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Thursday, 09 July 2026
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Economics Past Questions and Answers

Economics Questions

Question 2911:
Farming, mining and fishing are
  • A Primary production
  • B Secondary production
  • C Tertiary production
  • D Intermediate production
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Question 2912:
A list of consumer's wants arranged in order of priorities is known as
  • A A budget
  • B An opprotuniy cost
  • C A scale of preference
  • D Choice
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Question 2913:
The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt . This implies that
  • A Olu's real cost is 150.00 Naira
  • B Olu's opprtunity cost is the T-shirt he bought
  • C Olu's opportunity cost is the textbook
  • D Olu's money cost is also the real cost
View Answer & Explanation
Question 2914:
The remuneration of the entrepreneur as a factor of production is called
  • A Wages
  • B Salary
  • C Interest
  • D Profit
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Question 2915:
The production factor, whose entire world supply is fixed is
  • A Land
  • B Skilled labour
  • C Capital goods
  • D Entrepreneur
View Answer & Explanation