Economics Past Questions And Answers
3021
In a perfect competition, every firm is a price?
- A. maker
- B. taker
- C. giver
- D. bidder
3022
The participation rate is the
- A) ratio of those working to those looking for work
- B) ratio of the unemployed to the labour force
- C) ratio of the labour force to the population
- D) ratio of the employed to the labour force
3023
which of the following is an advantage of division of labour? It
- A. saves time
- B. make possible the sue of machine
- C. is monotonous
- D. leads to specialization
3024
Nigerian indigenization decree was promulgated in order to
- A. Allow indigenes to have the full participation in the economic activities of the country
- B. Drive away foreigners
- C. Give equal chances to indigenes and foreigners in making economic decisions in the country
- D. Give industrial training to indigenes
3025
If the budget of the country was $7,200, how much is allocated to Education?
- A. $2,400.00
- B. $2,000.00
- C. $1,200.00
- D. $1,000.00
3026
Which of the following is not characteristics of a perfect competition ?
- A. many sellers and buyers are in the market
- B. there is perfect knowledge of the market situation
- C. supply and demand are equal
- D. there is no discrimination
3027
An adverse environmental impact of the petroleum industry on the economy is
- A. communal riots
- B. the vandalization of oil equipment
- C. oil spillage
- D. community development
3028
In a village of 50 persons, 10 immigrated, 25 died and 5 emigrated in year. Determine the total population
- A. 10
- B. 20
- C. 30
- D. 50
3029
Wages are to some extent, determined by the
- A. Marginal utility of labour
- B. average utility of labour
- C. marginal productivity of labour
- D. total output of labour
3030
The major source of Nigeria's foreign exchange is the export of?
- A. skilled manpower
- B. palm kernel and cocoa
- C. crude oil
- D. groundnuts and cotton