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Economics Past Questions and Answers

Economics Questions

Question 1926:
The demand curve for factors of production
  • A Is perfect elastic
  • B Slopes upwards
  • C Slopes of downwards
  • D Is perfectly inelastic
View Answer & Explanation
Question 1927:
An agreement among firms on price and segmentation is termed
  • A Cartel
  • B Collusion
  • C Haggling
  • D Specialization
View Answer & Explanation
Question 1928:
In national income accounting, tax is determined by the
  • A Level of income
  • B Level of consumption
  • C Level of investment
  • D Rate of savings
View Answer & Explanation
Question 1929:
A decrease in aggregate spending in an economy will ultimately lead to
  • A Boom
  • B Inflation
  • C Deflation
  • D Recession
View Answer & Explanation
Question 1930:
If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is
  • A N 214 million
  • B N 45 million
  • C N 105 million
  • D N 500 million
View Answer & Explanation