Economics Past Questions

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2051

If the quantity demanded of a commodity increases from 20 to 30 units where there is an increase in price from 4naira to 5 naira, the elasticity of demand is

A. 0.0
B. 1
C. 2
D. 5

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2052

Price elasticity supply measures the responsiveness of quantity supplied to

A. change in suppliers' income
B. change in price of otther commodities
C. a change in the rpice of the commodities
D. a change in the demand for the products

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2053

The most common type of business in West African countries is

A. joint-stock companies
B. sole proprietorships
C. Partnership
D. public enterprises

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2054

Which of the following is a type of business organization?

A. stock exchange
B. insurance company
C. chain stores
D. co-operatives

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2055

one advantage of the sole proprietor is that

A. control and supervise is under one man
B. accounts must be publisized
C. it is always successful
D. funds are easy to obtain

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