Economics Past Questions And Answers
2191
If a firm is faced with an elastic supply curve, its revenue will
- A. be supplied at a higher price
- B. double at a higher price
- C. increase by more than the percentage increase in price
- D. equal percentage change in price
2192
The record of a country's transactions in international trade is her
- A. capital account
- B. balance of payments
- C. current account
- D. balance of trade
2193
Indicator of underdevelopment is
- A. high life expectancy
- B. low birth rate
- C. low population growth rate
- D. low per capita income
2194
A major effect of a long distribution chain is?
- A. high retail prices
- B. scarcity of commodities
- C. low retail prices
- D. low producer earnings
2195
The study of economics becomes necessary because of the
- A. large population size of the world
- B. scarcity of resources
- C. opportunity cost of goods and services
- D. needs to satisfy every desire of man
2196
The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is
- A. 6
- B. 3
- C. 4
- D. 5
2197
In Economics , a market is defined as any
- A. agreement made for consumers to buy all they need
- B. ngement made for producers sell all their goods
- C. agreement to sell commodities at low prices
- D. arrangement whereby the buyers and sellers are in contact
2198
Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output?
- A. N720.00
- B. N216.00
- C. N44.00
- D. N880.00
2199
The market structure in which there is interdependence of price-output policies is
- A. a pure monopoly
- B. an oligopoly
- C. a pure competition
- D. a monopolistic competition
2200
Which of the following is a public corporation?
- A. Roads (Nigeria) Plc
- B. National Oil and Chemical Marketing Co. Plc
- C. Union Bank of Nigeria Plc
- D. National Electric Power authority