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Economics Past Questions and Answers

Economics Questions

Question 5011:
Quantity supplied rises from 50 units to 70 units while price rises from ₦5 to ₦10. Calculate elasticity of supply:
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  • A 0.4
  • B 2
  • C 1
  • D 4
View Answer & Explanation
Question 5012:
One major use of national income data is:
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  • A Political campaign planning
  • B Climate change prediction
  • C Economic policy formulation
  • D Measuring sports performance
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Question 5013:
One major problem with monopoly is:
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  • A Limited consumer choice
  • B Free market entry
  • C Product homogeneity
  • D Excessive competition
View Answer & Explanation
Question 5014:
One characteristic of oligopoly is:
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  • A Mutual interdependence
  • B Free market access
  • C Absence of advertising
  • D Unlimited competition
View Answer & Explanation
Question 5015:
Which of the following best explains GDP?
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  • A Foreign exchange market size
  • B Population income distribution
  • C Value of domestic final output
  • D Government export earnings only
View Answer & Explanation

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