Economics Past Questions and Answers

Mono-products economics are those that

A Have a rich culture heritage
B Produce only raw materials
C Live on the exportation of their raw products
D Produce one main commodity
E Specialize in agricultural industries

Question 297:

A Nigerian household demand curve for semovita is downward sloping because

A The demand for semovita is high
B The local markets are flooded with semovita
C Semovita is produced in Nigeria
D Every household can afford to buy semovita
E The higher the price of semovita, the lower the quantity demanded

Question 298:

To the economist a stock of goods existing at a a particular time and conforming to certain requirements such as having utility, money value and being limited in supply , is known as

A Consumer goods
B Products
C Wealth
D Commercial goods
E Durable goods

Question 299:

The decision to consume more of one product swill under normal circumstances imply that

A More of another product will be consumed
B Less of something else will be consumed
C No other product will be consumed
D Decision-making is basic in economics
E Enough resources are available

Question 300:

The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the

A Allowance for total depreciation
B Total interest payment
C Net income from abroad
D Total tax and interest payment
E Net internally generated income