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Economics Past Questions and Answers

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Economics Questions

Question 2421:

which of the following economic system is in operation in Nigeria?

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A Capitalist economy
B Socialist cum Maxist economy
C Socialist economy
D Capitalist and free economy
E Mixed economy

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Question 2422:

Giffen commodities are those commodities

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A Which gives rise to a cobweb situation
B For which demand increases as price increases
C Which have a low price elasticity of demand
D Which are in short supply
E Which have a high income elasticity of demand

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Question 2423:

Effective demand in economics means

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A The desire for a commodity
B A proposal to purchase a good on credit
C The desire for a commodity or service backed by purchasing power
D An irrevocable instruction to the seller to meet up the need of the buyers
E The propensiyt to consume googd produced by manufacturers

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Question 2424:

Government can influence aggregate demand through all the following measures except

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A Reduction in personal income tax
B Retirement of director-general in the public service
C Creation of employment opportunities
D Compulsory deduction from salaries of all categories of workers
E Upward revision of workers fringe benefits

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Question 2425:

The term production in Economics means

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A Manufacturing of goods
B The creation of utilities
C Giving birth to children
D The distribution of goods and services
E Using labour in creating something

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