Economics Past Questions and Answers

Tax evasion in Economics means

The magnitude of the national income of a country depends on all the following except the

The Quantity Theory of Money state that an increase in the quantity of money would bring about

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a visa for a period of

(a) What is meant by price elasticity of demand?<br/>(b) The following figures are extracted from a schedule of demand and supply:<br/><table class='tbn'><tbody><tr><td> Price </td><td> Quantity Demanded </td><td> Quantity Supplied </td></tr><tr><td> N9.00 </td><td> 1050 </td><td> 850 </td></tr><tr><td> N10.00 </td><td> 1000 </td><td> 1000 </td></tr><tr><td> N11.00 </td><td> 950 </td><td> 1150 </td></tr></tbody></table><br/><br/><br/> (i) Calculate the elasticity of demand when price rises from N10.00 to N11.00.<br/> (ii) State whether the demand in (i) above is elastic or inelastic.<br/>(iii) Calculate the elasticity of supply when price falls from N10.00 to N9.00.<br/>(iv) State whether the supply in (iii) above is elastic or inelastic<br/>