Economics Past Questions and Answers

One-man business is popular in West Africa because of all the following , except the

A Ease of entry
B Small capital required
C Limited enterpreneur skills needed
D Ease of decision making
E Tendency to become joint-stock companies

Question 272:

Which of the following is not a reason why statutory are run only by the government?

A The duplication of some services will lead to resource wastage
B All corporation provides services which individuals cannot provide
C Essential services must be provided irrespective of the economic system adopted
D Some corporations require large financial capital which may not be easy to acquire by individuals
E There is need to protect consumers from exploitation

Question 273:

(a) Explain each of the following measures of central tendency
(i) mean;
(ii) median;
(iii) mode
(b) Calculate the mean, median and mode of the following set of numbers: 21, 22, 23,24, 25, 26, 23, 28, 29, 30, 24, 31, 34, 23

Question 274:

What are the factors that determine the price elasticity of demand for a commodity?

Question 275:

What are the likely reasons for government participation in the location of industries in Nigeria?