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Economics Past Questions and Answers

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Economics Questions

Question 4651:

An industry is

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A A group of firms producing differentiated products
B A group of firms producing distinct commodities
C A group of firms producing related goods
D A group of firms producing unrelated goods

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Question 4652:

The type of unemployment that occurs when an individual cannot find job as a result of obsolete skill is

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A Structural unemployment
B Cyclical unemployment
C Seasonal unemployment
D Frictional unemployment

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Question 4653:

The theory of ............... was propounded by ..................

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A Comparative advantage; Mercantilists
B Absolute advantage; Adam Smith
C Comparative advantage; Adam Smith
D Absolute advantage; David Ricardo

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Question 4654:

If a business' total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn

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A A normal profit of N750,000
B An economic profit of N750,000
C A normal profit o N1,750,000
D An economic profit of N250,000

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Question 4655:

One major problem facing West African countries is

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A Relations with Colonial Masters
B Joint Military operations in Member States
C Political integration
D Financial crunch of Member States

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