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.
The principle of comparative advantage or comparative cost is NOT based on one of the following assumptions
Athere are restrictions in trade
Bthere are no cost of transportations
Cther is perfect competition
Dthere are no tariff or import and export quota
Ethere are only two countries and only two commodities entering into international trade
View Explanation & Discuss
Question 22
jamb1979
which of these alternative is wrong? central banks are
Abankers to the government
Bbankers to commercial banks
Cmerchant banks
Dcontrollers and regulators of money supply
Eissuers of bank note
View Explanation & Discuss
Question 23
jamb1979
The central bank controls the activities of other banks by all but one of the following
AThe use of bank rate
BThe purchase or sale of government bonds on the open market
Cspecial deposite
Dthe use of directives
Etaxation
View Explanation & Discuss
Question 24
jamb1979
When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as
Aelastic supply
Bjoint demand
Cexcess supply
Dderived demand
Enone of the above
View Explanation & Discuss
Question 25
jamb1979
when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following
Aa fall in income
Ba rise in the price of a complement
Ca fall in the price of substitute
Da change in taste against this commodity
Enone of the above
View Explanation & Discuss
Question 26
jamb1979
One of the reason why the condition of supply of a commodity may change is
Aa change in real income
Bchanges in the technique of production
Ca change of fashion or taste
Dchange in population
View Explanation & Discuss
Question 27
jamb1979
If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called
Acomposite demand
Belastic demand
Cderived demand
Dcompetitive demand
Einelastic demand
View Explanation & Discuss
Question 28
jamb1979
Production covers all but one of the following activities:
Achanging the position of a good in time as, for example, holding stock of goods until they are required
Bthe provision of some kind of service e.g retailing
Cchanging the form of a good from the raw material to the finished product
Dchanging the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
Ethe use of good and services to satisfy individual wants
View Explanation & Discuss
Question 29
jamb1979
Which of the following is not true of the theory of optimum population?
AIt is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors
BThe quantity of labour which combined with the other factors gives the minimum output is known as optimum population
CThe quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population
DThe test for over-population is whether it exceed the optimum
EIt is possible for a thinly populated country to be over populated if it has a poor supply of other factor
View Explanation & Discuss
Question 30
jamb1979
which of the following is not true about occupational distribution of the labour force of West Africa?
AA large percentage of the labour force is engaged in agriculture
BAgriculture is the most important occupation in West Africa
CThe manufacturing sector employs a large percentage of the population
DAgriculture does not constitute an important source of paid employment
EThe public sector forms an important source of paid employment
