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Economics Past Questions and Answers

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Economics Questions

Question 4406:

Economic growth can be defined as ____________

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A A rapid and sustained rise in real output per head
B A rise in real income per head
C An increase in technology only
D Insufficiency in food production
E Over population in a country

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Question 4407:

A monopolist is a ____________

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A Duopolist
B Group of producers of related goods
C Partnership business that produces a commodity with high demand
D Single producer or seller of a commodity at cheap rate
E Single producer or seller of a commodity that has no close substitute

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Question 4408:

The purchasing power of the Naira will fall when ____________

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A Worker are retrenched
B The colour of the Naira is changed
C The military take over
D There is inflation
E None

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Question 4409:

The process of building up country’s capacity to process raw materials for the production of goods is known as ____________

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A Firm
B Industry
C Industrialization
D Location of industry
E Localization

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Question 4410:

Which of the following is a function of the central bank?

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A Accepting deposits from the public
B Agent of payment for individuals
C Discounting bills of exchange
D Issuing of currency
E Provision of short term housing loans

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