Economics Past Questions And Answers
2241
When the demand for foreign exchange exceeds its supply, the value of the domestic currency
- A. appreciates
- B. depreciates
- C. inflates
- D. expands
2242
During inflation, the appropriate fiscal measure to adopt is to
- A. increase indirect taxes
- B. increase direct taxes
- C. reduce personal income tax
- D. increase government expenditure
2243
Economically, underdeveloped countries are characterized by?
- A. high rate of population growth and low rate of economic growth
- B. high rate of economic growth and low rate of population growth
- C. high rate of population growth aand high rate of economic growth
- D. low rate of population growth and low rate of economic growth
2244
When Lump-sum tax is paid by a producer, it means that;
- A) The tax is paid proportional to the quantity of output produced
- B) The tax is paid regardless of volume of output
- C) The tax is paid in arrears
- D) The tax is returned to the producer after the payment
2245
The release of a liquid petroleum hydrocarbon into the environment is_______
- A. Oil glut
- B. Oil spill
- C. Oil shock
- D. Oil wastage
2246
In a socialist economy, factors of production are owned and controlled by the
- A. citizens
- B. businessmen
- C. government
- D. foreigners
2247
Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is?
- A. N 1.5 m
- B. N 2.0m
- C. the house
- D. the car
2248
Citizens are protected from the government's arbitrariness in taxation by the canon of
- A. elasticity
- B. flexibility.
- C. economy
- D. certainty
2249
The long run is a period during which a firm?
- A. sells inputs to purchase fixed assets
- B. varies all its inputs
- C. sources all its inputs from within
- D. replaces all its inputs
2250
The employer's demand curve for labour is represented by the
- A. marginal product curve of labour
- B. total product curve of labour
- C. average product curve of labour
- D. total cost curve of labour