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Thursday, 23 April 2026
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Economics Past Questions and Answers

Economics Questions

Question 146:
When elasticity is zero, the demand curve is_____________
  • A Circular
  • B Downward sloping
  • C Perfectly inelastic
  • D Concave
View Answer & Explanation
Question 147:
Which of the following is not a direct tax?
  • A Capital gains tax
  • B Purchase tax
  • C Personal income tax
  • D Capital tax
View Answer & Explanation
Question 148:
A limited liability company is owned by________________
  • A A bank
  • B An individual
  • C Two or more partners
  • D Share holders
View Answer & Explanation
Question 149:
If the price of a ball point pen falls from N1.00 to No.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________
  • A 0.50
  • B 0.40
  • C 1.25
  • D 0.80
View Answer & Explanation
Question 150:
If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________
  • A A decrease in profit by 43%
  • B An increase in profit by 43%
  • C A net loss
  • D A net gain
View Answer & Explanation