GCE Economics 2020
Past Questions

A Nigerian student decides to attend a university lecture instead of working at a part-time job that pays ₦3,000 per hour. If the lecture lasts two hours, the opportunity cost of attending the lecture…

The production possibility curve (PPC) is drawn as a concave shape bowing outward from the origin primarily because of

An economy produces only two goods: rice and textiles. Currently it operates at a point inside its production possibility curve. This situation indicates that the economy

If the quantity supplied of yam increases from 400 to 500 bags when the price rises from ₦2,000 to ₦2,500 per bag, the price elasticity of supply is

If the income elasticity of demand for a commodity is -0.6, the commodity is classified as

If the price of a commodity rises from ₦200 to ₦250 and the quantity demanded falls from 100 units to 80 units, the price elasticity of demand is

The following data relate to a firm's production: Fixed cost = ₦120,000; Variable cost at 300 units = ₦180,000; Variable cost at 301 units = ₦181,500. What is the marginal cost of the 301st unit?

Economies of scale occur when a firm experiences:

The kinked demand curve theory is used to explain price rigidity in

If a commercial bank has total deposits of ₦500,000 and the cash reserve ratio is 20%, the maximum amount the bank can create as new loans is

Which of the following best describes 'near money'?

When the Central Bank of Nigeria sells government securities in the open market, the immediate effect on the economy is that

If the Nigerian federal government collects ₦500 billion in total tax revenue and spends ₦650 billion in a fiscal year, the resulting fiscal position is a

Public debt management is LEAST concerned with

Which of the following would cause the national income of a country to be OVERSTATED if included?

If the Gross National Product (GNP) of Nigeria is ₦50,000 billion and net income from abroad is ₦2,000 billion, what is the Gross Domestic Product (GDP)?

A country has the following data: GDP at market prices = ₦120,000 billion; Indirect taxes = ₦15,000 billion; Subsidies = ₦5,000 billion; Depreciation = ₦8,000 billion; Net factor income from abroad = …

In a country where the labour force is 20 million, 17 million people are employed, and 1 million people have given up looking for work, what is the official unemployment rate?

The Phillips Curve illustrates the relationship between

A situation where prices are rising at an extremely rapid and accelerating rate, often exceeding 50% per month, is referred to as

The terms of trade of a country improve when

The balance of payments of a country records

Country X had a real GDP of ₦800 billion in 2022 and ₦860 billion in 2023. What was the economic growth rate for 2023?

Which of the following correctly explains the concept of 'brain drain' as an obstacle to economic development in West Africa?

The vicious cycle of poverty in developing countries is best illustrated by which of the following sequences?

Which of the following best describes the role of agriculture in Nigeria's economic development?

( a) Define the term 'demand' as used in economics. (2 marks) (b) State and explain FOUR factors that can cause a rightward shift in the demand curve for a commodity. (8 marks) (c) With the aid of a c…

Public Finance is a major branch of economics concerned with the revenue and expenditure of government. (a) Distinguish between recurrent expenditure and capital expenditure as used in public finance…

a) Explain the concept of unemployment and distinguish between frictional and structural unemployment. (6 marks) b) With the aid of the Phillips Curve, explain the relationship between inflation and u…