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Economics Past Questions and Answers

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Economics Questions

Question 4791:

The nature of cost in economics mainly refers to:

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A Behavior of production expenses
B Consumer spending habits
C Government taxation policies
D Population growth patterns

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Question 4792:

One source of external economies is:

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A Declining transportation systems
B Government infrastructure development
C Poor industrial coordination
D Increased production congestion

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Question 4793:

Firms may experience diseconomies when:

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A Bulk purchasing reduces cost
B Production scale becomes excessive
C Specialization improves efficiency
D Technology increases productivity

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Question 4794:

Which of the following is included in GDP?

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A Illegal foreign transactions
B Second-hand goods resale
C Production within the country
D Transfer payment activities

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Question 4795:

If national income is ₦500 billion and population is 50 million, per capita income is:

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A ₦10,000
B ₦1,000
C ₦500,000
D ₦100,000

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