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Monday, 06 April 2026
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Economics Past Questions and Answers

Economics Questions

Question 981:
If C stands for consumption expenditure, I for investment, X for exports, and M for imports, then national income is?
  • A C + I + X + M
  • B C + I +X - M
  • C C + I - X + M
  • D C + I + X
View Answer & Explanation
Question 982:
A sustained increase in the per capita income of a country over a period of time is called?
  • A Economic growth
  • B Economic development
  • C Structural change
  • D Stagflation
View Answer & Explanation
Question 983:
The primary goal of development planning in Nigeria is to?
  • A Increase profitability of enterprises
  • B Achieve a rapid increase in the welfare and standard of living of Nigerians
  • C Increase the level of gross domestic product
  • D Make Nigeria a super-power
View Answer & Explanation
Question 984:
If the curve above shows the relationship between the price of commodity X and the quantity demanded of commodity Y then X and Y are
  • A Complementary goods
  • B Substitutes
  • C Inferior goods
  • D Luxury goods
View Answer & Explanation
Question 985:
In the diagram above what happens when the minimum wage is fixed at OW?
  • A Unemployment is reduced
  • B Unemployment results
  • C The demand schedule will shift
  • D The supply schedule will become steeper
View Answer & Explanation