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Economics Past Questions and Answers

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Economics Questions

Question 2321:

Outline the economic activities that are likely to improve the effective distribution and marketing of commodities in Nigeria.

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Question 2322:

Economics is the study of how to

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A Choose between alternatives, given limited resources
B Regulate the money that is in circulation in a country
C Be prudent in the use of available resources
D Improve the standard of living of the society at large
E Arrange our needs in order of usefulness before satisfying them

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Question 2323:

Scarcity in economics arises because

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A The resources availoable are adequate
B Individuals have limited time
C Resources are limited in supply
D Human beigns have limited wants
E Individual wants are equal to the resources available

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Question 2324:

The real cost of a commodity is

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A The cost of the alternative that has to be sacrificed for it
B The alternative that has to be forgone in order to purchase it
C Its market price
D The alternative cost involved when the opportunity of buying the commodity is missed
E The sacrifice that is made after buying the commodity

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Question 2325:

Public corporation in West Africa are set up to

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A Make maximum profit
B Provide jobs for the people
C Provide welfare service for the people
D Show that the government can do business
E Compete with private enterprises

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