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1 of 15

Economics may be defined as?

A. the study of money and banking

B. the study of markets and prices

C. the study of production and distribution

D. the study of human behaviour in the allocation of scarce resources

2 of 15

Which of the following was a primary factor that contributed to the rapid industrialization in Europe during the 19th century?

The decline of agricultural practices

The discovery of new trade routes

The availability of natural resources, such as coal and iron

The increase in rural population density

3 of 15

The quantity supplied of a commodity increases best when

A. Production increases

B. Demand increases

C. Price of the commodity increases

D. Population of the country increases

4 of 15

Which of the following financial assets consist the lowest rate of interest in Nigeria?

A. commercial bills

B. call money

C. treasury bills

D. development loan stocks

5 of 15

In the context of production, which of the following best describes the relationship between marginal cost and marginal revenue for a firm maximizing its profit?

Marginal cost must be greater than marginal revenue.

Marginal cost must be less than marginal revenue.

Marginal cost must equal marginal revenue.

Marginal cost and marginal revenue are unrelated.

6 of 15

What happens to the equilibrium price and quantity in a market when there is an increase in demand while supply remains constant?

Equilibrium price decreases, and equilibrium quantity increases

Equilibrium price increases, and equilibrium quantity increases

Equilibrium price increases, and equilibrium quantity decreases

Equilibrium price decreases, and equilibrium quantity decreases

7 of 15

The National Electric Power Authority (NEPA) is a?

A. Public limited company

B. Public liability company

C. Private authority

D. Public corporation

8 of 15

Which of the following business organizations provides its owners with limited liability while allowing them to participate in the management of the company?

Sole Proprietorship

General Partnership

Limited Liability Company (LLC)

Corporation

9 of 15

As consumption of beer increases, its marginal utility to a drinker will

A. Increase

B. Remain constant

C. Fluctuate

D. Decrease

10 of 15

If the Central Bank intends to increase the money supply through open market operations then it will

A. sell securities in the open market

B. buy securities in the open market

C. issues more currency note

D. withdraw money supply from the market

11 of 15

In the context of the theory of consumer behavior, which of the following best describes the concept of "utility maximization"?

The process by which consumers allocate their income to purchase goods and services that provide the most satisfaction.

The increase in consumer spending as a result of a decrease in prices.

The tendency for consumers to buy more of a product as its price decreases.

The principle that consumers will always choose the cheapest available option.

12 of 15

Demand for money for speculative purposes means?

A. buying goods and services whose prices have risen

B. keeping money for unforseen expenditure

C. buying financial assets because of possible gains

D. buying real estate

13 of 15

Which of the following best defines the primary focus of economics as a social science?

The study of natural resources and their conservation

The analysis of how individuals and societies allocate scarce resources to satisfy unlimited wants

The examination of historical economic systems and their evolution

The exploration of mathematical models used in financial markets

14 of 15

What effect does an increase in the price of a substitute good typically have on the supply of a product in a competitive market?

It decreases the supply of the product.

It increases the supply of the product.

It has no effect on the supply of the product.

It causes the supply curve to shift to the left.

15 of 15

The most dominant economic activity which employs the largest number of people in West Africa is?

A. manufacturing

B. transport

C. government

D. agriculture

Economics Past Questions Practice

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