NDA Economics 2016/2017 Past Questions

One of the following classical economists propounded the theory of population.

In a free market economy, wage is determined by mostly

If the marginal propensity to consume is 0.80 and the investment expenditure changes from N100 million to ₦140 million in a given economy, find the level of equilibrium in the given economy, using the formula: K = 1/(1-MPC)
where (K = multiplier, MPC = Marginal Propensity to Consume)

The population of a country X in 1990 was 35 million. The births were 450,000 while it recorded 210,000 deaths. If in the same year, its immigrants were 20,000 and 10,000 of its citizens left the country, calculate the total population of the country at the end of 1990.

From the diagram below, a shift in the demand curve from D₀D₀ to D₁D₁ implies

Use the table below to answer Questions 6.

Output in units	Total revenue in ₦	Average revenue in ₦	Marginal revenue in ₦
1	20	20
2	38	19	18
3	54		16
4	68
5	80	16

Given an output of 3 units, the average revenue is

The diagram below represents a production function. At which of the point does diminishing return sets in?

At equilibrium, one of the distinctive features of monopoly compared with perfect competition is that in the former

The national income of a country indicates that the Gross National Income was N17,700 million and Gross Domestic Product was N16,800. The difference of N900 million represents

The cross elasticity of supply is expressed as

Use the diagram below to answer question 11. The diagram explains the effects of government imposition of indirect tax on a good characterized by zero price elasticity of demand

A total tax revenue is represented by

What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported?

If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is

In the diagram above, the price P2, in the price control situation is referred to as

Liquidation of a limited liability company implies that

An increase in government expenditure will lead to

If a country has a balance of payment surplus on current account, this means that

The utility is best measured by the application of

The equilibrium market price is determined at a point where

Crude petroleum is a good example of a

Full equilibrium requires that

To privatize an enterprise means

The indigenization decree in Nigeria was promulgated in order to

Resources are scarce in relation to_______

The principal national macro-economic goals include the following

The greatest disadvantage of the barter system is the need for

Two commodities are considered to be perfect substitutes for each other if the elasticity of substitution is

The maintenance of an adequate level of work-in-progress, raw materials and stocks of finished goods is:

Business does not exist in a vacuum; it affects and is affected by

Consider the table below and answer the question that follows

Units of quantity consumed	Total utility	Marginal utility
0	-	-
1	10	10
2	15	5
3	17	2
4	18	1
5	18	0

The table above illustrates the law of

Aggregate demand is composed of_______

Study the diagram below and answer Questions 32 and 33.

In the diagram above, the equilibrium price is

Study the diagram below and answer Questions 32 and 33.

At price OP₂,

The diagram below illustrates:

In the diagram below. the line labelled PM is the marginal revenue curve of a

Decreasing returns to scale implies that if all factors of production are doubled, output will be

Which of the following market structures are imperfect in competition?
I. monopoly II. duopoly III. oligopoly

For two commodities A and B, MA and MB are the respective marginal utilities while PA and PB are the respective prices. Marginal utilities of the two commodities are maximized when

The elasticity of supply of perishable goods is

Which one of the following is not an example of economic efficiency?