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.
What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported?
ADeregulation
Bimport substitution
CTariff reduction
DBackward integration
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Question 32
jamb1994
The system of agriculture practice which involves hunting, gathering and growing of food crops for family consumption only is described as?
Apeasant agriculture
Bplantation agriculture
Cco-operative farming
Dsubsistence farming
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Question 33
jamb1994
The major factor that causes fluctuations in the supply of agricultural produce is?
Ahigh price
Bpests
Cweather variations
Drural-urban migration
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Question 34
jamb1994
In the event of liquidation of a private limited liability company, the shareholders' liability is limited in their total?
Aincome from all sources
Bfamily assets
Ccollateral offered for bank loans
Dinvestment inthe company
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Question 35
jamb1994
A major shortcoming of the sole proprietorship form of business is lack of?
Aworking capital
Bpatronage
Ccontinuity
Dmarket
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Question 36
jamb1994
Output restriction, fixing of prices, creating obstacles to free entry into the market are features of?
Apure monopoly
Bperfect monopoly
Cperfect competition
Dmonopsonist competition
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Question 37
jamb1994
In the long run, a firm in a perfectly competitive market will make?
Anormal profit
Badnormal profit
Cmarginal profit
Dno profit
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Question 38
jamb1994
The basic idea behind brand differentiation under an imperfect market arrangement is to?
Astimulate demand for rival products
Bcreate demand for the particular product
Cenable the product penetrate the market
Denable the product to complete with others
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Question 39
jamb1994
Elasticity demand is an effective tool in the hands of a producer in that it enables him?
Araise his profit and lower his costs
Bdiscourage buyers from cheating
Cdetermine what he will produce
Dset his price to maximize his profit
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Question 40
jamb1994
A demand which is positively related to price is true of?
Anormal goods
Bgiffen goods
Costentatious goods
Dcapital goods
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Question 41
jamb1994
An increase in the supply of labour in a factory while other things remain equal will lead to?
Aan increase in the wage rate and an increase in the number of people employed
Ba decreased in the wage rate and a decrease in employment
Can increase in the wage rate and an decrease in the employment
Da decrease in the wage rate and an increase in employment
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Question 42
jamb1994
A firm determines its profit when it studies its?
AMarginal Cost
BAverage Cost
CTotal Cost
DAverage Cost relative to price in the market
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Question 43
jamb1994
The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price?
Aalways reflects the cost of labour
Breflects the variable, but not the fixed cost of production
Cdoes not rise above variable costs
Dis determined by the cost of production and the current rate of inflation
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Question 44
jamb1994
A company's expenditure on raw materials is regarded as?
Aexplicit cost
Bimplicit cost
Cprime cost
Daverage cost
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Question 45
jamb1994
In the long run, all production factors are?
Afixed
Bsemi fixed
Cvariable
Dsemi-variable
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Question 46
jamb1994
When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are?
Azero and decreasing
Bdecreasing and zero
Cnegative and decreasing
Dboth at their maximum
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Question 47
jamb1994
Unemployment can be reduced by?
Arestricting the productive base of the economy
Badopting capital-intensive techniques of production
Cadopting labour-intensive techniques of production
Dadopting a mixture of labour and capital-intensive techniques of production
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Question 48
jamb1994
If the actual population in a country is less than the optimum population, then?
Ait is desirable to have a large population
Bit is necessary to have an improved technology to sustain the population
Cit is desirable to have a smaller population
Dthe available resources are inadequate to substain the population
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Question 49
jamb1994
The population of country X in 1990 was 35 million.
The births were 450,000 while it recorded 210,000 death. If in the year, its immigrants were 20,000 and 10,000 of its citizen left the country, calculate the total population of the country at the end of 1990.
A24,250,000
B25,350,000
C34,750,000
D35,250,000
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Question 50
jamb1994
Every economy requires an accurate census because it assist in?
Asolving inflation problem
Bproviding a sound framework for policy formulation
Cstimulating economic activities in the national economy
