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Economics Past Questions and Answers

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Economics Questions

Question 2326:

Supply in Economics means making

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A Goods and services available to consumers
B Goods available to the market at a given price and at a given period
C Available the goods and services which consumers require
D Craete goods
E Import goods

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Question 2327:

An inferior goods is one

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A That is too bad for consumption
B Whose price is lower than the price of other goods
C That is easily perishable
D Whose demands fall when the income of its consumer increases
E That is not durable

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Question 2328:

Price elasticity of demand is define as the

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A Responsiveness of demand to change in price
B Responsiveness of price to change in demand
C Increase in demand resulting form a rise in price
D Unit decrease in price resulting from a a fall in demand
E Unit increase in quantity demanded when price rises

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Question 2329:

The rural area of West Africa lack industries because

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A Rural people are not meant to work in industries
B Rural people are uneducated
C Of inadequate infrastructure
D Of low population density
E They are not suitable for industries

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Question 2330:

An entrepreneur will locate his industry in a place

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A Nearest to his homw town
B Where the cost of production will be minimized
C Nearest to his wife's hometown
D Where the government direct him to locate
E Where there is no other industry

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