Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Of what importance is a wholesaler in the chain of distribution?
Acreation of artificial scarcity
Bbulk breaking
Cformation of trade unionism
Dhoarding of goods
Emaking prompt payment to producers
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Question 1284
neco2003
In a free market economy, wages are determined by
Athe employees
Bthe employers
Ctrade unions
Dinteraction of demand and supply forces
Ethe government
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Question 1285
neco2003
Which of the following is NOT a reason for the absence of an industry in the rural areas?
AAbsence of financial institution
Brestricted market
Cinadequate power and water supply
Dinadequate transportation
Epresence of external economies
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Question 1286
neco2003
The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point,
Aeach successive unit of the variable factor brings about a decreasing marginal product
Beach successive unit of the variable factor bring about equal increase in marginal product
Ceach successive unit of the variable factor bring about an increasing marginal product
Deach successive unit of the variable factor bring about four time increase in marginal product
Eeach successive unit of the variable factor bring about more than equal increase in marginal product
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Question 1287
neco2003
An economic system where both the public and individuals own and control means of production is known as ……… system
Acapitalism
Bcommunist
Cmixed
Dsocialist
Ewelfarist
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Question 1288
neco2003
The first commercial oil well in Nigeria was discovered in
A1938
B1951
C1956
D1958
E1961
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Question 1289
neco2003
The demand for a commodity for the sake of what it will yield is
Acompetitive demand
Bcomposite demand
Ceffective demand
Djoint demand
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Question 1290
neco2003
The most generally accepted definition of economics is
Aan inquiry into the nature and causes of the wealth of nations
Bthe science of material welfare
Cthe science which studies human behavior as a relationship between ends and scarce means which have alternative use
Dthe science that treats phenomena from the stand point of price
Ethe practical science of production and distribution of wealth
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Question 1291
neco2003
A problem of price control is
Adevelopment of black-market
Bincreased earning and higher profit
Cincrease in employment
Dincrease investment
Eredistribution of income
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Question 1292
neco2003
To finance a deficit balance of payment, a country may decide to
Aborrow from abroad
Bincrease its foreign investment
Cprivatizes its economy
Dreduce domestic consumption
Esecure more factor of production
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Question 1293
neco2003
The per capita income is calculated as
AGNP- working age population
BGNP- real national income
CGNP- total capital expenditure
DGNP- dependency ratio
EGNP- population
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Question 1294
neco2003
The theory of income determination is traced to
ARev Thomas Mathus
BLord John Mynard Keynes
CProf Adam Smith
DR G Lipsey
EProf Umar SI
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Question 1295
neco2003
Abdul is faced with a choice between buying a new NOTE book and a pen with N10. Since the N10 can NOT give him both items he decide to buy NOTE book. The money cost to him is
AN10
BN20
CN30
DN40
EN50
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Question 1296
neco2003
Which of the following is NOT an internal dis-economy of scales?
AEasy management and less administrative cost
Blarge firm suffers from bureaucracy or red tapism
Cless personal relationship between management and employees
DMotivation may be lacking in the large firm
Eslow response to changes
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Question 1297
neco2003
Using functional relationship in economics QX = f (px, po, y, T); po stand for
Alevel of income of the consumer
Bprice of x
Cprice of other commodities
Dproduction function of x
Eprice index
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Question 1298
neco2003
Which of the following is NOT a function of taxation?
Amake few people rich in the country
Braise revenue for the government
Credistribution of income
Dreduces production and consumption of harmful goods
Eused as anti-inflationary device
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Question 1299
neco2003
Price legislation means
Adirecting market specialist to fix prices
Binterplay of either demand or supply
Cproducers are prices givers
Dregulating the price system by the government
Ethe use of market forces
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Question 1300
neco2003
Which of the following is a motive for holding money?
