Economics 
Question
1 :- the major problem confrontnn anriculture in nineria include
CORRECT ANSWER = land tenure system
Question
2 :- In nineria export promoton strateny is aimed at
CORRECT ANSWER = increainn the producton and exportaton of new products
Question
3 :- a distnnuishonn feature of free enterprise economy is that
CORRECT ANSWER = the private sector owns the means of producton
Question
4 :- the nrowth of private enterprise is constrained by
CORRECT ANSWER = shortane of ubskilled workers
Question
5 :- the inital deposit of a deposit bank is 500,000,calculate the total amount of credit the abnk creates
with cash raio of 20%
CORRECT ANSWER = 2,500,000
Question
6 :- which of the followinn represents the features of a less developed country
CORRECT ANSWER = ii,iii,v
Question
7 :- the major factor yo be considered I the locatoion of tmber and plywood industries is
CORRECT ANSWER = raw material
Question
8 :- one of the consequences of overpopulaton is
CORRECT ANSWER = inceased depency rato
Question
9 :- the price of a commodity increase from 2.00 to 7.00,while quantty of its component decreases from
75 to 50,calculate the cross elastcity of demand
CORRECT ANSWER = 0.13
Question
10 :- a principal factor that determinees the value of money is the
CORRECT ANSWER = supply of money
Question
11 :- novt capacit to raise tax revenue in nineria is beinn hampered by
CORRECT ANSWER = tax evasion
Question
12 :- the reasoninn process that benins from the nenenral to thr partcular is
CORRECT ANSWER = deductve method
Question
13 :- from the table above how many denrees wil educatn sector represent on a pie chart
CORRECT ANSWER = 54
Question
14 :- an increase in the price of nood x from 300 to 350 per unit led to an incease in the quantty
demanded of nood y from 1200units to 1500units determines the elastcity of demand
CORRECT ANSWER = 1.5
Question
15 :- calculate the equillibrum level of income
CORRECT ANSWER = 865.25
Question
16 :- from the dianram above consumer equillibrum will occur at point
CORRECT ANSWER = ii
Question
17 :- the above table the price elastcit of supply is
CORRECT ANSWER = unitary
Question
18 :- the producer increase his inputs by 20%and his output inceases by 10% this is an example of
CORRECT ANSWER = decreasinn retrn to scale
Question
19 :- a set of leakanes in the circular fow of incone includes
CORRECT ANSWER = savinns and import
Question
20 :- the above depicts a monopolist in a positon of
CORRECT ANSWER = minimum loses
Question
21 :- tax incidence from vat nenerally rest on
CORRECT ANSWER = consumers only
Question
22 :- if yhe price of milk rose from 150 per tn 2009 tn180 in 2010,calculate the price index
CORRECT ANSWER = 120
Question
23 :- the major determinant of consumer behaviour is
CORRECT ANSWER = cardinal utlity
Question
24 :- one of the advantanes of runninn a mixed economy is that
CORRECT ANSWER = novernment renulates the actvites of the private sectors
Question
25 :- when a country receipt from export exceed her payment for import it is said to have
CORRECT ANSWER = a favourable balance of payment
Question
26 :- a frm Is said to be technically efcient when
CORRECT ANSWER = it provides more at low cost
Question
27 :- a pure monopoly exist when there
CORRECT ANSWER = is a sinnle seller of a commodity without close substtutes
Question
28 :- from the informaton above primary stane of producton includes
CORRECT ANSWER = I and iv
Question
29 :- from the dianram above an inward shif in the supply curve implies
CORRECT ANSWER = a channe in other factors that will afect supply
Question
30 :- the major challenne facinn the minninn industry in nineria is
CORRECT ANSWER = shortane of skilled amnpower
Question
31 :- the key objectve of the african development bank is to
CORRECT ANSWER = imprve livinn conditons in africa
Question
32 :- what is the total cost when output increases to 2units
CORRECT ANSWER = 22
Question
33 :- a determinant of exchanne rate is
CORRECT ANSWER = infaton rate
Question
34 :- niven the informton above what are the efectv ways of reducinn populaton
CORRECT ANSWER = ii and iii
Question
35 :- from the above dianram price fxed at px reprrsents
CORRECT ANSWER = maximum price privatliiaton
Question
36 :- the policy of novt tht encouranes the private ownership of means of producton is
CORRECT ANSWER = privatliiaton
Question
37 :- te ease with which workers can switch careers is an indicaton of
CORRECT ANSWER = industrial mobility of labour
Question
38 :- the rate of development In nineria has mostly been hampered by
CORRECT ANSWER = poor plan implementaton
Question
39 :- from the dianra above there has been
CORRECT ANSWER = an increase in both equillibrum price and quantty
Question
40 :- one of the factors responsible for an outward shif in the pf of a society is the
CORRECT ANSWER = discovery of new mineral resources

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Economics
Question
1 :- the major problem confronting agriculture in nigeria include
CORRECT ANSWER = land tenure system
Question
2 :- In nigeria export promotion strategy is aimed at
CORRECT ANSWER = increaing the production and exportation of new products
Question
3 :- a distinguishong feature of free enterprise economy is that
CORRECT ANSWER = the private sector owns the means of production
Question
4 :- the growth of private enterprise is constrained by
CORRECT ANSWER = shortage of ubskilled workers
Question
5 :- the initial deposit of a deposit bank is 500,000,calculate the total amount of credit the abnk creates with cash raio of 20%
CORRECT ANSWER = 2,500,000
Question
6 :- which of the following represents the features of a less developed country
CORRECT ANSWER = ii,iii,v
Question
7 :- the major factor yo be considered I the locatoion of timber and plywood industries is
CORRECT ANSWER = raw material

Question
8 :- one of the consequences of overpopulation is
CORRECT ANSWER = inceased depency ratio
Question
9 :- the price of a commodity increase from 2.00 to 7.00,while quantity of its component decreases from 75 to 50,calculate the cross elasticity of demand
CORRECT ANSWER = 0.13
Question
10 :- a principal factor that determinees the value of money is the
CORRECT ANSWER = supply of money
Question
11 :- govt capacit to raise tax revenue in nigeria is beign hampered by
CORRECT ANSWER = tax evasion
Question
12 :- the reasoning process that begins from the genenral to thr particular is
CORRECT ANSWER = deductive method
Question
13 :- from the table above how many degrees wil educatin sector represent on a pie chart
CORRECT ANSWER = 54
Question
14 :- an increase in the price of good x from 300 to 350 per unit led to an incease in the quantity demanded of good y from 1200units to 1500units determines the elasticity of demand
CORRECT ANSWER = 1.5

Question
15 :- calculate the equillibrum level of income
CORRECT ANSWER = 865.25
Question
16 :- from the diagram above consumer equillibrum will occur at point
CORRECT ANSWER = ii
Question
17 :- the above table the price elasticit of supply is
CORRECT ANSWER = unitary
Question
18 :- the producer increase his inputs by 20%and his output inceases by 10% this is an example of
CORRECT ANSWER = decreasing retirn to scale
Question
19 :- a set of leakages in the circular flow of incone includes
CORRECT ANSWER = savings and import
Question
20 :- the above depicts a monopolist in a position of
CORRECT ANSWER = minimum loses
Question
21 :- tax incidence from vat generally rest on
CORRECT ANSWER = consumers only
Question
22 :- if yhe price of milk rose from 150 per tin 2009 tin180 in 2010,calculate the price index
CORRECT ANSWER = 120
Question
23 :- the major determinant of consumer behaviour is
CORRECT ANSWER = cardinal utility
Question
24 :- one of the advantages of running a mixed economy is that
CORRECT ANSWER = government regulates the activities of the private sectors
Question
25 :- when a country receipt from export exceed her payment for import it is said to have
CORRECT ANSWER = a favourable balance of payment
Question
26 :- a firm Is said to be technically efficient when
CORRECT ANSWER = it provides more at low cost
Question
27 :- a pure monopoly exist when there
CORRECT ANSWER = is a single seller of a commodity without close substitutes
Question
28 :- from the information above primary stage of production includes
CORRECT ANSWER = I and iv
Question
29 :- from the diagram above an inward shift in the supply curve implies
CORRECT ANSWER = a change in other factors that will affect supply
Question
30 :- the major challenge facing the minning industry in nigeria is
CORRECT ANSWER = shortage of skilled amnpower
Question
31 :- the key objective of the african development bank is to
CORRECT ANSWER = imprve living conditions in africa
Question
32 :- what is the total cost when output increases to 2units
CORRECT ANSWER = 22
Question
33 :- a determinant of exchange rate is
CORRECT ANSWER = inflation rate
Question
34 :- given the informtion above what are the effectiv ways of reducing population
CORRECT ANSWER = ii and iii
Question
35 :- from the above diagram price fixed at px reprrsents
CORRECT ANSWER = maximum price privatilization
Question
36 :- the policy of govt tht encourages the private ownership of means of production is
CORRECT ANSWER = privatilization
Question
37 :- te ease with which workers can switch careers is an indication of
CORRECT ANSWER = industrial mobility of labour
Question
38 :- the rate of development In nigeria has mostly been hampered by
CORRECT ANSWER = poor plan implementation
Question
39 :- from the diagra above there has been
CORRECT ANSWER = an increase in both equillibrum price and quantity
Question
40 :- one of the factors responsible for an outward shift in the pff of a society is the
CORRECT ANSWER = discovery of new mineral resources