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Economics Past Questions and Answers

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Economics Questions

Question 4951:

A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to

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A Remain elastic
B Rise
C Remain inelastic
D Be unchanged

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Question 4952:

Greater inter-dependence among workers in production is associated with

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A Division of labour
B Manufacturing
C Utility
D Factory workers

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Question 4953:

One major characteristic of credit unions and thrift societies is that

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A The contribution of every member depends on the member's ability
B The legal processes involved in their formation are rigid
C Membership is compulsory to people in the same line of business
D A minimum of ten people in the same line of business can form the union.

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Question 4954:

The demand of a commodity is affected by

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A The consumer of the commodity
B The price of the commodity alone
C Government policy
D The price of the commodity, income of the consumer, prices of other commodities and preferences of the consumer

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Question 4955:

Quantity supplied rises from 80 units to 88 units while price rises from ₦40 to ₦50. Calculate elasticity of supply:

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A 1
B 2
C 0.4
D 4

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