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Economics Past Questions and Answers

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Economics Questions

Question 3791:

Given Demand function: Qd = 5P + 10; Supply function: Qs = 7P — 5. The<br/>equilibrium quantity is

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A 50
B 55
C 75.5
D 47.5
E 55.5

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Question 3792:

In market economies, resources are<br/>allocated through the

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A Government authorities
B Price system
C Banking system
D Central planning bureau
E Revenue allocation formula

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Question 3793:

In the operation of market forces, the market is in equilibrium at the point where

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A Demand and supply curve intersects in more than one point
B The excess in the market can be<br/>conveniently stored
C Excess demand is positive
D Demand and supply curves intersect
E Excess demand is negative

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Question 3794:

Which of the following is NOT an<br/>advantage of localization of industries?

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A Reaping of external economies
B Development of a pool of skilled labour for the industry
C Development of subsidiary industries
D Development of organized markets
E Growth of conurbations

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Question 3795:

The crucial factors which determines the location of petroleum refineries in Nigeria are availability of raw materials and

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A Capital
B Political consideration
C Nearness to source of power
D Labour
E Availability of seaports

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