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Economics Past Questions and Answers

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Economics Questions

Question 2211:

The notion of short-run and long-run periods is responding for grouping cost into

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A Fixed and variable
B Implicit and explicit
C Average and total
D Capital and running
E Money and opportunity

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Question 2212:

Which of the following statements is not true of cheques? They

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A Provide an alternative to carrying large sums of money around
B Can be written out for any amount needed
C Are legal tender
D Provides a form of receipt
E Provide a record of payment made

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Question 2213:

Which of the following are not agents of distribution

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A Wholesalers
B Retailers
C Consumers
D Government agencies
E Cooperative societies

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Question 2214:

One of the greatest demerits of the middlemen in Nigeria is that they

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A Increase the price of goods and services at will
B Sell in small units only
C Store goods in warehouse that are not spacious enough
D Sell on credit to retailers only
E Do not advertise their goods

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Question 2215:

When a business has an unlimited liability

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A The owner are not responsible for all its financial debts
B All its profits can be taxed by the government
C The owners are responsible for all its financial debts
D All its assets belongs to the members of its board of directors
E It ceases to exist at the death of one of its owner

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