Economics Past Questions and Answers

Given that âˆ‘fx = 340 and N = 20, find the arithmetic mean.

A 20
B 17
C 32
D 9

Question 32:

One of the reasons why Nigeria is a mono-economy is because of her _______

A Huge volume of petroleum activities in the country
B Diversification system of economic activities
C High demand for foreign commodities
D High rate of unemployment

Question 33:

Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively. Calculate the average product (AP) of the 4th unit of labour.

A 20
B 13
C 15
D 10

Question 34:

Which of the following is NOT an instrument in the money market?

A Treasury bill
B Bill of exchange
C Stocks and shares
D Call money fund

Question 35:

Given that Qd = 10 - 2p while Qs = 5 x 3P, if P = N 1 determine the equilibrium quantity