Wednesday, 27 February 2019



1. Which Economics question paper type is given to you?
A. Type A
B. Type B
C. Type C
D. Type D

2. Economics is the study of human behaviour as it relates to the __.
A. efficient allocation of resources
B. production of goods
C. operation of companies
D. generation of income

3. The downturn in the prices of shares on stock markets is a highlight of __.
A. efficient allocation of resources
B. the invisible hand
C. the regulatory nature of the market
D. consumer rationality

4.  If= 6 and N = 6, determine the value of ∑fx
A.    36
B.    12
C.    1
D.   72

5. The standard deviation of a set of data is  __.
A. always measured from the mode
B.  the most representative of averages
C.  always measured from the median
D. a measure of dispersion

6. The mean is the best measure of central tendency because it  __.
A. is not affected by extreme values in a data
B. is a midpoint value in an array of data
C. is a balancing point in an observation
D. can be calculated from incomplete data

7. The most popular sizes of dresses and shoes are determined by the  __.
A. range
B. mean
C. mode
D. median

8. If the demand for a good is more elastic than its supply, the tax burden is borne  __.
A. equally by consumers and producers
B. more by producers
C. more by consumers
D. more by retailers and producers

9. If the price of a commodity with elastic demand increases, the revenue accruing to the producer will  __.
A. double
B. increase
C. be constant
D. decrease

10. An excess demand for beans will result from  __.
A. an increase in the price of beans
B. a decrease in the price of beans
C. an increase in the supply of beans
D. a decrease in the supply of beans

11.Consumer surplus tends to be higher when demand is  __.
A. inelastic
B. perfectly elastic
C. elastic
D. unitary elastic

12. One of the assumptions of ordinal utility theory is that  __.
A. choice is not consistent
B. utility can be ranked
C. total utility is a function of price
D. satisfaction is measurable

13.The law of diminishing marginal utility explains why __.
A. the slope of a normal demand curve is negative
B. an abnormal demand curve slopes upwards
C. the slope of a normal demand curve is positive
D. the consumption of inferior goods increases with income

14. If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is  __.
A. ₦1.50
B. ₦0.40
C. ₦1.00
D. ₦2.00

15.A set of factors that can shift the supply curve are changes in  __.
A. weather, price and technology
B. technology, weather and population
C. technology, price and taste
D. population, price and taste

16. If the coefficient of price elasticity of supply is greater than one, the supply is said to be  __.
A. perfectly elastic
B. fairly inelastic
C. infinitely inelastic
D. fairly elastic

17.If commodity X is a by-product of commodity Y, this implies that both commodities are  __.
A. in competitive supply
B. in composite supply
C. jointly supplied
D. in excess supply

18.In perfect competition, price is determined by the  __.
A. government
B. sellers
C. buyers
D. market

19. In order to reduce hardship faced by consumers due to high prices government can introduce  __.
A. maximum prices
B. commodity boards
C. minimum prices
D.   price control boards

20. Average product is less than marginal product when  __.
A. there is constant returns to scale
B. there is increasing returns to scale
C. there is decreasing returns to scale
D. diminishing returns set in

21. A firm enjoying economies of scale is said to be  __.
A. reducing average cost as production increases
B. benefiting from the activities of other firms
C. maximizing profits as production increases
D. having an upward-sloping average cost curve

22.The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing  __.
A. increasing efficiency
B. economies of scale
C. dis-economies of scale
D. increasing marginal returns

23.An industry's supply curve is more likely to be elastic when firms are __.
A. enjoying free entry and exit
B. operating at full capacity
C. operating below capacity
D. maximizing profits

24. One of the characteristics of monopolistic competition is that __.
A.    there is mobility of factors of production
B.    no single seller dominates the market
C.    the firms are price-takers
D.   consumers have perfect knowledge of price

25.The demand curve for factors of production __.
A. is perfect elastic
B. slopes upwards
C. slopes of downwards
D. is perfectly inelastic

26.An agreement among firms on price and segmentation is termed __.
A. cartel
B. collusion
C. haggling
D. specialization

27.In national income accounting, tax is determined by the __.
A. level of income
B. level of consumption
C. level of investment
D. rate of savings

28. A decrease in aggregate spending in an economy will ultimately lead to  __.
A. boom
B. inflation
C. deflation
D. recession

29. If MPC is 0.7 while government expenditure increased by ₦150m, the equilibrium national income is
A. ₦ 214 million
B. ₦ 45 million
C. ₦ 105 million
D. ₦ 500 million

30.The function of money which makes division of labour possible is its  __.
A. unit of account
B. store of value
C. medium of exchange
D. standard of deferred payment

31. By buying treasury bills, the Central Bank of Nigeria intends to  __.
A. increase money supply in the economy
B. reduce the cash reserve ratio for banks
C. reduce money supply in the economy
D. increase the capital base of commercial banks

32.The velocity of money is represented as  __.

33.One of the functions of commercial banks is  __.
A. maintaining stable price in the economy
B. regulating monetary policies
C. granting loans to customers
D. issuing bank notes and coins

34.A strategy for curbing unemployment is to  __.
A. implement government stabilization policy
B. increase taxes and decrease government expenditure
C. increase government expenditure and decrease taxes
D. ensure even distribution of job opportunities

35.In Nigeria, the distribution of job opportunities  __.
A. balanced budgeting
B. deficit budgeting
C. surplus budgeting
D. zero budgeting

36.National development plans in Nigeria fail mainly because of  __.
A. over dependence on foreign aids
B. inadequate funding of projects
C. poor implementation strategies
D. shortage of skilled manpower

37. The ultimate aim of agricultural policies in Nigeria is to achieve  __.
A. food sufficiency
B. industrialization
C. full employment
D. industrial capacity utilization

38.Government can boost agricultural output in Nigeria primarily by  __.
A. embarking on buffer stock programmes
B. placing embargo on food importation
C. granting subsidies on farm inputs
D. placing farmers on monthly income

39.Localization of industries refers to the  __.
A. spread of firms producing different products
B. siting of industries near the market
C. concentration of firms of an industry
D. siting of firms producing different products

40.In developing countries, governments influence the location of industries in order to  __.
A. spread development
B. redistribute wealth
C. encourage entrepreneurs
D. encourage industries to earn high profits

41. A disadvantage of Nigeria's dependence on imported petroleum products is the
A. instability in the demand for the products
B. dominance of multinational firms
C. instability in the supply of the product
D. poor maintenance of the refineries

42.The maximum number of shareholders for a limited liability company's is  __.
A. twenty
B. five
C. seven
D. infinite

43.The primary motive for an individual engaging in production is to  __.
A. make profit
B. satisfy basic human wants
C. redistribute wealth
D. put inputs into use

Use the table below to answer question 44 and 45.

44.What is the population growth rate in 2003?
A. 33.3%
B. 20.0%
D. 50%

45.The percentage of working population in 2002 is?
A. 50%
B. 25%
C. 8%
D. 80%

46.One of the characteristics of free trade zone is  __.
A. common tariff against non-member countries
B. different trade policies of non-member countries
C. free factor mobility within the zone
D. harmonized trade among member countries

47.If Nigeria imports vehicles from Japan the transaction will appear as a  __.
A. debit on Japan's balance of payments
B. credit on Japan's balance of payments
C. credit on Nigeria's balance of trade
D. credit on Nigeria's balance of payment

48.One of the objectives of ADB is to  __.
A. provide subsidies on imported goods to member countries
B. mobilize short-term loans for member countries
C. promote economic and social development of member countries
D. provide technical assistance to only poor member countries

49.The choice of the method of production in an economy is determined by the  __.
A. level of technical know-how
B. rate of population growth
C. availability of natural resources
D. level of income

50.The amount of labour hired depends on the
A. number of skilled labour available
B. skill of labour
C. marginal productivity of labour
D. price of the inputs


1.    C

2.    A

3.    B

4.    A

5.    D

6.    B

7.    A

8.    C

9.    C










































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