Search SchoolNGR

Economics Past Questions and Answers

Classroom

Economics Questions

Question 4281:

Which of the following is NOT included in-measuring the National income through the income approach?

SchoolNGR Classroom

A Allowance given to an aged mother by a civil servant
B Income earned by a bricklayer
C Profit earned by Nigerian bottling company plc
D Profit earned by NITEL plc
E Salary earned by a doctor

View Answer & Explanation

Question 4282:

A major characteristics of a firm operating at a long-run equilibrium position is that ____________

SchoolNGR Classroom

A All costs can be varied
B Average variable cost is fixed
C Fixed cost can not be changed
D Marginal cost is fixed
E Only variable cost changes

View Answer & Explanation

Question 4283:

The problem of “how to produce” in any economy is solved by ____________

SchoolNGR Classroom

A Adopting the least cost method of production
B Combining capital and labour intensive methods of production
C Employing the services of a manager
D Using capital intensive method of production
E Using labour intensive method of production

View Answer & Explanation

Question 4284:

Which of the following is NOT an objective of Economic planning?

SchoolNGR Classroom

A Achieving economic self reliance
B Achieving economic growth
C Creating employment
D Equitable allocation of resources
E Widening the income gap

View Answer & Explanation

Question 4285:

The following will occur when maximum price is fixed below the free market price EXCEPT that

SchoolNGR Classroom

A Black market will be encouraged
B Excess demand will occur
C Excess supply will occur
D Rationing of commodities will occur
E Scarcity of goods will occur

View Answer & Explanation

Stay Updated

Follow us on:

Subjects