Economics Past Questions And Answers
For an inferior good, a decreased in real income will lead to?
- A. a lower equilibrium price
- B. a change in quantity demanded
- C. an outward shift of the demand curve
- D. an inward shift of the demand curve
A stock variable is measured;
- A) Over a period
- B) At a point
- C) Consistently
- D) Intermittently
(a) State the laws of demand and supply.
(b) With the aid of a diagram, explain the implications of a change in the quantity demanded of a commodity.
The main objective of WTO is to
- A. ensure adequate protection of infant industries
- B. provide a mechanism for tariff reduction
- C. assist countries with chronic balance of payments problem
- D. assist developing countries to execute developmental projects
\(\begin{array}{c|c}
\text{Price N} & \text{Quantity sold} \\
5 & 15 \\
5 & 16 \\
5 & 17 \\
5 & 18 \\
\end{array}\)
Marginal revenue is
- A. N5
- B. N6
- C. N8
- D. N10
The policy of government to increase the supply of money to meet its own expenditure plans is likely to be
- A. speculative
- B. deflationary
- C. inflationary
- D. contractionary
The lower half of the diagram indicates
- A. the flow of goods and services
- B. payments for goods and services
- C. the flow of income
- D. government transactions
An indigenous company wholly owned by the federal government of Nigeria which currently engaged in prospecting for oil is?
- A. the Nigerian National Oil Company
- B. Peak Petroleum Industries Nigeria Limited
- C. Nigeria Exploration and Production Company
- D. the Nigeria National Petroleum Corporation
If a country has a balance of payments surplus on current account, this means that?
- A. total invisible export is greater than invisible import
- B. the value of goods exported must be greater than the value of goods imported
- C. there must be a positive balance of capital account
- D. the aggregate of the balance of trade and the invisible balance must be positive
MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the
- A. marginal utility equation
- B. equation for consumer dis-equlibruim
- C. utility maximization equation
- D. equation for total utility