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Economics Past Questions and Answers

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Economics Questions

Question 751:

If monopoly is attempting to maximize profit which of the following should it attempt to do?

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A Select that output at which ATC is at minimum
B Set price equal to TC
C Maximize profit per unit
D Maximize revenue
E Equate marginal cost to marginal revnue

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Question 752:

The amount of labour a producer hires relative to labour factor inputs depends on the?

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A Price of labour or it wage
B Price of labour, machinery and other inputs
C Price of machinery
D Price of the other inputs
E Type of machinery

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Question 753:

Which of the following is NOT a feature of underdevelopment?

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A Low per capita income
B Vicious circle of poverty
C Low level of industrialization
D Greater dependence on primary production
E High per capita income

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Question 754:

The inefficient distribution of scarce commodities in Nigeria is mostly due to the?

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A Inefficiency in the middlemen
B Inefficiency in the production process
C Long chain of the distribution system
D Sovereignty of the consumers
E Ineffectiveness of retailers

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Question 755:

Warehousing facilities in the distribution and marketing of products are provided by?

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A Manufacturers
B Wholesalers
C Retailers
D Consumers
E Sellers

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