Economics Past Questions and Answers

A major setback in any mixed economy is

(a) Define cross elasticity of demand.<br/>(b) The table below shows the response of quantity demanded to changes in price for three pairs of commodities.<br/>Use the table to answer the questions that follow. <br/><table class='tbn'><tbody><tr><b>Commodity</b> </td><b>changes in price</b> </td><b>commodity</b> </td><b>Changes in Quantity Demanded</b> </td></tr><tr><td> <b>Original Price (N)</b> </td><td> <b>New price (N)</b> </td><td> <b>Original Quantity (kg)</b> </td><td> <b>New Quantity (kg)</b> </td></tr><tr><td> Bread </td><td> 15 </td><td> 20 </td><td> Yam </td><td> 150 </td><td> 200 </td></tr><tr><td> Beef </td><td> 25 </td><td> 40 </td><td> Fish </td><td> 1,000 </td><td> 3,000 </td></tr><tr><td> Butter </td><td> 100 </td><td> 50 </td><td> Margarine </td><td> 250 </td><td> 400 </td></tr></tbody></table><br/><br/><br/>

The table here shows the sectoral allocation of a country's budget. Illustrate the data accurately with a pie-chart. Show your workings clearly.<br/><table class='tbn'><tbody><tr><td> <b>Sector</b> </td><td> <b>Amount (N million)</b> </td></tr><tr><td> Health </td><td> 30 </td></tr><tr><td> Education </td><td> 25 </td></tr><tr><td> Housing </td><td> 15 </td></tr><tr><td> Manufacturing </td><td> 10 </td></tr><tr><td> Agriculture </td><td> 20 </td></tr></tbody></table><br/><br/><br/>

(a) What is meant by production?<br/>(b) Explain with examples, the following types of production<br/>(i) Primary;<br/>(ii) Secondary;<br/>(iii) Tertiary.

Give any five reasons why public corporations are established in Nigeria.<br/>