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Economics Past Questions and Answers

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Economics Questions

Question 386:

A change in demand for a normal goods implies that, there is a

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A Change in the quantity demanded as price changes
B Shift in the demand curve
C Movement along a given demand curve
D Change in the price elasticity of demand

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Question 387:

If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is

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A Unitary elastic
B Zero elastic
C Elastic
D Inelastic

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Question 388:

Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

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A The same as equilibrium supply
B Greater than equilibrium supply
C Less than the equilibrium supply
D Determined later by government
E None of these

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Question 389:

Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

SchoolNGR Classroom

A The same as equilibrium supply
B Greater than equilibrium supply
C Less than the equilibrium supply
D Determined later by government
E None of these

View Answer & Explanation

Question 390:

A budget deficit means

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A That a country is buying more than is selling
B That a country is selling more than is buying
C That a government is spending more than in takes in taxation
D That a government is spending less than it takes in taxation
E That a government is spending as much as it takes in taxation

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