Economics Past Questions and Answers

Remuneration of labour based on number of hours worked is known as ____________

A Fees
B Commission
C Time-rates
D Salary
E Wages

Question 7:

Which of the following is NOT a feature of capitalism ?

A Detailed economics planning
B Free enterprise
C Competition
D Private ownership of property
E Entrepreneurs and the pursuit of profit

Question 8:

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 9:

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 10:

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