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Economics Past Questions and Answers

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Economics Questions

Question 331:

What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit?

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A The industry has many differentiated products
B The industry is characterized by rapid technological change
C The industry consist of large number of producers
D There are significant barriers to prevent firms entering the market

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Question 332:

A commercial bank can create money by

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A Issuing currency
B Increasing cash ratio
C Issuing cheque
D Lending to borrowers

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Question 333:

The source of all economic problems arises from

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A Wants
B Scarcity
C Opportunity Cost
D Scale of Preference

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Question 334:

The law of variable proportions is also known as

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A Law of demand
B Law of diminishing returns
C Law of diminishing marginal utility
D Law of returns to scale

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Question 335:

All the following are problems identified with agriculture in West Africa except

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A Land tenure system
B Ignorance of the farmers
C Use of crude implement
D Provision of food for the teeming population

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