Economics Past Questions And Answers
2211
Farmers' income may fall if they produce more cash crops for export because?
- A. foreign demand is inelastic
- B. the price of the crops will rise
- C. of domestic currency depreciation
- D. of export duties
2212
The Nigerian bank for commerce and industry is?
- A. a commercial bank
- B. a development bank
- C. an industrial bank
- D. a merchant bank
2213
The price mechanism
- A. regulates supply and demand
- B. rations the consumers
- C. rewards the producers
- D. allocates scarce resources
2214
The indicator of the value of money is
- A. the general price level
- B. the equilibruim price
- C. consumer''s income
- D. the interest rate
2215
Price control refers to
- A. the way of making more goods available in the market
- B. a policy of ensuring stable price in the market
- C. a general reduction in the price level
- D. effective working of the forces of demand and supply
2216
Which of the following yields more revenue to Nigeria?
- A. Value added tax
- B. Royalties
- C. indirect tax
- D. Direct tax
2217
If a fall in price of one commodity leads to an increase supply of another commodity, both commodities have
- A. composite supply
- B. joint supply
- C. competitive supply
- D. short run supply
2218
The cost which firm will incur whether it is in production or not, is referred to as
- A. average cost
- B. variable cost
- C. opportunity cost
- D. fixed cost
2219
Industrialization is the process of___________
- A. concentrating a firm in a place
- B. transforming as economy based on extractive to manufacturing
- C. transferring a government industry to individual
- D. transforming finished goods into semi-finished goods
2220
Which of the following is involved in the money market?
- A. Building society
- B. Development banks
- C. Commercial banks
- D. Stock exchange