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1.  Economics can be defined as:
A. reduction in spending in the face of competing alternatives
B. allocation of resources to alternatives uses
C. economic behaviour of small units like the household and the firm
D. the study of economic aggregate, like inflation and national income

2. I. What and how much will be produced?
II. Flow will it be produced?
III. For whom will it be produced?
IV. Flow much will be exported and consumed?
From the above, identify the combination of basic resource allocation questions in economic analysis.
A. I, II and III
B. I, II and IV
C. I, III and IV
D. II, III and IV

3. In a capitalist economy, the economic problem of what goods to produce is decided mainly by:
A. shadow prices
B. profit level
C. relative prices
D. a central planner 

4. When a commodity . X sold for ₦25 per unit, 50 units of the commodity were purchased.
With an increase in the price of commodity X to ₦50 per unit, the demand for commodity Y fell to 20 units, The two commodities can be classified as:
A. substitutes
B. durable and non-durable
C. intermediate and final
D. complements

5. In a free market system, trading can only take place when the market is not working efficiently. Equilibrium price find quantity under perfect competition is:
I.  MC=AR=TR    
II. TC = AR =P

Use the table below to answer Questions 6, 7 and 8.nda past questions on economics 2012

6. The marginal product X is:
A. 18
B. 20
C. 24
D. 25

7. The total product Z is:
A. 73
B. 75
C. 45
D. 118

8. The average product Y is:
A. 8.0
B. 12.0
C. 14.6
D. 15.5

9. A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be:
A. developing
B.  developed
C.  poor
D. underdeveloped

10.  Being a member of the OPEC, Nigeria is in a favourable position to:
A. export her crude oil
B.  control world crude a price
C.  reap the benefit of a cartel
D. borrow money from members

11. When a generalization is made based on observed facts. It is known as ___
A. deductive reasoning
B. inductive reasoning
C. theoretical reasoning
D. normative reasoning

12. A vertical supply curve indicates that
A. the quantity supplied is responsive to price
B. the same fixed quantity will be supplied no matter the price
C. an increase in price will result in an increase in the quantity supplied
D. there is a fixed price for the commodity below which no supply will be made

13. A firm's shut-down point is reached when the average revenue fails to cover the __.
A. average variable cot
B. marginal cost
C. average total cost 
D. average fixed cost

14. The long run is a period during which a firm ___.
A. sells input to purchase fixed assets
B. varies all its inputs
C. sources all its inputs from within
D.  replaces all its inputs

15. An important feature of perfect competition is that ___.
A. the movement of goods and services is restricted
B. there is adequate information on the existing prices
C.  prices are centrally administered
D.   individual economic units can influence prices

16. A tax that increases at a higher percentage as income increases is called ___.
A. a proportional tax
B. a regressive tax
C. a progressive tax
D. an income tax

17.  Economic growth can be accelerated through ____.
A. balancing of savings and consumption
B. postponement of current consumption
C. planned current consumption
D.  increased current consumption

18. National debt is an expected outcome of ____.
A. deficit budget
B. consolidated budget
C. balanced budget
D. surplus budget

19. The major reason why nations engage in international trade is that ____.
A. it allows free movement of factors of production
B. it makes possible the use of the capital-intensive method of production
C. nations are substantially different in their endowments of economic resources
D. it affords the trading nations the opportunity to earn high profit

20. National income estimates can be used to ____.
A. differentiate between the rich and the poor in a country
B. prepare a country's annual budget
C. project the level of a country's economic development
D. compare a country's growth rate with that of another over a period of time

21. Import substitution aims at ____.
A. substituting agricultural products with industrial ones
B. substituting imports with agricultural exports
C. devalue the currency
D. de-emphasize import-substitution industries.

22. ECOWAS has taken a giant step towards economic integration by ____.
A. presenting a united front against foreign economic exploiters
B. introducing common currency for travellers
C. holding frequent meetings at various state capitals.
D. increasing economic stability among member states

23. The types, sources and uses of government income are mainly concerned with ____.
A. public expenditure
B. public revenue
C. public budget
D. public finance

24. One of the problems arising from the localization of industries is ____.
A. high prices of output
B. the exportation of output
C. the scarcity of foreign exchange
D. structural unemployment

25. The major purpose of the African Development Bank is to ____.
A. provide loans for trade development
B. provide loans for infrastructural development
C. provide loans for development bank in distress
D. educate peasant farmers in new techniques

26. Which of the following is not characteristic of good money?
A. divisibility
B. inflation
C. portability
D. durability

27. Trade by barter means:
A. borrowing money from CBN
B. selling on credit
C. exchange of goods for other goods
D. none of the above

28. Factors militating against improved agriculture in Nigeria are:
A. land tenure
B. lack of proper facilities
C. A and B above
D. None of the above

29. Which of these will cause the population to increase?
A. 5% increase in both birth and death rate
B. 5% increase in death rate and a 4% increase in birth rate
C. 10% increase in both birth and death rate
D. 4% increase in death rate with a 5% increase in birth rate

30. Which of the following will you recommend to a country facing inflation'?
A. surplus budgeting
B. deficit budgeting
C. rise in interest rate
D. reduction in income tax

31. The technical name for the idleness of labour is
A. unemployment
B. mobility of labour
C. efficiency of labour
D. All of the above

31.  The following are reasons for low agricultural yield in Nigeria except
A. lack of fertilizer
B. lack of high-yielding seeds
C. lack of sufficient farmland
D. lack of extension services

33. All the following but one factor affects the location of industry
A. nearness to raw material
B. availability of foreign exchange
C. availability of infrastructure
D.  nearness to market

34. The indifference curve indicates:
A. the locus of the consumer's utility of given two goods consumed
B. level of production where the firms are indifferent
C. curves of equal demand
D.  points of equal demand

35.  A seller of goods whose demand is elastic will increase his revenue if ___.
A. he reduces the prices
B. he increases the price
C. he increases his output
D. he gives a discount

36.  Liquidation of a limited liability company implies that the ____.
A. company may not pay its debt
B. debts of the company can only be paid from its own assets
C. debts of the company are paid from both business and private funds of the owners
D. debts of the company must be paid from public funds only

37. One form of business organization which is not motivated solely by profit objective is the
A. joint stock company
B. private limited company
C. cooperative society
D. ordinary partnership

38. Which of the following can have their shares quoted on the stock exchange?
A. public corporations
B. A partnership
C. A consumer co-operative
D. A public limited liability company

19. The sector that employs the largest proportion of the active labour force in Nigeria is the
A. oil sector
B. federal civil service
C. financial sector
D. agricultural sector

40. An entirely domestic effort (firmed at improving agricultural production in Nigeria is the ___.
A. Agricultural Development Programme
B. Agro-Industrial Development Scheme
C. Food and Agricultural Organization 
D. National Land Development Authority


1. B
2. A
3. B
4. D
5. C
6. C
7. A
8. D
9. A
10. C
11. A
12. B
13. C
14. B
15. B
16. C
17. C
18. A
19. C
20. D
21. B
22. D
23. D
24. D
25. B
26. B
27. C
28. C
29. D
30. C
31. A
32. C
33. B
34. A
35. C
36. B
37. C
38. D
39. D
40. A

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