Economics Past Questions And Answers
41
A supply curve which is vertical has an elasticity co-efficient of
- A. 0.0
- B. 0.5
- C. 1.5
- D. 2
42
Deficit financing means
- A. receiving grants from the IMF
- B. having budget surplus
- C. excessive government spending on banks
- D. borrowing to finance a budget
43
Excess demand inflation can be controlled through?
- A. contractionary fiscal policy
- B. contractionary trade policy
- C. expansionary fiscal policy
- D. expansionary monetary policy
44
If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to?
- A. 1.25
- B. 0.80
- C. 0.50
- D. 0.40
45
A demand which is positively related to price is true of?
- A. normal goods
- B. giffen goods
- C. ostentatious goods
- D. capital goods
46
Find the median of the following set of data 35,10,14,38,15,18,22,30 and 28
- A. 10
- B. 38
- C. 35
- D. 22
47
If P = 1/2(Qs + 15). What is the quantity supplied at N9.00?
- A. 33.0
- B. 12.0
- C. 3.0
- D. 1.5
48
Demand-pull inflation can be as a result of___________
- A. increase in the cost of production.
- B. excessive supply of foodstuff
- C. deficit financing by the government.
- D. increase in import duties
49
which of the following best describes capital as a factor of production?
- A. a natural resources found everywhere
- B. a stock of physical assets used for production
- C. the organization of human and material resources for production
- D. resources used in training labour
50
Which of the following is not a reason why statutory are run only by the government?
- A. The duplication of some services will lead to resource wastage
- B. all corporation provides services which individuals cannot provide
- C. Essential services must be provided irrespective of the economic system adopted
- D. some corporations require large financial capital which may not be easy to acquire by individuals