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Economics Past Questions and Answers

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Economics Questions

Question 351:

If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is

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A Excise duties
B Import duties
C Quotas
D Tariff

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Question 352:

The main objective of WTO is to

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A Ensure adequate protection of infant industries
B Provide a mechanism for tariff reduction
C Assist countries with chronic balance of payments problem
D Assist developing countries to execute developmental projects

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Question 353:

The major contribution of OPEC to the Nigerian economy is the

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A Provision of social infrastructures
B Granting of subsidies on petroleum products
C Stabilization of oil prices
D Building of refineries

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Question 354:

The loading of crude oil at the terminal is an activity in the

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A Downstream sector of the oil industry
B Upstream and downstream sector of the oil industry
C Upstream sector of the oil industry
D Midstream and upstream sectors of the oil industry

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Question 355:

The short-run average variable cost of a firm will rise owing to

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A The expansion of factory space
B The building of new warehouse
C An increase in the cost of labour
D An increase in the salaries of directors

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