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Economics Past Questions and Answers

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Economics Questions

Question 2516:

An ?exceptional demand is one in which

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A Supplier sells all that he takes to the market
B Consumers do not buy from the market
C Quantity demanded falls as price falls
D Purchase of services and not products is considered
E Quantity demanded and price moves in opposite direction

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Question 2517:

The equilibrium price of mangoes is N1.00. If the price fall to 50k, there will be

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A An excess demand
B An excess supply
C A surplus in the market
D Many sellers in the market
E No seller in the market

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Question 2518:

The introduction of division of labour in a firm will lead to?

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A A fall in output
B A decline in the efficiency of labour
C An increase output
D The separation of ownership from management
E An increase in unit cost

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Question 2519:

Total cost is the addition of

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A Real cost and money cost
B Price and taxes
C Fixed cost and variable cost
D Average cost and marginal cost
E Cost of raw materials and wages

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Question 2520:

external economies refer to the

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A Cost-saving advantage a firm enjoys when by being close to other firm in the same industry
B Disadvantage to a firm that is close to other firms
C Economies of large scale production
D Economies of low scale production
E Artificial scarcity of goods

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