Economics Past Questions And Answers
401
A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________
- A. Import monopoly
- B. Import licence
- C. Import quota
- D. Embargo
402
In which of the following business units are the owners mostly customers?
- A. co-operatives
- B. limited liability companies
- C. partnerships
- D. public corporations
403
At any given level of output, a firm's total variable cost equals ?
- A. total cost less marginal cost
- B. total cost less total fixed costs
- C. total cost less average cost
- D. average variable cost and marginal cost
404
In the circular flow of income, an increase in savings causes
- A. an increase in imports
- B. a decrease in the income stream
- C. an increase in household consumption
- D. a decrease in exports
405
A company's expenditure on raw materials is regarded as?
- A. explicit cost
- B. implicit cost
- C. prime cost
- D. average cost
406
In certain circumstances, a centrally planned economy adopts the rationing system because of?
- A. the scarcity of goods and services in the market
- B. low real and money wages
- C. the need for equitable distribution of goods and services
- D. transportation and distribution problems
407
Firms embark on vertical integration in other to
- A. take over markets formally controlled by other firms
- B. prevent other firms from entering the market
- C. reduce advertisement and management cost
- D. enjoy economies of large-scale production
408
In the case of highly or close complementary goods, the indifference curve is_______
- A. A straight line
- B. A right-angled
- C. L - shaped
- D. Curvature
409
industry can be define as
- A. several firms producing different commodities
- B. group of firms producing similar commodities
- C. different firms producing equal number of commodities
- D. many firms producing for exports
410
To improve the balance of payment s position in West African countries, there must be
- A. removal of barriers to importation of goods and services
- B. increase rate of exportation of goods and services
- C. increase domestic consumption of foreign produced goods
- D. the development of the local market