Economics Past Questions And Answers
A major obstacle to the development of Nigeria economy is
- A. low capital formation
- B. rural-urban migration
- C. over dependence on oil
- D. poor developmental policies
Which of the following pairs can be referred to as middlemen?
- A. wholesalers and agents
- B. Retailers and consumers
- C. Consumers and agents
- D. Wholesalers and retailers
The main function of NNPC is to
- A. oversee the development of the oil sector
- B. develop the oil producing area
- C. fix the price of products
- D. ensure regular supply of products
IBRD as an international monetary institution is concerned with the
- A. improvement of trade among member nations
- B. development of infrastructure in member nations
- C. balance of payments problems of member nations
- D. financing of private businesses in member nations
The imposition of high income tax by government to cut down demand is known as
- A. Monetary policy
- B. Budgetary policy
- C. Fiscal policy
- D. Internal policy
The higher the price of capital relative to the price of labour, the more production techniques should be?
- A. labour-intensive
- B. capital-intensive
- C. fixed
- D. technology-intensive
Under the Nigerian Structural Adjustment Programme, the marketing of agricultural commodities in Nigeria has been placed under?
- A. the marketing boards
- B. the commodity boards
- C. the river-basin authorities
- D. private investors and individuals
In the long-run, a monopolist maximized his profit when the marginal cost equals?
- A. total revenue
- B. marginal revenue
- C. average revenue
- D. price
Which of the following is not an advantage of government ownership of enterprises?
- A. more capital is provided
- B. pricing policy may be in the interest of consumers
- C. Government workers may be indifferent towards the public
- D. infrastructure are rapidly developed
which of the following is not a reason for establishing public enterprises?
- A. discouraging investors
- B. opening up neglected parts of the country
- C. effective control of a natural monopoly
- D. rapid economic development