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Economics Past Questions and Answers

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Economics Questions

Question 2511:

the study of Economics enables the individuals to

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A Be misserly in the spending of his money
B Derive maximum satisfaction from the money he spends
C Determines the right market to visit
D Avoids purchase of luxurious items
E Derive solution to all problems

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Question 2512:

one way of solving the problem of scarcity that faces the individuals is for

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A The government to import goods massively so that the citizen can get all they want
B Them to work very hard so that they are able to buy all their wants
C Them to choose between alternative since they cannot meet all their wants
D The government to study people's behaviour in order to know their wants
E Them to use their resources as they want

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Question 2513:

At what price will a trader be ready to sell 6 oranges using the equilibrium below. p = 1/2 q + 2. where p is price and q is quantity?

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A N3.00
B N4.00
C N5.00
D N6.00
E N8.00

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Question 2514:

If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to

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A Cut costs
B Maximize costs
C Increase profits
D Maximize utility
E Manage scarce resources

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Question 2515:

which of the following will shift the demand curve for Milo to the right?

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A An increase in consumer's income
B A rise in the price of Milo
C A tax on cocoa producers
D A fall in the quantity demanded of Milo
E Fall in the price of Milo

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