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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 2006

A constraint on the expansion of a firm is the

ARate of advertisement

BLevel of producers income

CTastes of the consumers

DSize of the market

View Explanation & Discuss

Question 2

jamb 2006

The law of demand can be expressed as

AP = f(Q _d)

BQ _d = f(\(\frac{1}{p}\)

CP = f(\(\frac{1}{Q_d}\)

DQd = f(P)

View Explanation & Discuss

Question 3

jamb 2006

The price index is calculated as

A\(\frac{\text{weighted price}}{\text{current price}}\) x \(\frac{100}{1}\)

B\(\frac{\text{base year price}}{\text{current price}}\) x \(\frac{100}{1}\)

C\(\frac{\text{current price}}{\text{weighted price}}\) x \(\frac{100}{1}\)

D\(\frac{\text{current price}}{\text{base year price}}\) x \(\frac{100}{1}\)

View Explanation & Discuss

Question 4

jamb 2006

\(\begin{array}{c|c}
\text{Number of Men} & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 \\
\hline
\text{Total product(Unit)} & 200 & 440 & 540 & 600 & 640 & 660 & 660 & 640 \\
\hline
\end{array}\)

What is the average product when 3 men are employed?

A120 units

B540 units

C100 units

D180 units

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Question 5

jamb 2006

A point P, the marginal rate of substitution is

Aless than one

Bgreater than one

Czero

Dunity

View Explanation & Discuss

Question 6

jamb 2006

A movement from K to M will

Adecrease the consumer's utility

Bincrease the price of the commodity

Cincrease the consumer's utility

Dleave consumer's utility unchanged

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Question 7

jamb 2006

The diagram above shows the effect of

Aexcess demand over supply at q₃

Bexcess supply over demand at q₂

Cminimum price legislation at P₂

Dmaximum price legislation at P₂

View Explanation & Discuss

Question 8

jamb 2006

If the price per unit is N2, what is the average revenue when 6 men are employed?

AN220

BN120

C110

DN330

View Explanation & Discuss

Question 9

jamb 2006

Product differentiation in monopolistic competition implies that

Adifferent buyers pay different prices for the same product

Bdifferent products are sold to the same buyer

Csellers determine whom to sell their products to

Dthe same product is available in different forms

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Question 10

jamb 2006

A perfectly competitive firm is advised to close down when the

Aprice is below the marginal cost

Bprice is equal to the marginal revenue

Cmarginal revenue is equal to the marginal cost

Dprice is below the average variable cost

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Question 11

jamb 2006

If the short-run cost curve of a firm is U-shaped, the marginal and average cost are equal where the

Aaverage variable cost is minimum

Bmarginal cost is falling

Caverage cost is minimum

Daverage fixed cost is falling

View Explanation & Discuss

Question 12

jamb 2006

The market structure in which there is interdependence of price-output policies is

Aa pure monopoly

Ban oligopoly

Ca pure competition

Da monopolistic competition

View Explanation & Discuss

Question 13

jamb 2006

The only factor of production that plays an active role in the production process is

Aland

Bcapital

Centrepreneur

Dlabour

View Explanation & Discuss

Question 14

jamb 2006

A rising short-run average cost is a result of

Aeconomies of scale

Bfalling marginal costs

Cdiminishing returns

Drising fixed costs

View Explanation & Discuss

Question 15

jamb 2006

The marginal productivity theory applies in a

Aunionized labour market

Bperfectly competitive market

Cmonopsonistic market only

Dmonopolistic market only

View Explanation & Discuss

Question 16

jamb 2006

The major problem of conducing a census in Nigeria is

Ainadequate skilled personnel

Bfinancial constraint

Curban congestion

Dlack of political will

View Explanation & Discuss

Question 17

jamb 2006

The term 'oil shock' is used to describe a situation in which

Athe demand for oil exceeds its supply

Boil prices have fallen drastically

Cthe demand for oil is equal to ite supply

Dthe supply of oil exceeds its demand

View Explanation & Discuss

Question 18

jamb 2006

Minimum wage legislation will result in

Areduced income

Bgreater supply labour

Creduced labour productivity

Dgreater demand for labour

View Explanation & Discuss

Question 19

jamb 2006

A major factor militating against rapid industrialization in Nigeria is

Ainadequate skilled manpower

Bpoor market facilities

Cpoor transport facilities

Depileptic power supply

View Explanation & Discuss

Question 20

jamb 2006

If children and the aged dominate the population of a country, this results in

Aa reduction in the importation of capital goods

Ba fall in the standard of living

Can increase in the national income

Dan improvement in the standard of living

View Explanation & Discuss

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