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Economics Past Questions and Answers

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Economics Questions

Question 1346:

One of the economic problems of Nigeria today arises from?

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A The over utilization of human and natural resources
B Unavailability of mineral resources
C Inadequate manpower resources
D The under-utilization of human and natural resources

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Question 1347:

In certain circumstances, a centrally planned economy adopts the rationing system because of?

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A The scarcity of goods and services in the market
B Low real and money wages
C The need for equitable distribution of goods and services
D Transportation and distribution problems

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Question 1348:

Given that
B = Births
D = Death
X = Emigrants
M = Immigration
The population of a country over a period of time will rise if?

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A B = D and X > M
B B - D = O and M > X
C D - B = O and M = X
D X > M and D > B

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Question 1349:

The short-run period in production is defined as a period when?

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A There is at least one fixed factor
B All costs of production must be covered
C The output cannot be varied
D Current output is not profitable

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Question 1350:

Specialization often improves economic performance because it?

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A Permits exploitation of economies of scale
B Incorporates external economies
C Is based on the law of variable proportions
D Allocates resources according to absolute advantage

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