NDA 2011 ECONOMICS PAST QUESTIONS

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NDA PAST QUESTIONS ON ECONOMICS 2011

1. Mean. median, mode, variance and standard variation belong to the domain of:
A. Inferential statistics
B. Random sampling statistics
C. Descriptive statistics
D. The variance of grouped data

2. The importance of Bar Chart in statistics is that:
A. It makes the comparison of events very dear
B. it is too easy to construct
C. It is used to represent a distribution that has so many frequencies
D. It is used to show various segments of a component bar chart

3. The formula for obtaining the median of a distribution is:

4. In the formula d/N,  N stands for:
A. The number of occurrences
B. The number of frequencies
C. The summation of the frequencies
D. The summation of occurrences

5. In economics, the concept of utility means:
A. The monetary value of the goods we consume
B. The total value of all the goods and services consumed
C. The amount of satisfaction we derive from the consumption of goods and services
D. The utilization of goods and services.

6. The concept of utility is highly emphasized in the theory of:
A. Demand
B. Production
C. Demand and supply together
D. Distribution.

7. Price can be defined as:
A. A rate of exchange
B. A medium of exchange
C. The cost of production
D. The unit of Account

8. The elasticity of demand can be defined as:
A. An increase in demand as a result of a proportionate fall in price
B. An increase in demand due to a small fall in price
C. An increase in demand due to an increase in supply
D. An increase in demand due to a decrease in supply

9. The equilibrium market price is determined at a point where:
A. Both what is supplied and demanded are equal
B. The price is moderate
C. Sellers can sell all their commodities
D. Consumers can buy all they desire

10. Full equilibrium requires that:
A. MR = MC
B. TR > TC
C. MC = MR and AC — AR
D. MR = MC = AR = AC

11. The history of development planning in Nigeria started
A. 1960
B. 1962
C. 1970
D. 1968

12. The Structural Adjustment Programme was aimed at:
A. Encouraging capital flight
B. Discouraging capital inflow
C. Getting a realistic value of the Naira
D. Encouraging

13. if supply and demand established a price fern goods such that there is no shortage or surplus of goods then the price is successfully performing its _________ functions.
A. Constant
B. Non-price
C. Rationing
D. Probability

14. To assure that the no price determinant demand and supply do not employ the _______ assumption
A. Demand and supply
B. Equilibrium price
C. Constant supply
D. Other things being equal

15. The basic determinant of the level of employment and output and of the sale price level is the volume or level of _______ in the
A. Total spending.
B. Surplus money
C. Circulation
D. None of the above

16. The primary measure of National Output of goods and services during a given period of time is
A. Great depression
B. Comparison
C. The gross national product
D. Gross Domestic Product

17. Giving two factors of production, X and Y, and "X-saving" technological change
refers to the case where the new Y/X ratio
A. Negative
B. Less than the original
C. Equal to the original
D. Greater than the original

18. An increase in consumer spending leads to a proportionally larger increase in capital expenditure
A. Multiplier
B. Deflation
C. Accelerator
D. Inflation

19. Production is said to be capital intensive when:
A. The producer uses on capital
B. The producer uses more land than capital
C. The producer uses more capital than land
D. The producer uses more machines than human labour

20. A system which allows cultivation of crops, as well as raising of livestock, is known as
A. Pastoral
B. Mixed grazing.
C. Mixed cropping
D. Mixed farming

21. If quantity demanded exceeds quantity supplied, the price is _____ than the equilibrium price
A. Less
B. Constant
C. Equal
D. indicate

22. When demand is graphed, the price is placed on _____ axis and quantity on the____ axis
A. Indirect, direct
B. Vertical, horizontal
C. Quantity, demanded
D. Product, decrease

23. The Principal national macro-economic goals include the following:
A. National goods and priorities
B. Full employment of the nation's productive inputs
C. Acceptable levels of economic growth
D. Maximum levels of economic stability

24. Which of the following is a variable that causes the demand curve to
A. demand and supply
B. quantity supplied
C. prices substitute goods
D. marginal cost

25. Two commodities are considered to be perfect substitutes for each other if the elasticity of substitution is
A. infinite
B. positive
C. negative
D. zero

26. The total of all income payment which land, labour and capital as well as entrepreneurs receive in a year is known as
A. Gross National Product
B. Net National Product
C. National income
D. None of the above

27. Labour productivity is defined as;
A. total level of output
B. average output
C. output per man/hour
D. marginal output of labour

28. A marketing board is:
A. Joint Stock Company
B. Public Corporation
C. Cooperative Society
D. Private Limited Liability Company

29. All but one are barriers to international Trade
A. Chocking at country's borders
B. Differences in currency
C. Geographical barriers
D. High standard of living

30. All but one are advantages of monopoly;
A. Planned production
B. Reduction in the waste of output
C. Efficiency in production
D. Eliminates wasteful competition

Use the information below to answer questions 31 and 32
Year 1           Year 2
GNP at current prices (Nm)      20,000         27,000
Population (million)                      20              24

31. What is the percentage increase in GNP between year 1 and year 2?
A. 3.5%
B. 14.0%
C. 20.0%
D. 35.0%

32. Calculate the GNP per head or the population in year 1 and year 2
A. ₦2,000.00; ₦1,000.00
B. ₦1,125.00; ₦2,000.00
C. ₦1,000.00; ₦2,000,00
D. ₦1,000.00; ₦1,125.00

33. In national income accounting, aggregate saving in any year is defined as
A. all disposable income not spent on consumption
B. all savings deposits in all banks during the year
C. all savings and time deposits in all banks during the year
D. the value of inventory change for the year

34. Which of the following combinations is a veritable set of development indicators?
A. The growth of government expenditure arid imports
B. The growth of population and national income
C. High: fertility, literacy and school enrolment rate.
D. Low infant mortality and high per capita income, and literacy rates.

35. If an economy grows at an annual rate of 5% of which 3% is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to
A. the size of the population
B. technical progress
C. the environment
D. the number of natural resources

36. If a country has a balance of payment crises, which of the following measures can best bring about an improvement in the short run?
A. Large scale importation of foreign goods
B. Investment in capital market abroad
C. Large-scale export of locally made goods
D. Repayment of debt to her creditors

37. The terms of trade of a country is defined as

38. When a foreigner on a visit to Nigeria pays for hotel accommodation and meals with some foreign currency, the amount paid should be recorded in Nigeria’s balance of payments as an item of
C. Nigeria's visible to
D. foreign capital inflow into Nigeria

39. The Nigerian Trust Fund is managed on behalf of Nigeria by the
A. World Bank
B. International Monetary Fund
C. African Development Bank
D. Economic Commission for Africa

40. One of the gains by member states of the Economic Community of West African States is
A. monocultural dependency
D. economic independency

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

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