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Economics Past Questions and Answers

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Economics Questions

Question 1181:

Which of the following are the advantages of Nigeria's membership of ECOWAS? i A greater opportunity for trade according to comparative cost advantage.
ii A large market industries producing under condition of decreasing cost.
iii Competition for home based monopoly firms

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A I and ii only
B I and iii only
C Ii and iii only
D I,ii and iii

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Question 1182:

Comparative advantage implies that a country will specialize in producing the commodity?

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A With the highest opprotunity cost
B For which output per worker is lower than in other countries
C With the lowest opportunity cost
D For which output per worker is the same with those of other countries

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Question 1183:

Devaluation is effective when?

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A Demand for imports is price inelastic
B Demand for imports is neutral
C Production for export is low
D Demand for exports is price elastic

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Question 1184:

From which of the following does Nigeria derive trade concessions?

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A IMF
B World Bank
C ADB
D EEC

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Question 1185:

Tariff on imports are meant to?

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A Prevent a foreign goods
B Discourage exports
C Encourage exports
D Increase the level of external dependency

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