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Economics Past Questions

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4566

If demand function for a product is Qd = 30 - 4P, and the price and quantity of products is 4 and 14 respectively. What is the price elasticity of demand for the product?

  • A. 1.14
  • B. 7.1
  • C. 14.1
  • D. 1.7
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4567

Macroeconomics focuses on the following units in an aggregative manner

  • A. household, firms, government, corporate sector and external sector
  • B. individual consumers, individual firms, government and external sector
  • C. government, household firms, individual consumers and external sector
  • D. individual consumers, household firms and manufacturing sector
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4568

Which of the following would not be a reason for a government to impose a quota on imports?

  • A. To support strategic industry
  • B. To prevent dumping
  • C. To decrease tax revenue
  • D. Employment oppourtunity
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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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4569

The economies of West African Countries depend majorly on

  • A. primary product
  • B. secondary product
  • C. tertiary product
  • D. manufacturing product
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4570

When a generalization is made based on observed facts, it is

  • A. inductive reasoning
  • B. normative reasoning
  • C. theoretical reasoning
  • D. deductive reasoning
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