Economics Past Questions And Answers
2851
The greatest proportion of government revenue in Nigeria comes from?
- A. export of raw materials
- B. income taxes on individuals and business
- C. custom duties and excise duties
- D. loans and grants from industrially advanced countries
2852
the stock exchange is an example of the?
- A. labour market
- B. money market
- C. commodity market
- D. capital market
2853
If demand function for a product is Qd = 30 - 4P, and the price and quantity of products is 4 and 14 respectively. What is the price elasticity of demand for the product?
- A. 1.14
- B. 7.1
- C. 14.1
- D. 1.7
2854
A tax that increases at a higher percentage as income increase is called?
- A. a proportion tax
- B. a regressive tax
- C. a progressive tax
- D. an income tax
2855
An imperfect competitor is in equilibrium when
- A. Marginal cost (MC) is equal to Marginal Revenue (MR)
- B. Marginal Revenue (MR) equal to Price (P)
- C. Average Revenue(AR) is equal to Average Cost (AC)
- D. Output (Q) is equal to Average Revenue (AR)
2856
The reduction of high fertility rate is a measure in population control designed to make the?
- A. female population higher than the male
- B. female and male population equal
- C. male population higher than the female
- D. growth in population more sustainable
2857
Malthus observed in his theory that population was growing
- A. at a regular rate
- B. in arithmetical progression
- C. in geometrical progression
- D. in mathematical progression
2858
In a free market economy, the rationing of scarce goods is done principally by?
- A. the government
- B. business organizations
- C. the price mechanism
- D. consumers
2859
Upstream oil activities involve the
- A. management of pollution
- B. marketing of refined products
- C. exploration of crude oil
- D. refining of crude oil
2860
Which of the following controls a limited liability company?
- A. the general manager
- B. the managing director
- C. tax payers
- D. the board of directors