Economics Past Questions and Answers

Petroleum has the following positive contributions to the Nigerian economy except

\(\begin{array}{c|c}<br/>\text{Capital consumption allowance} & \text{N20,000} \\<br/>\hline<br/>\text{Gross domestic production} & \text{N60,000} \\<br/>\hline<br/>\text{Factor payment to foreigners} & \text{N10,000} \\<br/>\hline<br/>\text{Factor income from abroad} & \text{N15,000} \\<br/>\end{array}\)<br/><br/><br/>From the above table, calculate the Gross National Product.

The market in which the operators are many and none of them can influence the price is

In which situation is it likely that the demand for labour would be inelastic?

The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in