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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.

49 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

49 questions

Question 1 of 20 49 total questions

Question 1

jamb 2013

The total revenue of the firm is represented by

AGHEF

BGHJC

CEFJC

DGHOB

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Question 2

jamb 2013

The optimum level of output of the firm is

ABC

BOB

COS

DBS

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Question 3

jamb 2013

From the graph above, R represents

Amarginal cost

Btotal cost

Cvariable cost

Dfixed cost

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Question 4

jamb 2013

From the indifference curve above, consumer will prefer combination

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Question 5

jamb 2013

From the graph above, the price elasticity of demand is

Aunitarily elastic

Bperfectly elastic

Cperfectly inelastic

Dfairly inelastic

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Question 6

jamb 2013

If Mr. X lost his clerical job at a store and searched for a similar job for ten months before finding one this implies that Mr.X was

Astructurally unemployed

Bfrictionally unemployed

Cseasonally unemployed

Dcyclically unemployed

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Question 7

jamb 2013

A valid explanation for real wage growth is

Aan increase in the rate of productivity

Bthe rising cost of capital accumulation

Ca contraction of emploment in service industries

Dan increase in the quantity of labour

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Question 8

jamb 2013

The rate of interest change on loans depends largely on

Athe prevailing exchange rate

Bmarginal efficiency of capital

Cthe risk associated with the loan

Dthe prevailing tax rate

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Question 9

jamb 2013

One of the main achievements of the Economic Commission for Africa is

Aeliminating trade restrictions among states

Bencouraging transport and communication development

Cguaranteeing a steady flow of foreign investment into Africa

Dproviding the machinery for collaboration on monetary issues

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Question 10

jamb 2013

A fiscal policy instrument that can influence the demand pattern in an economy is

Agovernment spending

Binterest rate

Cincome tax

Dtariff

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Question 11

jamb 2013

A measure for preventing the external value of the naira from falling is for the government to

Aincrease its spending with foreign reserve

Bsell its own currency

Creduce interest rate

Dbuy its currency with foreign reserve

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Question 12

jamb 2013

The effect of emigration on a country's population is

Adecrease in the population

Bdecrease in job opportunities

Cincrease in population

Dincrease in dependency ratio

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Question 13

jamb 2013

The quality of labour force in Nigeria can be improved by

Aestablishing more tertiary institutions

Bcreating sufficient job opportunities

Cencouraging the study of science and technology

Destablishing more skills acquisition centres

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Question 14

jamb 2013

A major disadvantage of partnership business is

Adifficulty in the transfer of shares

Bdistrust among members

Climited liability

Dlarge capital outlay

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Question 15

jamb 2013

A distinguishing characteristic of consumer co-operative society is that the

Athe maximum number of shareholders is 20

Bmembers are the owners

Cmembers are the workers

Dthe minimum number of shareholders is 5

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Question 16

jamb 2013

The deregulation of the petroleum sector in Nigeria will bring about

Aefficiency in pricing and distribution of the products

Ban end to the importation of fuel

Can end to foreign firms' dominance

Dfixing appropriate production quotas

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Question 17

jamb 2013

Government participation in the oil industry was necessitated by the

Aannual increase in production

Bformation of OPEC

Chigh demand for crude oil

Dhuge investment outlay

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Question 18

jamb 2013

In Nigeria, efficiency in public corporations can be achieved through

Apublic offer

Bindigenization

Cprivatization

Dnationalization

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Question 19

jamb 2013

The most important determinant for the location of a brick industry is the availability of

Amarket

Bpower supply

Cwater

Draw materials

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Question 20

jamb 2013

The main reason for low agricultural produce in west Africa is need to

Athe presence of large-scale agro-allied industries

Bhigh dependency ratio

Cover dependence on agriculture for subsistence

Dthe use of crude implements in farming process

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