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Economics Past Questions and Answers

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Economics Questions

Question 706:

A perfectly competitive firm does not influence the demand for its commodities by lowering its price below the market price because?

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A It is illegal price cutting
B Other competitors will be angry
C Total revenue will decline due to its elastic demand curve
D It is able to sell all it wants at the market price
E It does not maximize profit

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Question 707:

pricing and output decisions of sellers are highly interdependent in markets known as?

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A Oligopoly
B Perfect competition
C Monopoly
D Monopolistic competition
E Imperfect competititon

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Question 708:

One disadvantage of sole proprietorship is its?

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A Limited libility
B High profits
C High sense of ownership
D Low credit rating
E Low failure rate

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Question 709:

The channel for food distribution in Nigeria consist of?

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A Farmers and their families
B Producers, wholesalers and retailers
C Producers and consumers
D Producers and processor
E Farmers, processors and consumers

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Question 710:

Which of the following is NOT true of debentures and debenture holders?

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A Debentures are instruments for rising long-term capital by limited liability companies
B Debenture are fixed interest-bearing securities with specified maturity dates
C Debentures holders are creditors to the company and therefore do not share in the risk of the company
D Debenture holders are entitled to interest payments whether or not profits are made
E Preference shareholders recieve their share of profits before debenture holders receive their entitlements

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