Economics Past Questions and Answers

Economic goods are termed scarce goods when they are?

A Not available in sufficient quantities to satisfy all wants for them
B Not produced in sufficient quantities to satisfy the effefctive demand for them
C Of high quality
D Of primary importance in satisfying the needs of a society

Question 1042:

A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book.

A The five naira she spent on the book
B Five naira real cash value
C The mirror
D The book

Question 1043:

Macroeconomics is a study of economics science from the point of view of?

A Resource markets or production units
B Individual producers or consumers
C Aggregate or general economy
D Companies or individual firms

Question 1044:

Macroeconomics is a study of economics science from the point of view of?

A Resource markets or production units
B Individual producers or consumers
C Aggregate or general economy
D Companies or individual firms

Question 1045:

If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of?

A Increasing returns to the variable factor
B Increasing returns to scale
C Constant returns to variable factor
D External economies of scale