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Tuesday, 28 April 2026
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Economics Past Questions and Answers

Economics Questions

Question 506:
If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as
  • A Normal
  • B Abnormal
  • C Inferior
  • D Superior
  • E Scarce
View Answer & Explanation
Question 507:
Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?
  • A Proportional tax
  • B Progressive tax
  • C Competitive tax
  • D Excise tax
  • E Regressive tax
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Question 508:
Which sector can you say is growing fastest in the Nigeria economy?
  • A Agriculture
  • B Industry
  • C Education
  • D Transport
  • E Labour
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Question 509:
Which is NOT a method of raising capital funds in Nigeria?
  • A Borrowing from abroad
  • B Internal borrowing
  • C Nigerianization of foreign companies
  • D Gifts from abroad
  • E Saling government bonds
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Question 510:
If a firm doubles its output and its cost increase by 60%, the firm is experiencing
  • A Increase cost
  • B Economies of scale
  • C Decreasing returns
  • D Decreasing cost
  • E None of the above
View Answer & Explanation