Economics Past Questions And Answers
Institutions serving as links between surplus and deficit units can be identified as
- A. tax officers
- B. pension offices
- C. financial intermediates
- D. acceptance houses
In the normal market situation , when the price of a commodity rises the
- A. demand for the commodity will rise
- B. demand for the commodity will fall
- C. supply of the commodity will be constant
- D. supply of the commodity will fall
The monopolist power can be controlled by the government through
- A. labour union
- B. price legislation
- C. import restrictions
- D. export promotion
If the same basket of goods which cost N12.00 in 1985 cost N15.00 in 1987, price index for 1987 is?
- A. 25
- B. 80
- C. 100
- D. 125
The financial institution known as a building society is
- A. commercial bank
- B. central bank
- C. mortgage bank
- D. development bank
In the diagram below, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?
- A. Pd
- B. P2
- C. P3
- D. P4
The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to
- A. positively sloping supply curve
- B. perfectly elastic supply curve
- C. backward bending supply curve
- D. perfectly inelastic
The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct
- A. E = C + I + G
- B. E = C + I + G + M – X
- C. E = C + I + G + X – M
- D. E = C + I + G – T + M – X
In a rapidly growing economy, a change in technology which is labour saving is likely to cause
- A. residual unemployment
- B. structural unemployment
- C. disguised unemployment
- D. frictional unemployment
The rate of growth of population is
- A. initial population plus number of births and net migration
- B. the difference between birth rate and death rate
- C. birth rate less death rate plus net migration
- D. the number of immigrants plus number of births