Economics Past Questions and Answers

Which of the following countries is a major trading partner of Nigeria?

The instrument used in many countries to restrict imports includes

The economic system in which the decision s about what to produce , how to produce and for whom to produce are made by private firms is called

A major setback in any mixed economy is

(a) Define cross elasticity of demand.
(b) The table below shows the response of quantity demanded to changes in price for three pairs of commodities.
Use the table to answer the questions that follow.
Commoditychanges in pricecommodityChanges in Quantity Demanded

Original Price (N)	New price (N)	Original Quantity (kg)	New Quantity (kg)
Bread	15	20	Yam	150	200
Beef	25	40	Fish	1,000	3,000
Butter	100	50	Margarine	250	400