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Economics Past Questions

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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 1992

The terms of trade of a country is defined as

A\(\frac{\text{Index of import prices}}{\text{Index of export prices}}\) x 100

B\(\frac{\text{Index of exportable}}{\text{Index of importable}}\) x 100

C\(\frac{\text{Index of visible imports}}{\text{Index of visible exports}}\) x 100

D\(\frac{\text{Index of export prices}}{\text{Index of import prices}}\) x 100

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Question 2

jamb 1992

The type of business organizations mostly used for producing public goods in Nigeria is

ASole proprietorships

BLimited liability companies

CCo-operative societies

DStatutory corporations

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Question 3

jamb 1992

\(\begin{array}{c|c}
\text{Quantity of singlets} & \text{Short run total costs(N)} \\
0 & 1,000 \\
10 & 1,200 \\
20 & 1,400 \\
30 & 1,600 \\
40 & 1,800 \\
\end{array}\)

The short run total costs for different levels of output for a firm producing singlets are shown above. Calculate the variable cost per unit at an output of 20.

AN1000

BN400

CN70

DN20

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Question 4

jamb 1992

\(\begin{array}{c|c}
\text{Population(Million)} & \text{Food Production(Milion tonnes)} \\
50 & 220 \\
70 & 210 \\
90 & 225 \\
100 & 275 \\
\end{array}\)

In the data above, what is the optimum population in million?

A50

B70

C90

D100

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Question 5

jamb 1992

\(\begin{array}{c|c}
\text{Age group(years)} & \text{Distribution(%)} \\ \hline
\text{Above 60} & 30 \\
\hline
15 - 60 & 45 \\
\hline
0 - 14 & 25 \\
\end{array}\)

The estimated dependency ratio of the population distribution shown here is

A11:9

B9:11

C7:3

D3:7

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Question 6

jamb 1992

At what level of input has diminishing marginal returns set in?

B16

C20

D22

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Question 7

jamb 1992

Calculate the marginal physical product of the last unit of input

D10

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Question 8

jamb 1992

if in the graph, it is assumed that the price is initially P₁, it can be deduced that price will

Afall because there is a surplus

Bremain constant because it is the equilibrium price

Crise because there is a shortage

Ddouble

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Question 9

jamb 1992

In the diagram, the profit maximizing output is

AQ₁ while 1 = AC and II = MC

BQ₁, while l = MC and ll = AC

CQ₂, while l = MC and ll AC

DQ₃, while l = AC and ll = MC

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Question 10

jamb 1992

One of the gains by member states of the Economic Community of West Africa?

Amonocultural dependency

Btrade creation

Ctrade inversion

Deconomic independency

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Question 11

jamb 1992

The Nigerian Trust Fund is managed on behalf of Nigeria by the?

AWorld Bank

BInternational Monetary Fund

CAfrican Development Bank

DEconomic Commission for Africa

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Question 12

jamb 1992

When a foreigner on a visit to Nigeria pays for hotel accommodation and meals with some foreign currency,the amount paid should be recorded in Nigeria's balance of payment as an item of?

ANigeria's invisible export trade

BNigeria's import trade

CNigeria's invisble trade

Dforeign capital inflow into Nigeria

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Question 13

jamb 1992

If a country has a balance of payment crisis, which of the following measures can best bring about a improvement in the short run?

ALarge-scale importation of foreign goods

BInvestment in capital market abroad

CLarge-scale export of locally made abroad

DRepayment of debt to her creditors

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Question 14

jamb 1992

If an economy grows at an annual rate of 5% of which 3% is deemed to be due to improvement in the productivity of labour and capital combined the remaining 2% is generally attributed to?

Athe size of population

Btechnical progress

Cthe environment

Dthe amount of natural resources

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Question 15

jamb 1992

Which of the following combinations is a veritable set of development indicators?

AGrowth of governemnt expenditure and imports

BGrowth of population and national income

CHigh fertility, literacy and school enrolment rates

DLow infant mortality and high per capital income and literacy rates

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Question 16

jamb 1992

In national income accounting, aggregate saving in any year is defined as?

Aall disposable income not spent on consumption

Ball savings deposits in all banks during the year

Call savings and time deposits in all banks during the year

Dthe value of inventory change for the year

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Question 17

jamb 1992

\(\begin{array}{c|c}
& \text{Year 1} & \text{Year 2} \\
\hline
\text{GNP at current prices(NM)} & 20,000 & 27,000 \\ \hline
\text{Population(Million)} & 20 & 24 \\
\end{array}\)

Calculate the GNP per head of the population in year 1 and year 2.

AN2000.00, N1000.00

BN1125.00; N2000.00

CN1000.00, N2000.00

DN1000.00; N1125.00

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Question 18

jamb 1992

\(\begin{array}{c|c}
& \text{Year 1} & \text{Year 2} \\
\hline
\text{GNP at current prices(NM)} & 20,000 & 27,000 \\ \hline
\text{Population(Million)} & 20 & 24 \\
\end{array}\)

What is the percentage increase in GNP between year 1 and year 2?

A3.5.0%

B14.0%

C20.0%

D35.0%

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Question 19

jamb 1992

An account from which allocations are made to the three tier of government in Nigeria is called the?

ANational Income Account

BPublic Sector

CFederation account

DNational Revenue Mobilization Account

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Question 20

jamb 1992

The objective of public finance is to promote?

Afull employment, national income and price stability

Bgovernment revenue drive and expenditure to as high a level as possible

Cthe expansion of government social services

Dgovernment revenue drive and minimize government expenditure

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