Economics Past Questions For JAMB, WAEC, NECO & Post UTME, With Answers, And Explanations - Economics

Economics Questions

Question 4466:

The most important goal of OPEC is to ____________

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A Present a united front for the purpose of raising process of crude oil
B Bring unity among the petroleum exporting states
C Ensure political stability among member states
D Ensure that rules on quota production are strictly followed

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Question 4467:

Banks can create more money by ____________

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A Increasing its cash ratio with the central bank
B Issuing more bank cheques
C Accepting more deposits from customers
D Lending out more money from customers deposits

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Question 4468:

If the marginal propensity to consume is 0.75 and private investment increases by ₦10 billion while government expenditure decreases by ₦15 billion GDP will decrease by ____________

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A #12 billion
B #15 billion
C #20 billion
D #25 billion

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Question 4469:

The economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as ____________

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A Capitalist economic system
B Command economic system
C Combined economic system
D Traditional economic system

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Question 4470:

The theory of consumer behaviour is based on all the following assumptions except that the ____________

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A Consumer is assumed irrational
B Consumer taste remains constant
C Consumer has budget constraint
D Consumer aims at maximizing his utility

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