Economics Past Questions For JAMB, WAEC, NECO & Post UTME, With Answers, And Explanations - Economics

Economics Questions

Question 416:

The expression ‘terms of trade’ is used to describe

Question 417:

If the demand of a product with perfectly elastic supply increases, there will be

Question 418:

Which of these would not be included in the fundamental principle of a free enterprise economy

A Private ownership of factors of production
B The right to organize factor for production purposes
C The right to make private profit
D Government control of mobility of factor of production
E Government effort to encourage competitive capitalism within the law of the country

Question 419:

Economics is called a social science because it is

A A branch of social studies
B A study of the ways man devises to satisfy his unlimited wants from unlimited resources
C A dismissal science in the Malthusian sense
D Governed by scientific law
E The study of human wants by the means of scientific method of observation

Question 420:

Opportunity cost is a term which describe