. wants supported with ability to pay
At what point on the total product curve shown below will marginal product be negative?
- A. Q
- B. S
- C. R
- D. P
Resources are pooled for the mutual benefit of its members mainly in a
- A. cooperative society
- B. joint stock company
- C. private company
- D. partnership
In long run, all factors inputs are
- A. variable
- B. diminishing
- C. constant
- D. fixed
The reward for land as a factor of production is
- A. interest
- B. rent
- C. dividends
- D. wages
Use the diagram below to answer the questions that follow.
(b)(i) Which of the curves represents the monopoly demand curve?
(ii) What is the point on the diagram?
(iii) State the equilibrium price and quantity
(iv) Which area represent monopoly profits?
(c) If P\(_1\) q = 5 Naira and q\(_1\) = 50 units and C = 2 Naira, deter mine the monopoly profit.
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With the aid of a diagram, explain the super-normal profit of a monopolist.
The diagram represents a production function. At which of the points does diminishing returns set in
- A. I
- B. J
- C. K
- D. L
A rightward shift of the budget line is caused by a
- A. fall in consumer income
- B. change in consumer taste
- C. fall in the commodity relative price
- D. rise in the consumer income