Economics Past Questions and Answers

Taxes which are levied on a person’s expenditures are known as?

A Purchase tax
B Sales tax
C Direct tax
D Poll tax
E Income tax

Question 17:

some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as?

A Development projects
B Infrastructural facilities
C Monoculture
D Capital investment
E Superstructure

Question 18:

The equilibrium market price is determined at a point where?

A Consumers can buy all they desire
B Sellers can dispose of all their wares
C The price is moderate
D Quantity consumers desires equal quantity sellers offer
E Sellers and buyers are not quarrelling

Question 19:

The sloping downward of the demand curve implies that?

A An increase in price leads to an increase in quantity demanded
B An increase in price leaves the quantity demanded unchanged
C A decrease in price leads to a decreased in quantity demanded
D A decrease in price leads to an increase in quantity demanded
E Supplies respond by offering less commodities for sale

Question 20:

if AC = Average Cost of production ,
TC = Total Cost of production
VC = Variable Cost of production
FC = Fixed Cost of production
Q = Quantity of goods produced
Then,

A AC = TC; TC = VC + FC
B AC = (TC) Q: TC = VC + FC
C AC = TC; TC = (VC)(FC) Q
D AC = TC- FC: VC = TC- AC
E AC = TC ; TC = VC + AC Q