Economics Past Questions and Answers

What is the median? State its merits and demerits.

With the aid of diagrams, explain what is meant by a change in:
(a) the quantity demanded;
(b) demand.

(a) Explain the term mobility of labour.
(b) Why may labour as a mobile factor of production be unwilling to move?

Explain the factors that affect the supply of labour in Nigeria.

(a) Define a market.
(b) Explain four characteristics of a perfect market.