Economics Past Questions And Answers
Which of the following is regarded as fixed cost?
- A. expenditure on raw materials
- B. expenditure on fuel
- C. expenditure on power
- D. rent on land
The minimum number of share holders for joint stock companies is_______________
- A. 4
- B. 2
- C. 7
- D. 3
The major function of money market is to
- A. provide funds for long-term financing
- B. provide funds short-term financing
- C. stabilize the value of the local currency
- D. stabilize domestic prices
When there is a change from T to N, it implies that
- A. Supply has increased
- B. Quantity supplied has increased
- C. Quantity demanded has increased
- D. Price has fallen
The producer in a perfectly competitive market is faced with a demand curve whose elasticity is?
- A. unitary
- B. greater than one
- C. infinite
- D. less than one
Life insurance companies contribute to economic development by holding a part of their assets in
- A. long-term financial instruments
- B. money market instruments
- C. cash and near money
- D. short-term financial instruments
If the price of a commodity with elastic demand increases, the revenue accruing to the producer will
- A. double
- B. increase
- C. be constant
- D. decrease
Given that the prices and quantities supplied per period of time in litres of gasoline is expressed as Qs = 25 + 0.25 P, Where Qs is quantity supplied, P is price
(a) Determine the quantity supplied when price per litre is (i) 0 Naira (it) 24 Naira (iii) 40 Naira (iv) 60 Naira (v) 80 Naira
(b) From your calculations in (a)(i) present the supply schedule (ii) draw the supply curve.
A perfect competitor will continue to expand output up to the point where
- A. TC > TR
- B. MR = AR
- C. MC< MR
- D. MC > MR
(a) What is population census?
(b) Describe the problems faced in conducting a population census in your country.
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