Economics Past Questions and Answers

Mono production economies are those that?

A Have a rich cultural heritage
B Produces only raw materials
C Live from the export of their raw product
D Produce one main commodities
E Specialized in agricultral industries

Question 667:

The quickest way of achieving an economic union on regional basis is to remove all?

A Currency barriers
B Language barriers
C Politcal barriers
D Customs barriers
E Legal barriers

Question 668:

If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?

A Land and related factors
B Abundance of natural resources
C Level of human capital
D Technical progress or other factors
E The discipline of political leadership

Question 669:

A major function of middlemen in Nigeria is the distribution of?

A Commodities to all consumers regardless of income
B Commodities to consuming centres and the collection of money income to producing centres
C Economic welfare to all
D Wealth to all
E Poverty within the society

Question 670:

When a government owns enterprises, a number of advantage arise. Which of the following is NOT one of such advantages?

A More capital is provided
B Price policy may be the interest of consumers
C Government workers may be indifferents towards the public
D Infrasturcture are rapidly developed
E Income may be more evenly distributed