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Economics Past Questions

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1
Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be
  • A. The same as equilibrium supply
  • B. Greater than equilibrium supply
  • C. Less than the equilibrium supply
  • D. Determined later by government
  • E. None of these
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2
A budget deficit means
  • A. That a country is buying more than is selling
  • B. That a country is selling more than is buying
  • C. That a government is spending more than in takes in taxation
  • D. That a government is spending less than it takes in taxation
  • E. That a government is spending as much as it takes in taxation
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3

When elasticity is zero, the demand curve is

  • A. Perfectly elastic
  • B. Perfectly inelastic
  • C. Concave
  • D. Downward slopping
  • E. Circular
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4
The following is NOT a reason for the existence of small firms
  • A. Scale of production is limited by size of the market
  • B. Expansion brings diminishing returns
  • C. Large firms can carter for wide markets
  • D. Small firms can provide personal services
  • E. All of the above
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5

Inferior goods are referred to in Economics as goods

  • A. Whose quality is low
  • B. Consumed by very poor people
  • C. Whose consumption falls when cunsumers' income rises
  • D. Which satisfy only the basic needs
  • E. None of the above
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