Economics Past Questions And Answers
2601
Petroleum 'glut' in international trade means______
- A. Higher prices for the Consumption of petroleum.
- B. An Oversupply of petroleum.
- C. A fall in in petroleum production.
- D. A higher petroleum price offered by the buyer.
2602
The PAYE ( Pay As You Earn) in Nigeria is an example of ______
- A. Flat rate Tax
- B. Community tax
- C. Regressive tax
- D. Progressive tax
2603
If a demand curve that intersects a perfectly inelastic supply curve shift is rightward, then____________
- A. only the quantity will increase
- B. The prices will remain constant
- C. the equilibrium price and quantity will increase
- D. only the price will increase
2604
The growth of the population is the ?
- A. annual increase in population
- B. total population of a country at a given time
- C. addition to the total population over a given period
- D. increase in the working population over a given period
2605
All the following are methods of determing prices except?
- A. maximum pricing
- B. rationing
- C. minimum pricing
- D. auctioning
2606
In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour?
- A. N396
- B. N323
- C. N250
- D. N146
2607
Terms of trade simply means the price
- A. ratio of import to export
- B. ratio of export multiplied by import
- C. ratio of export to import
- D. ratio of export multiplied by price ratio of import
2608
A major advantage of specialization and division of labour is that?
- A. time wastage will be minimized
- B. trade unions will be encouraged
- C. there will be a ready market for labour
- D. workers will be adequately rewarded
2609
What accounts for the ‘U-shaped’ of the short run average cost (AC) curve?
- A. the law of variable proportions
- B. increasing returns to scale
- C. decreasing use of inputs
- D. change output during the production period
2610
The term 'Stock of Capital 'means?
- A. amount of money necessary to start a business
- B. total amount receivable by all factors of production
- C. amount of equipment plant and inventory existing at a time
- D. total amount available for economic development