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Economics Past Questions and Answers

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Economics Questions

Question 256:

One of the factors that determine the supply of agricultural produce in Nigeria is

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A Price of substitutes
B Technological development
C Consumers choice
D Consumers income

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Question 257:

From the graph above, fixing maximum price of garri below equilibrium prices at P1 will

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A Encourage the production of garri
B Create an excess supply of garri
C Increase the consumption of garri
D Decrease the consumption of garri

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Question 258:

In the theory of the consumer behavior, a consumer is said to maximize utility when

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A Marginal utility of a commodity is equal to the price paid for it
B Marginal utility of a commodity X is equal to the price of commodity Y
C Average utility of a commodity is equal to the price paid for it
D Total utility of a commodity is equal to the price paid for it

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Question 259:

One of the problems facing the Nigerian oil and gas industry is____________________?

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A Over-capacity utilization
B The discovery of alternative oil sources
C Shortage of indigenous manpower
D The excess supply of petroleum products

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Question 260:

The demand curve faced by a monopolist is_____?

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A Positively sloped
B Vertical
C Downward sloping
D Negatively Sloped

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