Economics Past Questions And Answers
A vertical supply curve indicates that?
- A. the quantity supplied is responsive to price
- B. the same fixed quantity will be supplied no matter the price
- C. an increase in price will result in an increase in the quantity supplied
- D. there is a fixed price for the commodity below which no supply will be made
The level of economic development is low in Nigeria because
- A. planning has no practical relevance
- B. of the pattern of the consumers' spending
- C. the country is too large
- D. of ineffective plan implementation
A consumer with $10 needs a dress, a pair of shoes, a handbag and jewelry costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes Is the________
- A. Dress.
- B. Jewelry.
- C. Handbag and Jewelry.
- D. Dress and Jewelry
Which of the following best explains what to produce?
- A. How much goods are to be produced
- B. The combination of resources to be used
- C. Which goods and services to be produced
- D. How many wants are to be satisfied
Which of the following falls continuously as output expands?
- A. Average fixed cost
- B. Marginal cost
- C. Average variable cost
- D. Average cost
The demand for money is described as a
- A. competitive demand
- B. joint demand
- C. derived demand
- D. composite demand
which of the following categories of people do not gain during inflation?
- A. Debtors
- B. businessmen
- C. Shareholders
- D. Creditors
The primary objective of Agricultural Credit Guarantee Scheme is the provision of
- A. guarantee for loans granted by by banks for agricultural purposes
- B. agricultural inputs to facilitate credits from banks
- C. loans for every farmer
- D. agricultural products for farmers
The short-run inelasticity of supply of agricultural produce causes
- A. stability in prices
- B. a steady rise in prices
- C. a steady decline in prices
- D. instability in prices
A firm with marginal cost equals to its marginal revenue will produce the equilibrium output if it is in?
- A. pure competition only
- B. pure monopoly only
- C. monopolistic competition only
- D. any type of market