Economics Past Questions And Answers
The quantity of commodity a consumer is willing and able to buy at a particular time is called
- A. supply
- B. wish
- C. demand
- D. desire
Wage freeze is a policy measure aimed at
- A. encouraging investors
- B. curbing inflation
- C. regulating standard of living
- D. curbing deflation
In a perfect competition, the market price is determined by_______
- A. the government
- B. the producer
- C. the consumer
- D. the market supply and demand junctions
If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?
- A. 0.20
- B. 0.80
- C. 1.25
- D. 2.00
The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________
- A. Deflation
- B. Inflation
- C. Devaluation
- D. Revaluation
The objective of public finance is to promote?
- A. full employment, national income and price stability
- B. government revenue drive and expenditure to as high a level as possible
- C. the expansion of government social services
- D. government revenue drive and minimize government expenditure
If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is
- A. 0.80
- B. 1.25
- C. 2.00
- D. 10.00
A financial institution established for the purpose of providing specialzed services like acceptance of bills of exchange and equipment leasing is known as
- A. Merchant Bank
- B. Development Bank
- C. Central Bank
- D. Insurance Company
A major disadvantage of localization of industry is
- A. the risk of structural unemployment
- B. over-utilization of installed industrial capacity
- C. the risk of seasonal unemployment
- D. under-utilization of installed industrial capacity
The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price?
- A. always reflects the cost of labour
- B. reflects the variable, but not the fixed cost of production
- C. does not rise above variable costs
- D. is determined by the cost of production and the current rate of inflation