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Wednesday, 22 April 2026
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Economics Past Questions and Answers

Economics Questions

Question 76:
Among the disadvantages of the one-man business is the fact that______
  • A Its capital may not be increased without government permission
  • B The proprietor is personally liable for the firm's debts
  • C The proprietor is not able to obtain credit
  • D The proprietor may not sue for bad debts
View Answer & Explanation
Question 77:
The most reliable and acceptable index of economic growth is the__________
  • A Wholesale Price Index
  • B Consumer Price Index
  • C National Income
  • D Retailer's Price Index
View Answer & Explanation
Question 78:
The release of a liquid petroleum hydrocarbon into the environment is_______
  • A Oil glut
  • B Oil spill
  • C Oil shock
  • D Oil wastage
View Answer & Explanation
Question 79:
ECOWAS was formed for the purpose of________
  • A Promoting co-operation and integration
  • B To facilitate the expansion of international trade
  • C To provide insurance
  • D To insure new investment
View Answer & Explanation
Question 80:
<table class='tbn'><tbody><tr><td> Price(₦) </td><td> Quantity Demanded </td></tr><tr><td> 8 </td><td> 10 </td></tr><tr><td> 6 </td><td> 12 </td></tr></tbody></table><br/><br/>If we move from 8 to 6, the elasticity of demand is_______
  • A -1.25
  • B 0.62
  • C 1.25
  • D 1
View Answer & Explanation