GCE Economics 2022
Past Questions

If a country's production possibility curve shifts outward, this most likely indicates

Which of the following is NOT a factor of production?

If the cross elasticity of demand between two goods X and Y is negative, the two goods are

A trader sells 500 bags of rice per month at ₦15,000 per bag. When the price rises to ₦18,000, monthly sales fall to 350 bags. The price elasticity of demand is approximately

Which of the following best describes the short run in production theory?

A firm operates in the long run with labour and capital as inputs. If it doubles both inputs and output exactly doubles, the firm is experiencing:

A manufacturing company has the following cost data for a week: Total revenue = ₦800,000; Explicit costs = ₦600,000; Implicit costs = ₦150,000. What is the firm's economic profit?

Which of the following is NOT a characteristic of an oligopolistic market?

Which of the following is NOT a qualitative instrument of monetary policy?

The liquidity preference theory of interest was propounded by

Per capita income is best described as the

Unemployment that results from a mismatch between the skills possessed by workers and the skills demanded by employers is called

If Nigeria exports crude oil worth ₦500 billion and imports refined petroleum products worth ₦700 billion in a given year, the balance of trade is

Which of the following is NOT a non-tariff barrier to international trade?

In the context of economic development, the term 'dualism' refers to the

a) Distinguish between the short run and the long run in production theory. (4 marks) b) Explain the Law of Diminishing Returns and state the three stages of production associated with it. (8 marks) c…

a) Distinguish between monopoly and monopolistic competition. (4 marks) b) Explain FOUR ways in which a monopolist maintains its dominant position in the market. (8 marks) c) With the aid of a clearly…

a) Define inflation and state THREE types of inflation based on the rate of price increase. (6 marks) b) Explain FOUR causes of demand-pull inflation in an economy. (8 marks) c) State ONE negative eff…