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Economics Past Questions and Answers

Economics Questions

Question 1916:
A set of factors that can shift the supply curve are changes in
  • A Weather, price and technology
  • B Technology, weather and population
  • C Technology, price and taste
  • D Population, price and taste
View Answer & Explanation
Question 1917:
If the coefficient of price elasticity of supply is greater than one, the supply is said to be
  • A Perfectly elastic
  • B Fairly inelastic
  • C Infinitely inelastic
  • D Fairly elastic
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Question 1918:
If commodity X is a by-product of commodity Y , this implies that both commodities are
  • A In competitive supply
  • B In composite supply
  • C Jointly supplied
  • D In excess supply
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Question 1919:
In perfect competition,price is determined by the
  • A Government
  • B Sellers
  • C Buyers
  • D Market
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Question 1920:
In order to reduce hardship faced by consumers due to high prices government can introduce
  • A Maximum prices
  • B Commodity boards
  • C Minimum prices
  • D Price control boards
View Answer & Explanation