Economics Past Questions and Answers

If the quantity supplied of a commodity increases from 20 to 30 units when there is an increase in price from N4 to N5, the elasticity of supply is

Question 272:

The theory of comparative cost advantage is associated with

A Adam Smith
B Reverend Thomas Malthus
C Professor trum fisher
D David Ricardo

Question 273:

In a situation when a firm is operating in a perfectly competitive firm and the total cost is given perfectly competitive firm and the total cost is given as N75.00. If the market price is N7.00 determine the profit. When 25 units are produced

A N75.00
B N100
C N175.00
D N125.00

Question 274:

A smaller industry that grows to cater for the need of the major industry is

A Subsidiary industry
B Constructive industry
C Manufacturing industry
D Infant industry

Question 275:

In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?

A There has been an increase in the consumer’s money income
B There has been a reduction in the price of both A and B
C There has been no change in the price of A or B
D There has been no change in the price of A relative to the price of B