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Economics Past Questions and Answers

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Economics Questions

Question 4926:

If TC. FC and VC represent total cost. fixed cost and variable cost respectively. which of the following is correct?

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A TC \(>\mathrm{FC}-\mathrm{VC}\)
B \(\mathrm{TC}=\mathrm{FC}+\mathrm{VC}\)
C \(\mathrm{FC}=\) \(\mathrm{TC}+\mathrm{VC}\)
D TC \(=\mathrm{FC}-\mathrm{VC}\)

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Question 4927:

The Nigerian economy can best be described as a

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A Capitalist economy
B Mono-product economy
C Socialist economy
D Mixed economy

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Question 4928:

Which of the following is TRUE at the quantity of output where Average Cost \((\mathrm{AC})\) per unit has reached Its minimum level?

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A \(A V C=F C \)
B \(\mathrm{MC}=\mathrm{AC}\)
C \(\mathrm{AC}=\mathrm{AFC}\)
D \(\mathrm{M} \Theta=\mathrm{AC}\)

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Question 4929:

A tent-making factory offers

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A Personal services
B Reflex services
C Social services
D Indirect services

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Question 4930:

If \(\mathrm{C}\) stands for consumption expenditure, I for investment, X for exports, and M for imports, then national income is

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A \(\mathrm{C}+1+\mathrm{X}-\mathrm{M}\)
B \(\mathrm{C}+\mathrm{I}+\mathrm{X}\)
C \(\mathrm{C}+\mathrm{I}-\mathrm{X}+\mathrm{M}\)
D \(\mathrm{C}+1+\mathrm{X}+\mathrm{M}\)

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