Economics (2017) | Study Mode

Join Discuss Share to WhatsApp
Question 1
A
joint stock exhange
B
cooperative society
C
sole proprietorship
D
partnership
Explanation.
A partnership may be defined as a type of business organization in which two to twenty persons
agree legally to setup and manage a business outfit with the sole aim of making profit. The people
involved in partnership agreement are called partners and they share the profit, losses and risk of
the business.
A family owned business is any business in which two or more family members are involved and
the majority of ownership or control lies within a family.

Correct Option:
D
Join Discuss Share to WhatsApp
Question 2
A
Wages
B
capital
C
labour
D
land
Explanation.
Land is defined in economics as a free gift of nature. Land does not only include land surface of
the earth but all other free gift of nature or natural resources like forest, mineral resources, rivers,
oceans, atmosphere, etc. unlike other factors of production, the supply of land is limited. In other
words, land is a fixd factor of production, it is inelastic

Correct Option:
D
Join Discuss Share to WhatsApp
Question 3
A
zero base budget
B
surplus budget
C
deficit budget
D
balanced policy
Explanation.
A budget deficit is the annual shortfall between government spending and taxrevenue. The deficit is the annual amount the government need to borrow to balance up the budget. When the government borrows, it offers to pay interest payment to those who the money was borrowed. The deficit is also funded by selling government bonds to private sector to do this, the government offers to pay an interest payment to those who buy the bonds. The interest rate attracts investors to lend the government money.

Correct Option:
C
Join Discuss Share to WhatsApp
Question 4
A
government
B
labour union
C
private and public enterpriser
D
system of economy practised
Explanation.
Every society answers the three basic economic questions differently, in doing so, each confronts
the same fundamental problems: resources allocation and scarcity. For every society, the answer
to the three basic questions depend on what kind of economic system it uses. The term economic
system refers to the way in which a society organize the production and distribution of goods and
services.

Correct Option:
D
Join Discuss Share to WhatsApp
Question 5
A
Exenditure method
B
Consumption method
C
Input Method
D
Output method
Explanation.

No official Explanation yet!


Correct Option:
B
Join Discuss Share to WhatsApp
Question 6
Economics (2017) Q 9 image
A

a decrease in quantity supplied

B

an increase in supply

C

a decrease in supply

D

an increase in quantity supplied

Explanation.
There is an increase in the quantity supplied if the quantity supplied increases as a result of an
increase in price of the commodity.

From the graph, an increase in the price of the commodity from p1 to p2 brought about a
corresponding increase in quantity supplied from q1 to q2.

Correct Option:
D
Join Discuss Share to WhatsApp
Question 7
A
The supply curve slopes downward
B
Your utility grows at a slower and slower rate as you consume more and more unit of a good.
C
The elasticity of demand is infinite
D
None of the above
Explanation.
The law of diminishing marginal utility states that the Satisfaction derived from consuming successive units of a commodity will diminish as the total consumption of the commodity increases. In other words, the total utility increases as more of a commodity is consumed but increases at a diminishing rate.

Correct Option:
B
Join Discuss Share to WhatsApp
Question 8
A
Provision of finance
B
enhance loan savings
C
creation of long term
D
Provision of finance
Explanation.
Money market can be defined as a market for short term loan. The market consists of institution or individuals who either have money to lend or wish to borrow on a short term basis. The central bank is the sole authority in the banking industry and act as banker to the government and the commercial banks

Correct Option:
C
Join Discuss Share to WhatsApp
Question 9
A
discouragement of trade among member states
B
encouragement of revolts against former colonial masters
C
establishment of its headquarters in each members state
D
liberalization of trade among member states
Explanation.
There are quite a number of aims of ECOWAS however, one of the major aim of ECOWAS treaty was for the establishment of a common market with the aim of liberalising trade within the region

Correct Option:
D
Join Discuss Share to WhatsApp
Question 10
A
favourable soil
B
coal deposit
C
crude oil deposit
D
favourable climate
Explanation.
Many Nigerians perceive the Niger Delta as synonymous with the oil producing areas of Nigeria.
In other words, the Niger Delta includes the states of Abia, Akwa Ibom, Bayelsa, Cross River,
Delta, Edo, Imo, Ondo and Rivers.
The region is blessed with abundance of human and physical resources, including the majority of
Nigeria's oil and gas deposits, good agricultural lands, exensive forests, exellent fisheries, as well
as with a well-developed industrial base.
The Niger Delta region of Nigeria is richly endowed with natural resources with oil and gas accounting for over 85% of the Nation's gross domestic product (GDP); over 95% of the National budget; and over 80% of the national wealth.

Correct Option:
C

Try this quiz in in E-test/CBT Mode
switch to Economics (2017) in CBT Mode

Next Page
Question Map
Quiz link
Share Economics (2017) with your audience
Share to WhatsApp CBT mode Study mode copy link
​​​Help keep QUIZZERWEB running! 
A donation makes a contribution towards the costs, the time and effort that's going on in building and improving this platform.
 
Donate
​​​sponsored
Are you a writer, proof-reader, interpreter, teacher, student or just someone who works in Yorùbá Language? 
 
Translate those figures and numbers to words in standard Yoruba Language at YorubaNumeral.com.ng at no cost. 
 
It also aids learning the yoruba numbering system by providing detailed explanation for each number translated up to 25 billion. 
 
English to Yorùbá Numeral Translator