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Tuesday, 28 April 2026
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Economics Past Questions and Answers

Economics Questions

Question 551:
The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?
  • A Budget deficit
  • B Balance budget
  • C Budget surplus ‘
  • D Budget statement
  • E Unfavourable budget.
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Question 552:
Which of the following statement is NOT true about agriculture in West Africa?
  • A Agriculture employs over 60% of West Africa’s occupied population
  • B Agriculture production is the basis for excise taxes in West Africa
  • C Many West Africa countries depend on agricultural exports for foreign exchange earnings
  • D Agriculture supplies West African industries with raw materials
  • E Agriculture provides incomes to West African farmers who engaged in it
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Question 553:
The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?
  • A Industrialization
  • B Export-promotion
  • C Import-substitution
  • D Export--substitution
  • E Import-expansion
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Question 554:
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
  • E The study of the employment of labour, land, and capital
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Question 555:
Elasticity of demand is given by
  • A The prcentage change in quantity demanded divided by the corresponding percentage change in price
  • B The percentage change in price divided by the corresponding percentage change in quantity demanded
  • C The percentage change in quantity demanded divided by the corresponding price
  • D The percentage change in price divided by the corresponding quantity demanded
  • E None of the above
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