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Wednesday, 01 April 2026
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Economics Past Questions and Answers

Economics Questions

Question 1336:
Which of the following classes of goods accounts for largest proportion of Nigeria's imports?
  • A Food and animal products
  • B Consumers goods
  • C Chemicals
  • D Machinery and transport equipment
View Answer & Explanation
Question 1337:
Counter trading is an international arrangement whereby?
  • A Goods and services are exchanged in a manner similar to barter
  • B Goods and services are sold on the counter
  • C Crude oil is sold to a foreign country
  • D Goods are shipped to countries on which the United Nations has placed a trade embargo
View Answer & Explanation
Question 1338:
In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending.
(ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.
  • A I, ii and iii
  • B I, ii and iv
  • C I, ii, iii and vi
  • D I, ii, iii and iv
View Answer & Explanation
Question 1339:
The organization which provides credit to help countries achieve short-term balance in their balance of payment is the?
  • A Economic Community of West Africa States
  • B International Monetary Fund
  • C International Bank for Reconstruction and Development
  • D African Develoment Bank
View Answer & Explanation
Question 1340:
An important feature of a cartel is that?
  • A Members do not reduce price below the cartel price
  • B Each member has a fixed output above which it is not expected to produce
  • C A powerful member fixes the price at which others will sell
  • D Membes fix the prices for their products
View Answer & Explanation