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Economics Past Questions and Answers

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Economics Questions

Question 501:

The budget of Nigeria will be deficit if

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A Revenue expenditure exceeds the revenue receipts
B Capital expenditure exceeds the capital receipts
C Revenue and capital receipts exceeds revenue and capital receipts
D The government is spending more than its receipts
E All of the above

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Question 502:

An economic problem arises when?

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A Manufactured goods are in short supply
B Money is in short supply
C Buyers are many
D Sellers are few
E Scarcity and choice are involved

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Question 503:

By subsistence production we mean?

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A Goods and services are produced for consumption only
B Goods and services are sold to others
C Raw materials are produced in the country
D Goods and services are produced for the market
E None of these

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Question 504:

Division of labour means?

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A The labour is divided into different section
B The work is divided into different parts to be completed by each labour
C Production is completed by the different department of a factory
D Commodities are produced at different times by a single labourer
E The labour force in the country is not united

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Question 505:

A limited liability company is owned by?

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A An individual
B Two or more partners
C Shareholders
D Government
E A bank

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