Economics Past Questions and Answers

To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and

A The size of that country
B The rate of immigration into that country
C The population census of that country
D The annual death rate
E The gross domestic product annual(GDP) of that country

Question 592:

We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because

A It is the dependent population of Nigeria, economically
B All student in Nigeria are in this group
C More than 50% of all Nigerians are in this group
D It is the most expensive group of the economy
E It is the productive group of the economy

Question 593:

In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are?

A Profitable to the production process
B Purchased for the purpose of production
C Combined in the production process
D Provided adequately for the production process
E Brought into the factory

Question 594:

The supply of and demand for goods and services are influenced by the?

A Supermarkets
B Entrepreneurs
C Mechanism of the law
D Mechanism of equilibrium
E Price mechanism

Question 595:

The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that?

A There is a Government ban on the importation of beer
B Beer distributors want more profit
C Nigeria is a large country
D Middlemen hoard beer
E The demand for beer exceeds the supply