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Economics Past Questions and Answers

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Economics Questions

Question 4401:

The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the ____________

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A ECOWAS
B IMF
C OPEC
D NNPC
E None

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Question 4402:

Taxes levied on locally manufactured goods are called ____________

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A Custom duties
B Excise duties
C Purchase tax
D Sales tax
E VAT

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Question 4403:

Which of the following is a form of business enterprise?

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A Cartel
B Entrepreneurship
C Partnership
D Stock exchange
E Supermarket

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Question 4404:

The demand curve of a perfect competitive market is infinitely elastic indicating that the firm can ____________

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A Refuse to sell any quantity
B Sell any quantity of output at the prevailing price
C Sell fixed quantity of output at the prevailing market price
D Sell less quantity
E Sell more quantity at a higher price

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Question 4405:

Through membership of the Economic Community of West African States (ECOWAS) countries have achieved ____________

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A A large market for their products
B Emancipation of Africa
C Full employment of resources
D Higher transportation cost of goods within the region
E Military superiority over other African countries

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