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Economics Past Questions and Answers

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Economics Questions

Question 761:

Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria?

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A Establishement of industries
B Presence of mineral deposits
C Transportation facilities
D Favourable soils
E Favourable climate conditions

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Question 762:

The petro- chemical industries are located in the River State of Nigeria due to?

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A Favourable climate
B Favourable soil
C Oil deposits
D Palm oil products
E Coal deposit

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Question 763:

One of the functions of the commercial banks is that it is?

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A Responsible for monetary policy
B Responsible for issuing currency notes
C The lender of last resort
D The banker of the government
E A banker of demand and time deposits of customers

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Question 764:

Because money serves as a standard for deferred payments

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A It serves as a store of value
B Goods can be bought on credit with pre-determined value
C Future trade becomes possible
D It serves as a unit of account
E It becomes valuable

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Question 765:

Which of the following is a necessary prerequisite for trade by barter?

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A Needs for double coincidence of wants
B Multiple exchange rate
C Impossibility of future trade
D Impossibility of large scale production
E Indivisibility of commodities

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