Economics Past Questions and Answers

Given the present state of the Nigeria economy,which of the following measures will promote more rapid economic development?

A Complete dependence on oil exports
B Concentration on agricultural exports
C Diversification of the economy
D Building of more schools and universities
E Introductionn of nuclear energy in Nigeria

Question 727:

Which of the following does NOT represent the behavior of a monopolist?

A Manipulating the market price of his goods
B Manipulating both the price and quantity of his goods at the same time
C Raising the price at one market, lowering it at another market
D Manipulating only quantity, price being a given factor
E Manipulating the quantity of his goods

Question 728:

In the diagram, the supply curve So So shifts to a new position S<sub style='font-size: smaller;'>1</sub> S<sub style='font-size: smaller;'>1</sub> to indicate

A A drop in supply
B A rise in supply
C A supply- push inflation
D A stable supply curve
E An increase in quantity supplied

Question 729:

The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?

A N350.00
B N340.00
C 360.00
D 370.00
E 55.00

Question 730:

The diagram illustrates

A The circular flow of income
B Gross national product plus depreciation
C Incomes of the private sector
D The profit of business enterprises
E The output approach to national income determination