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Economics Past Questions and Answers

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Economics Questions

Question 2386:

The decision to consume more of one product swill under normal circumstances imply that

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A More of another product will be consumed
B Less of something else will be consumed
C No other product will be consumed
D Decision-making is basic in economics
E Enough resources are available

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Question 2387:

The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the

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A Allowance for total depreciation
B Total interest payment
C Net income from abroad
D Total tax and interest payment
E Net internally generated income

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Question 2388:

one of the function of a commercial bank is that it

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A Is responsible for formulating monetary policies
B Accepts demand and time deposits from constomers
C Is the lender of the last resort
D Is the banker of the government
E Is responsible for issuing currency notes

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Question 2389:

which of the following is not a problem of distribution of goods in Nigeria?

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A Poor communication network
B Inadequate storage facilities
C Ignorance of consumers
D Dishonesty of middlemen
E Inadequate market

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Question 2390:

Mr Idowu needs a television and a refrigerator. Each cost N500.00, the exact amount he has . If Mr. Idowu buys the television , the refrigerator would be regarded as the

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A Marginal cost
B Inferior item
C Opportunity cost
D Supplementary item
E Prime cost

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