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.
Elasticity of demand is an effective tool in the hand of a producer in that it enables him
Arise his profits 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 4
jamb1994
Above the equilibrium point, a further rise in price tends to
Aincrease demand and restrict supply
Brestrict demand and decrease supply
Cincrease demand and decrease supply
Ddecrease demand and increase supply
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Question 5
jamb1994
What is the equilibrium quantity?
A50
B250
C350
D450
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Question 6
jamb1994
If the economy of the country is operating at X, the implication is that
Athe productive capacity is being fully utilized
Bthe productive capacity is not being fully utilized
Ctoo little of consumer goods is being produced
Dthere is a disequilibrium between the production of capital and consumer goods
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Question 7
jamb1994
The diagram represents a production function. At which of the points does diminishing returns set in
AI
BJ
CK
DL
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Question 8
jamb1994
The borrowing rights of a member country of the international Monetary Fund are determined by?
Athe seriousness of the country's economic problems
Bits balance of payments position
Cits quota to the fund
Dthe size of gold reserve
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Question 9
jamb1994
A situation in which a commodity is sold abroad below its cost of production in the home country is known as?
Adumping
Bcounter trade
Cbilateral trade
Dtrade liberalization
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Question 10
jamb1994
In international trade, shipping and other freight charges are treated as?
Ainvisible items
Bunilateral transfers
Ccapital transactions
Dautonomous capital transactions
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Question 11
jamb1994
The main objective of the Economic Community of West African State is to?
Aestabilish a West African Development Bank
Bcreate a West African army
Cintroduce a common currency for the sub-region
Dpromote the free movement of persons, goods and services within the sub-region
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Question 12
jamb1994
One of the techniques for rectifying a deficit balance of payment is?
Aimport promotion
Bdevaluation
Cphysical intervention
Dborrowing from abroad
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Question 13
jamb1994
If national income rises by 6% and population rises by 3%, per capita income will?
Arise by 6 percent
Bfall by 3 percent
Cfall by 6 percent
Drise by 3 percent
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Question 14
jamb1994
A sustained increase in the production of goods and service in a country is called economic?
Adevelopment
Bgrowth
Cdiversification
Dplanning
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Question 15
jamb1994
One of the ways by which the government can speed up economic development is through the?
Aincrease in consumption pattern of the people
Bencouragement of savings, investment and equitable distribution of goods and services
Cincrease in the rate of population growth so as to ensure that the country has a large labour force
Dencouragement of importation of raw materials to produce consumer goods
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Question 16
jamb1994
The national income of a country indicates that the gross domestic production was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents?
Adebt repayment
Binvestments abroad
Cnet income from abroad
Dcapital consumption
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Question 17
jamb1994
Taxes and government expenditures are instrument of?
Amonetary policy
Btax policy
Ceconomic policy
Dfiscal policy
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Question 18
jamb1994
Progressive tax structure is designed to?
Atake more from the income of the poor
Btake more from income of the rich
Ctake equal proportion of income from both the rich and the poor
Dreduce the problems emanating from tax imposition
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Question 19
jamb1994
Monetary policy aimed at reducing demand-pull inflation in the country maybe carried out through?
Aincrease in taxation of private companies, public corporations and private individuals
Bincrease in cash reserve ratio of commercial banks and the sale of government securities
Cdecrease in goverment expenditure on education
Ddirect price control in the market place
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Question 20
jamb1994
Gresham's law in Economics shows that?
Agood drives out bad money
Bbad money drives out good money
Cthe value of money varies inversely with the price level
Dgold must be available to maintain the price of paper money
