Economics Past Questions And Answers
Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________
- A. Monopoly
- B. Oligopoly
- C. Monopolistic competition
- D. Perfect competition
The reward to land as a factor of production is
- A. profit
- B. rent
- C. interest
- D. wage
Near Money is made up of
- A. very liquid asset which can be easily converted into money
- B. currency in circulation and demand deposit
- C. note and coins
- D. fixed assets which cannot be converted into money
The borrowing rights of a member country of the international Monetary Fund are determined by?
- A. the seriousness of the country's economic problems
- B. its balance of payments position
- C. its quota to the fund
- D. the size of gold reserve
Shares and stocks can be bought in the
- A. Commodity market
- B. Stock exchange
- C. Money market
- D. Open market
The following are the loans granted by a commercial bank to different categories of individuals. Use the information to answer the questions that follow: Bankers $8,000, Farmers $8,000, Miners $7,000, Retailers $5,000, Tailors $4,000 Teachers $6,000, Drivers $4,000, Fishermen $3 000.
(a) Arrange the information in the form of a table grouping the individuals into: (i) Primary sector; (ii) Secondary sector; (iii) Tertiary sector.
(b) Express the loan to each sector of a ratio of the total loan granted
(c) Present the total loans granted to the sectors in a simple bar chart, (Use of graph sheet is essential)
Price mechanism determines the prices of commodities through
- A. auctioning
- B. market forces
- C. the sales of treasury bills
- D. government legislation
A black market can occur when
- A. supply is in excess of demand
- B. consumption of the commodity is restricted
- C. prices are set by government above the equilibrium
- D. prices are set by government below the equilibrium
Which of the following is true of NEPA as a public corporation in Nigeria? It is
- A. a solar energy distribution
- B. organized in a perfectly competitive market
- C. a duopoly
- D. a monopoly
A rational consumer, does not
- A) think marginally
- B) intentionally make himself or herself worse off
- C) try to maximize net benefit from consuming goods and services
- D) ever consume the wrong amount