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Friday, 24 April 2026
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Economics Past Questions and Answers

Economics Questions

Question 241:
If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply?
  • A 2.00
  • B 0.50
  • C 1.50
  • D 1.00
View Answer & Explanation
Question 242:
Public limited liability companies are owned by__________?
  • A The federal government
  • B Private and individual organizations
  • C The state government
  • D The federal and state governments
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Question 243:
The type of inflation that emanates from excess demand overs supply is___________?
  • A Galloping inflation
  • B Imported inflation
  • C Demand-pull inflation
  • D Cost-push inflation
View Answer & Explanation
Question 244:
The price elasticity of supply of perishable goods is_________?
  • A Elastic
  • B Unitary
  • C Inelastic
  • D Zero
View Answer & Explanation
Question 245:
All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________?
  • A An indifference curve
  • B An exceptional demand curve
  • C A budget line
  • D An isoquant map
View Answer & Explanation