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Tuesday, 14 July 2026
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Economics Past Questions and Answers

Economics Questions

Question 2541:
The level of economic development is low in Nigeria because
  • A Planning has nopractical relevance
  • B Of the pattern of the consumers' spending
  • C The country is too large
  • D Of ineffective plan implementation
  • E There is no unique planning model
View Answer & Explanation
Question 2542:
The stability of Nigerian economy depends mainly on the export price of
  • A Groundnut
  • B Cotton
  • C Cocoa
  • D Mineral oil
  • E Palm kernel
View Answer & Explanation
Question 2543:
Which of the following countries is a major trading partner of Nigeria?
  • A Britain
  • B Canada
  • C Japan
  • D Germany
  • E China
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Question 2544:
The instrument used in many countries to restrict imports includes
  • A High tarrifs
  • B Price index
  • C Excise duties
  • D Bank rate
  • E Subsidies
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Question 2545:
The economic system in which the decision s about what to produce , how to produce and for whom to produce are made by private firms is called
  • A Socialism
  • B Welfarism
  • C Communism
  • D Capitalism
  • E Traditionalism
View Answer & Explanation