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Wednesday, 29 April 2026
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Economics Past Questions and Answers

Economics Questions

Question 601:
The difference between visible exports and invisible exports of a country, in money terms, is known as the?
  • A Balance of trade
  • B Balance of payments
  • C Terms of trade
  • D Foreign reserves
  • E Special drawing right
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Question 602:
The main economic goal of ECOWAS is the attainment of ?
  • A Regional free trade
  • B Multilateral trade
  • C Bilateral trade
  • D Economic self-reliance
  • E The economic emancipation of Africa
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Question 603:
Taxes which are levied on a person’s expenditures are known as?
  • A Purchase tax
  • B Sales tax
  • C Direct tax
  • D Poll tax
  • E Income tax
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Question 604:
some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as?
  • A Development projects
  • B Infrastructural facilities
  • C Monoculture
  • D Capital investment
  • E Superstructure
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Question 605:
The equilibrium market price is determined at a point where?
  • A Consumers can buy all they desire
  • B Sellers can dispose of all their wares
  • C The price is moderate
  • D Quantity consumers desires equal quantity sellers offer
  • E Sellers and buyers are not quarrelling
View Answer & Explanation