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Wednesday, 01 April 2026
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Economics Past Questions and Answers

Economics Questions

Question 671:
Which of the following is NOT an advantage of localization of industries?
  • A Reaping of external economies
  • B Development of a pool or skilled labour for industry
  • C Development of subsidiary industries
  • D Development of organized markets
  • E Growth of conurbations
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Question 672:
The monetary system that requires double coincidence of want is known as?
  • A The gold standard
  • B Barter
  • C The commodity system
  • D The gold exchange standard
  • E The cheque system
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Question 673:
The effect of emigration on a country's population, all other things remaining equal, is to
  • A Increase its size
  • B Cause overpopulation
  • C Increase its growth rate
  • D Reduce the proportion of children
  • E Reduce its size
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Question 674:
Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?
  • A Money is regarded as a medium of exchange
  • B Measure for value
  • C Unit of account
  • D Store of value
  • E Standard for deferred payments
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Question 675:
Agriculture plays a dominant role in West Africa economics because
  • A The green Revolution in Nigeria is agriculture
  • B It supplies all the foodstuff consumed in West Africa
  • C There are large plantation of cocoa, groundnut and palm oil in West Africa
  • D It is the main source of revenue in Nigeria
  • E It employs more than 50% of the total labour force in West Africa
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