Economics Past Questions And Answers
2581
The movement of goods and services from the producers to the consumers is referred to as
- A. external trade
- B. the distribution chain
- C. the circular flow
- D. consumption
2582
Which of the following countries is a major trading partner of Nigeria?
- A. Britain
- B. Canada
- C. Japan
- D. Germany
2583
One feature of a growing population
- A. increase in the number of young people
- B. increase in the number of old people
- C. decrease in the dependent population
- D. decrease in the life expectancy
2584
Given that ∑fx = 340 and N = 20, find the arithmetic mean.
- A. 20
- B. 17
- C. 32
- D. 9
2585
The equilibrium level of output of a monopolist is determined at a point where
- A. marginal cost equals average revenue
- B. marginal cost equals acerage cost
- C. marginal cost equals marginal revenue
- D. marginal revenue equals average cost
2586
The choice of how to produce in a command economy is determined by
- A. government
- B. consumer
- C. industrialists
- D. labour unions
2587
Cost push inflation is caused by a
- A. rise in the cost of production
- B. decrease in the transportation cost
- C. rise in demand for goods
- D. decrease in the cost of production
2588
Wholesalers are often criticized because they
- A. help to break the bulk
- B. finance producers
- C. increase prices
- D. provide after-sales services
2589
A tax is said to be good when
- A. it yields more revenue to the state at the expense of the people's ability to pay
- B. the cost of collecting it is equal to the revenue it generates
- C. it is imposed so suddenly that no one can dodge its payment
- D. its payment causes minimum incovenience to the tax payer
2590
The short-run equilibrium in a perfectly competitive market requires that?
- A. marginal cost be equal to total revenue
- B. marginal cost and marginal revenue be equal
- C. costs are mutually determined by buyers and sellers
- D. the marginal cost curve cuts the total cost curve