Economics Past Questions and Answers

If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity?

A 0.5
B 0.8
C 1
D 1.5
E 1.8

Question 4147:

When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as ____________

A Demand curve
B Indifference curve
C Opportunity curve
D Utility curve
E Supply curve

Question 4148:

Long-run in economic mean a period of time in which ____________

A All factor inputs are not being used
B All factor inputs are variable
C All factor inputs are fixed
D Only few factor inputs are variable
E Firms are not producing at all

Question 4149:

To discourage the consumption of harmful commodities, government should tax such commodities if they have ____________

A Elastic demand
B Inelastic demand
C Negative demand
D Positive demand
E Unitary demand

Question 4150:

The formular used by the Expenditure approach to calculate National income is ____________

A Y=C + I + X - M –G
B Y= C + X – M – I + G
C Y = C + I + G + X – M
D Y = C – I + X – M + G
E Y = C + G – X + M – I