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Economics Past Questions and Answers

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Economics Questions

Question 681:

Demand for a factor of production is?

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A A composite demand
B A joint demand
C A derived demand
D An elastic demand
E Cross-elasticity of demand

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Question 682:

Differentiated product is the characteristic feature of?

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A Perfect competition
B Pure competition
C Monopolistic competition
D Monopoly
E Oligopoly

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Question 683:

Nigeria is currently implementing the?

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A Third development plan
B Second development plan
C Fourth development plan
D Fifth development plan

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Question 684:

What is the market equilibrium price?

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A 5.00
B 8.00
C 9.00
D 7.00
E 6.00

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Question 685:

In the diagram P₁ S is a supply curve for a manufactured. it is shows that

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A When price is OP₁ quantity supplied is infinitely elastic
B The higher the price the greater the quantity supplied
C The higher the price the lower the quantity supplied
D When price is zero quantity supplied becomes infinite
E When price is infinite quantity supplied becomes zero

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