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Economics Past Questions

Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.

50 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

50 questions

Question 1 of 20 50 total questions

Question 1

jamb 1982

If income rises from N200.00 to N250.00 and the amount spent on good X fails from N30.00 to N28.00, then good X is

Aan income elastic good

Ba normal good

Can inferior good

Ddemand elastic

Esupply elastic

View Explanation & Discuss

Question 2

jamb 1982

Use the table above to answer the question below

What is the growth rate of employment?

A18%

B10%

C6.7%

D5.7%

E4.1%

View Explanation & Discuss

Question 3

jamb 1982

What is the growth rate of GNP?

A18%

B10%

C6.7%

D0.5%

E4.1%3

View Explanation & Discuss

Question 4

jamb 1982

In Nigeria, a balance of payments deficit can be solved by all of the following EXECPT?

Aimposing import bans on some commodity

Bimposing import duties

Cdrawing down on external reserves

Dpurchasing foreign exchanges from foreign countries

Edevaluation of the currency

View Explanation & Discuss

Question 5

jamb 1982

Which of the following countries is NOT a member of the economic Community of West African States?

ASierra Leone

BSudan

CGambia

DNigeria

EGuinea

View Explanation & Discuss

Question 6

jamb 1982

All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria

APrice stabilization

BEfficient marketing of agriculture crops

CProvision of funds for building access roads

DDevelopment of the agricultural industry

EEstablishment of agro-allied industries

View Explanation & Discuss

Question 7

jamb 1982

Balance of payments of a country explains the overall position of?

Acurrent account of the balance of payments

Bcapital account in the balance of payments

Cboth the current and capital acounts

Dposition of the balance of trade

Evisible and invisible trade

View Explanation & Discuss

Question 8

jamb 1982

When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as

Atariffs

Bquotas

Cexchnge control

Ddevaluation

Erevaluation

View Explanation & Discuss

Question 9

jamb 1982

If the Central Bank intends to increase the money supply through open market operations then it will

Asell securities in the open market

Bbuy securities in the open market

Cissues more currency note

Dwithdraw money supply from the market

Eprint more demand deposit

View Explanation & Discuss

Question 10

jamb 1982

Demand for money for speculative purposes means?

Abuying goods and services whose prices have risen

Bkeeping money for unforseen expenditure

Cbuying financial assets because of possible gains

Dbuying real estate

Ekeeping money for a rainy day

View Explanation & Discuss

Question 11

jamb 1982

Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is

Aelastic in both markets

Buniltary elastic in both market

Cinelastic in both markets

Delastic in one market and inelastic in the other

Eunitary elastic in none of the markets

View Explanation & Discuss

Question 12

jamb 1982

Oligopoly means

Alarge number of sellers in the markets

Bsingle seller in the market

Cfew sellers in the markets

Dfew buyers in the market

Esingle buyer in the market

View Explanation & Discuss

Question 13

jamb 1982

Full equilibrium under perfect competition requires that?

AMC =MR and AC =AR

BMC = MR but AR>AC

CMR =MC =AR=AC

DTR>TC

EMR=MC

View Explanation & Discuss

Question 14

jamb 1982

\(\begin{array}{c|c}
\text{Unit of output} & \text{Table cost}\\
\hline
1 & 20 \\
2 & 32 \\
3 & 42 \\
4 & 48 \\
5 & 50 \\
\end{array}\)

in the above table, the marginal cost of the 3rd unit of output is

A12

C10

View Explanation & Discuss

Question 15

jamb 1982

Public enterprises are supported on the grounds that they are undertaken for

Aincreasing profit of the private sector

Breducing the burden of the private sector

Cimproving the welfare of the people

Dearning profit for the people

Eearning profit for the government

View Explanation & Discuss

Question 16

jamb 1982

The most dominant economic activity which employs the largest number of people in West Africa is?

Amanufacturing

Btransport

Cgovernment

Dagriculture

Ethe petroleum industry

View Explanation & Discuss

Question 17

jamb 1982

which is not responsible for the decline in food production in West Africa?

ANeglect of agriculture by many people

Bdrift of young people rural to urban areas

CInfluence of weather and climate

DMany of the countries do not balance of payments problems

ELack of good prices for agricultural products on the farm

View Explanation & Discuss

Question 18

jamb 1982

If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is?

Aan income elastic good

Ba normal good

Can inferior good

Ddemand elastic

Esupply elastic

View Explanation & Discuss

Question 19

jamb 1982

The PAYE (Pay As You Earn) in Nigeria is an example of?

Aindirect tax

Bprogressive tax

Cregressive tax

Dcommunity tax

Eflat rate tax

View Explanation & Discuss

Question 20

jamb 1982

A commodity can be sold for two or more different prices if it is?

Aproduced or sold by oligopoly

Bsold in perfect market

Cproduce or sold by monopsony

Dproduced or sold by monopoly

Eproduced or sold by perfect competition

View Explanation & Discuss

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