GCE Economics 2019
Past Questions

Which of the following will cause a rightward shift in the demand curve for Nigerian palm oil?

The demand for petrol by private car owners in Nigeria is best described as

An increase in the wage rate of workers in a cassava processing factory in Nigeria will, all other things being equal, cause

A 10% rise in the price of commodity X leads to a 15% increase in the quantity demanded of commodity Y. This indicates that X and Y are

The supply of a commodity is said to be perfectly elastic when

Which of the following factors would make the demand for a commodity more price inelastic?

The law of diminishing returns states that as more units of a variable factor are added to a fixed factor, beyond a certain point, the:

A monopolist is able to earn supernormal profit in the long run primarily because of

A firm in a perfectly competitive market sells its output at ₦50 per unit. If its average total cost is ₦38 and it produces 200 units, what is its total profit?

A trader deposits ₦50,000 in a savings account at an annual interest rate of 12%. If the interest is calculated on a simple interest basis, how much will the trader have in the account at the end of 1…

One major reason why the Central Bank of Nigeria is described as the 'lender of last resort' is that it

Which of the following best describes a progressive tax system?

Which of the following is an example of a non-tax revenue source for the Nigerian federal government?

Given that a country's national income is ₦200 billion, government expenditure is ₦60 billion, and tax revenue is ₦45 billion, what is the ratio of the budget deficit to national income?

The value-added method of measuring national income involves summing up the

If the nominal interest rate in an economy is 15% and the rate of inflation is 9%, the real interest rate is

Country A has a current account surplus of $8 billion, a capital account deficit of $3 billion, and a financial account surplus of $2 billion. What is the overall balance of payments position before o…

The World Trade Organization (WTO) was established primarily to

A country has a Gross National Product (GNP) of ₦500 billion and a population of 100 million people. What is the per capita income?

Which of the following development strategies emphasizes that developing countries should simultaneously invest in many industries rather than concentrating on a few sectors?

A major problem facing the industrial sector in Nigeria is the high cost of production. Which of the following factors is MOST responsible for this situation?

a) Define the following cost concepts as used in production: i) Fixed Cost ii) Variable Cost iii) Marginal Cost (6 marks) b) Explain THREE differences between short-run costs and long-run cos…

a) Define money and state THREE functions of money. (6 marks) b) Explain FOUR characteristics that a good money must possess. (8 marks) c) State ONE limitation of money as a store of value. (1 mark)

a) Explain the concept of 'comparative advantage' as a basis for international trade. (5 marks) b) Using a hypothetical example involving TWO countries and TWO commodities, illustrate how the principl…