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Friday, 24 April 2026
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Economics Past Questions and Answers

Economics Questions

Question 226:
Which of the following is a set of measures of dispersion?
  • A Mean and median
  • B Mean and standard deviation
  • C Range and variance
  • D Mode and mean
View Answer & Explanation
Question 227:
The slow pace of industrial growth in Nigeria can be attributed to__________?
  • A Lack of raw materials
  • B Lack of market for produce
  • C Inadequate skilled labour
  • D Over-dependence on the oil sector
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Question 228:
Consumers allocate their resources based on the ______?
  • A Law of diminishing marginal utility
  • B Value in use and value in exchange principle
  • C Law of returns to scale
  • D Diamond and water paradox
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Question 229:
A country's terms of trade can be improved by________?
  • A Revaluation of currency
  • B Collective bargaining
  • C Reducing demand for imported goods
  • D Imposing lower export duties
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Question 230:
A government budget proposing to spend more than its expected revenue in a year will create_______?
  • A Opportunity for combating inflation
  • B Depression in the economy
  • C Shortage in money supply
  • D Opportunity for full employment
View Answer & Explanation