GCE Economics 2024
Past Questions

In a free market economy, the central economic problem of 'for whom to produce' is resolved by

When a firm's total revenue increases as price falls, the price elasticity of demand for the product is

Which of the following goods is most likely to have a perfectly inelastic demand?

If a firm's marginal cost curve is below its average total cost curve, the average total cost is:

A firm produces 500 units of output at a total cost of ₦250,000. If the fixed cost is ₦50,000, what is the average variable cost per unit?

In monopolistic competition, the demand curve faced by an individual firm is

A profit-maximising monopolist faces a demand function where total revenue at 10 units of output is ₦800 and at 11 units is ₦847. If the marginal cost of the 11th unit is ₦50, the monopolist should

The primary function that distinguishes money from all other commodities is its function as a

The concept of 'crowding out' in public finance refers to a situation where

Which of the following is NOT included in the calculation of Gross Domestic Product (GDP) using the expenditure approach?

Which of the following best describes demand-pull inflation?

In Nigeria, if the Consumer Price Index (CPI) rises from 180 to 198 within one year, what is the rate of inflation for that year?

Which of the following groups is MOST likely to benefit during a period of unanticipated inflation?

The natural rate of unemployment in an economy refers to the rate of unemployment that exists when

Which of the following best explains the principle of comparative advantage in international trade?

A tariff imposed on imported goods is primarily intended to

A developing country recorded the following data: GNP = ₦1,200 billion; Net Factor Income from Abroad = −₦200 billion; Depreciation = ₦150 billion. What is the Net National Product (NNP) at market pri…