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Economics Past Questions and Answers

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Economics Questions

Question 571:

unlimited liability means?

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A The government can tax a company without limit
B The debts of a company must be paid out of it assets
C A company ceases to exist at the death of one of its owners
D A firm must pay its debts from business as well as private funds
E None of the above

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Question 572:

One of the probable effects of an increased minimum wage in Nigeria is?

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A To create volunteer unemployment
B To decrease the wage rate
C To increase the level of unemployment
D To create involuntary unemployment
E To increase the demand for labour

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Question 573:

If the income of a consumer rises and his demand for good X falls, good X can be described as

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A A normal good
B An adnoral good
C A good with inelastic demand
D A good with unitary elastic demand
E None of the above

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Question 574:

Inflation is likely to benefit?

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A Persons with bank savings
B Persons employed in financial houses
C Debtors
D Persons who lived on fixed pension funds
E Creditors

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Question 575:

Which of the following is NOT a characteristic of perfect competition?

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A Many sellers and buyers in the markets
B There is perfect knowledge
C Supply and demand are equal
D There is no advertising
E Products are identical

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