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Download Up-to-date NDA Economics 2017 Past Question and Answers (PDF); NDA, FREE NDA Past Questions 2023, NDA Compendium, How to Download NDA
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1. Aggregate demand is composed of
A. consumption and expenditure
B. savings and income
C. consumption and investment
D. consumption, investment and government expenditure

2. The major advantage of a public corporation is
A. Stability
B. Inability to easily raise fund
C. service-oriented policy
D. Its ability to monopolize production

3. Mr Akintade earns ₦300 and pays ₦15 as tax, Mr Basil earns ₦100 and pays ₦6 as tax. This tax system can be described as:
A. Proportion tax
B. Progressive tax
C. Competitive tax
D. Regressive tax

4. if the growth of available resources continuously outpaces that of the population, a country will experience
A. underpopulation
B. optimum population/div>
C. maximum population
D. overpopulation

5 One of the following classical economists propounded the theory of population
A. Thomas Robert Malthus
B. Adam Smith
C. Alfred Marshall
D. All of the above

6. In the graph below, FG indicates
NDA Past Questions On Economics 2017

A. Excess demand
B. Excess supply
C. Equilibrium quantity supplied
D. Equilibrium quantity demanded

7. Public expenditure creates expansionary effects on the economy when it is:
A. In excess of government revenue
B. Channelled into capital projects
C. Diverted into imports
D. Financed through oil revenue

8. What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported?

C. Tariff reduction

D. Backward integration

9. Inflation in the Nigerian economy may be fuelled by an increase in/div>
A. the dollar price of crude oil
B. the sale of company shares
C. government expenditure
D. sale of government bonds

10. In the figure below, the broken line labelled M is the marginal revenue curve of a:

NDA Past Questions On Economics 2017
A. Monopoly
B. Competitive firm
C. State corporation
D. Monopoly

11. Under perfect competition the long-run equilibrium requires:

12. The purchasing power of naira will fall when:
A. The naira is devalued
B. Government cuts all salaries and wages
C. There is inflation
D. The colour of naira is changed

13. A country has a production distribution as shown below:
Age Group in Years
Corresponding Percentages
Above 60

The dependency ratio is:
A. 3:2
B. 1:3
C. 2:3
D. 1:5

14. Given that the cash reserve ratio is 10%, what is the maximum amount of money that the banking system can create from an initial cash deposit of ₦100?
A. ₦100
B. ₦1,000
C. ₦9,000
D. ₦10,000

15. There is an improvement in the terms of trade of a country if:
A. A large quantity of exports is given up to obtain a unit of imports
B. The volume of exports is greater than the volume of imports.
C. A smaller quantity of export is given up to obtain a unit of imports
D. The value of exports is greater than the value of imports

16. The progressive tax structure is designed to
A. take more from the income of the poor
B. take more from the income of the rich
C. take an equal proportion of income from both the rich and the poor
D. reduce the problems emanating from tax imposition

17. If the labour productivity in;cement industry is increasing as the output of cement is expanded, then the amount of labour per unit of output produced must be:
A. Less than zero
B. Decreasing
C. Constant
D. Increasing

18. If profit maximization is assured to be objective of a business enterprise, labour must be paid a wage rate equal to the:
A. Marginal revenue of the enterprise
B. Average revenue of the labour in the enterprise
C. Average revenue of the enterprise
D. The marginal cost of the production

19. The diagram below represents the production function. At which of the point does diminishing return sets in
NDA Past Questions On Economics 2017
A. I
B. J
C. K
D. L

20. Cross elasticity of demand can be expressed mathematically as:NDA Past Questions On Economics 2017

21. A sustained increase in the production of goods and services in a country is called:
A. Development
B. Growth
C. Diversification
D. Planning

22. One of the techniques for rectifying a deficit balance of payment is:
A. Import promotion
B. Devaluation
C. Physical intervention
D. Borrowing from abroad

23. The advantages which firms obtain directly from expanding their operations are referred to as:
A. Internal economies of scale
B. External economies of scale
C. Economies of localization
D. Economies of resources allocation

24. The population of Afaka was 480,000 in December 1980, out of which 60% were female. If within one year no births were recorded, but 5% of the male died, what will be the population of Afaka in December 1981
A. 96,000
B. 192,000
C. 288,000
D. 470,400

25. With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the:
A. Total utility derived from each good or services is increasing at an increasing rate.
B. Marginal utility derived from each good or services is increasing at the same rate
C. Marginal utility derived per naira spent is the same for all goods and services
D. Total utility derived from all goods and services is large

26. The type of cost which has to be covered for a firm to continue production in the short-run is:
A. Overhead cost
B. Fixed cost
C. Marginal cost
D. Average variable cost

27. In commercial banking, an account for which the customer cannot withdraw money instantly is a
A. Demand deposit account
B. Time deposit account
C. Special deposit account
D. Saving deposit account

28. A glut in the world market of crude oil means:
A. A fall in crude oil production
B. An excess supply of crude petroleum
C. A higher crude oil price offered by the buyer
D. A higher crude oil price demanded by the seller

29. Stock and Share, as well as Bonds, are examples of instrument used in the:
A. Commodity by the market
B. Money markets
C. Capital markets
D. Security market

30. In many developing countries, the infrastructural problem is acute due to the shortage of:
A. Industries and industrial equipment
B. Savings, investment and consumption
C. Natural resources for development
D. Supporting services that encourage economic activities

31. Development plans have not been successful in some developing countries largely because of:
A. The very large working population
B. The increasing level of consumption
C. The scarcity of industrial raw materials
D. Shortage of skilled labour and experts

32. The equilibrium wage rate in an economy is determined by the
A. workers' union
B. supply and demand for labour
C. rate of inflation
D. efficiency of labour

33. Favourable terms of trade are important to a country because it facilitates
A. The economic prosperity of importers and exporters
B. Export of hard currency by the government
C. Economic prosperity for the country
D. Import hard currency by the government

34. A primary industry is concerned with:
A. Clearing and cultivating of land only
B. The operation of small-scale enterprises
C. The economic activities of primary producers
D. Extraction of resources in their raw state

35. 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. Underdeveloped
D. Poor

36. A country's import price index by 1995 was 50 and her export price was 70. Calculate the terms of trade
A. 20%
B. 71%
C. 120%
D 140%

37. Using the following formula, obtain the velocity of money
MV=PT; where M is Money, V is the velocity of money, P is price and G is the transaction

38. In a perfectly competitive market, the competitor
A. is a price taker
B. determines the price to sell his goods
C. determines both price and quantity
D. can sell above the ruling market prices

39. Taxes and government expenditure are instruments of
A. Tax policy
B. economic policy
C. monetary policy
D. fiscal policy

40. A firm with a marginal cost equals its marginal revenue will produce the equilibrium output of
A. pure competition only
B. pure monopoly only
C. monopolistic competition only
D. any type of market


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

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