GCE Economics 2023
Past Questions

Which of the following best describes the concept of scarcity in economics?

A subsistence farmer in rural Kano who consumes all he produces is an example of

A market is in equilibrium when the price of a bag of rice is ₦50,000 and the quantity traded is 200 bags. If the government imposes a price ceiling of ₦40,000, the most likely outcome is

The demand schedule below shows the relationship between price and quantity demanded for a commodity. If the price falls from ₦8 to ₦6, the price elasticity of demand using the midpoint method is appr…

At a price of ₦500 per unit, a seller supplies 1,000 units of a commodity. When the price rises to ₦600 per unit, supply increases to 1,300 units. What is the price elasticity of supply?

A manufacturer discovers that raising the price of his product from ₦500 to ₦600 leaves total revenue unchanged. The price elasticity of demand over this range is

Price discrimination by a monopolist is possible only when

In the long run, a firm in monopolistic competition earns only normal profit because

A trader purchases goods worth ₦80,000 and sells them for ₦120,000. If the government imposes a Value Added Tax (VAT) of 7.5% on the value added, the VAT payable by the trader is

In a closed economy with no government, if consumption is ₦8,400 billion, investment is ₦2,100 billion, and depreciation is ₦600 billion, what is the Net National Product (NNP)?

The difference between Gross National Product at market prices and Net National Product at factor cost is

Which of the following statements correctly explains why national income figures may not accurately reflect the standard of living in a developing country like Nigeria?

Which of the following best distinguishes economic development from economic growth?

In a particular year, Nigeria's total agricultural output was valued at ₦480 billion, of which food crops accounted for 60% and cash crops accounted for the rest. If the value of cash crop output incr…

(a) Explain the concept of 'price elasticity of supply' and state the formula for calculating it. (4 marks) (b) Explain THREE factors that determine the price elasticity of supply of a commodity. (6 m…

a) Distinguish between income elasticity of demand and cross elasticity of demand. (4 marks) b) Explain how cross elasticity of demand can be used to determine the relationship between two commodities…

a) Distinguish between Gross Domestic Product (GDP) and Gross National Product (GNP). (4 marks) b) Explain THREE reasons why National Income statistics may not be a reliable indicator of the standard …

a) Define the term 'international trade'. (2 marks) b) Explain FOUR reasons why countries engage in international trade. (8 marks) c) Distinguish between 'balance of trade' and 'balance of payments'. …