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Economics Past Questions and Answers

Economics Questions

Question 3951:
Pricing and Output decisions of sellers are highly inter-dependent in markets known as ____________
  • A Monopoly
  • B Oligopoly
  • C Monopolistic competition
  • D Perfect competition
View Answer & Explanation
Question 3952:
What effect will an increase in the supply of fish have on the meat market
  • A A fall in equilibrium price and quantity
  • B An increase in equilibrium price and quantity
  • C An increase in equilibrium price and a fall in quantity
  • D Both equilibrium price and quantity will remain unchanged
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Question 3953:
Which of the following factors is not a condition for a change in the supply of a commodity
  • A Improved technoly
  • B Cost of production
  • C The price of the commodity
  • D Government tax policies
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Question 3954:
Supply of agricultural products is likely to be elastic in the _____________
  • A Intermediate period
  • B Long-run
  • C Market period
  • D Short-run
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Question 3955:
The fundamental economic problem in every society is
  • A The large number of the unemployedLimited supply of productive resources
  • B Inadequate supply of money
  • C Corruption and mismanagement
View Answer & Explanation