Economics Past Questions and Answers

The situation where government revenue in a fiscal year is less than its expenditure is referred to as

Land is often different from other factors of production because it

The values of different types of accounts held in Nigerian banks for the period 1984 to 1988 <br/> <br/><table class='tbn'><tbody><tr><td> Year </td><td> 1984 </td><td> 1985 </td><td> 1986 </td><td> 1987 </td><td> 1988 </td></tr><tr><td> Savings </td><td> 100 </td><td> 120 </td><td> 120 </td><td> 180 </td><td> 200 </td></tr><tr><td> Current </td><td> 65 </td><td> 75 </td><td> 70 </td><td> 100 </td><td> 130 </td></tr><tr><td> Fixed deposit </td><td> 40 </td><td> 45 </td><td> 60 </td><td> 145 </td><td> 50 </td></tr></tbody></table><br/><br/><br/>Present the data above in the form of a component bar chart.

(a) Define price elasticity.<br/>(b) If at N 8.00 per tuber, twenty tubers were demanded and when the price fell to N 6. 00 per tuber, thirty tubers were demanded, what is the elasticity of the demand?

A demand curve slopes downwards from left to right, but this may not always be so. Explain the statement.