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Economics Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
4796

Which of the following statements is not a feature of a monopoly?

 

  • A. New entrances are restricted
  • B. Buyers and seller are price takers
  • C. There is only one seller of the commodity
  • D. Seller is allowed to fix his own price
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4797

The specialisation of labour enhances production because people

 

  • A. become experts in all areas of production
  • B. can efficiently produce their own needs
  • C. can save time and produce more
  • D. can concentrate on all goods they can produce better
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4798

If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?

 

  • A. An increase in demand for Y will raise the price of X
  • B. An increase in demand for X will cause less of Y to be produced
  • C. an increase in demand for X will increase supply of Y
  • D. An increase in demand of X will leave the supply of Y unchanged
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4799

 

The Consumers Co-operative society is owned by?

 

 

 

  • A. Members of the society
  • B. Debenture holders
  • C. A management committee
  • D. The government
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4800

In a free market economy, resources are allocated through the

 

 

  • A. state planning committee
  • B. government department
  • C. price mechanism
  • D. trade union
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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