Economics Past Questions

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96 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

96 questions
Question 1 of 20 96 total questions
Question 1
waec 2014

Use this above diagram to answer this question. What is the median of the distribution?

A5
B4
C3
D2
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Question 2
waec 2014

Use this above diagram to answer this question. From the table, the mean of the distribution is

A2.2
B2.5
C3
D4.5
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Question 3
waec 2014

Which of the following is not an effect of the discovery of mineral resources in an area?

Aincrease in wealth
Bovercrowding
Cincrease in crime rate
Dunder population
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Question 4
waec 2014

The concentration of many firms of a particular industry in a particular area is known as

Aloccation of industry
Bamalgamation of industries
Clocalization of industries
Dnationalization of industry
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Question 5
waec 2014

Which of the following measures will not encourage industrialization in West Africa?

ATaking over of all forms of industries by the government
Bprovision of social infrastructure
CGiving tax incentives, especially to infant indudustries
DUsing tariffs to discourage the use of imported items
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Question 6
waec 2014

Precautionary motive for holding money is to

Ameet daily and regular transactions
Btake advantage of changes in the prices of goods and services
Ccover unforeseen events
Dcover expenses on house rent
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Question 7
waec 2014

Which of the following functions of money is mostly affected during inflation?

AMedium of exchange
BUnit of Account
CStore of value
DStandard of deferred payment
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Question 8
waec 2014

A financial institution established for the purpose of providing specialzed services like acceptance of bills of exchange and equipment leasing is known as

AMerchant Bank
BDevelopment Bank
CCentral Bank
DInsurance Company
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Question 9
waec 2014

International trade is desirable because it

Amay lead to overproduction
Bbrings about over-dependence of countries on one another
Cprovides foreign market for local goods
Dbrings about unhealthy competition and rivalries
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Question 10
waec 2014

The likely implication of the devaluation of a country's currency is that

Aexports of such a country become cheaper
Bimportation of goods into such a country becomes cheaper
Cthe value of such a country's currency rises
Dforeign goods are attracted into the country
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Question 11
waec 2014

A change in the quantity demanded of a given commodity is determined by the

Asize of the population
Bincome of the consumer
Cprice of the commodity
Dtaste and fashion
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Question 12
waec 2014

Which of the following statements is correct?

AAs total utility increases, the marginal utility also increases
BThe marginal utility is a always zero whenever the total utility reaches the maximum
CThe total utility is at maximum whenever marginal utility is at it's maximum
DThere is no relationship between total utility and the marginal utility
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Question 13
waec 2014
West African countries are experiencing worsening terms of trade because
Athey are primary producers
Btheir currencies are overvalued
Cthey import less machines
Dthey are tertiary producers
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Question 14
waec 2014

Provision of short-term loans to solve balance of payments problems is done by the

AInternational Finance Corporation
BInternational Monetary Fund
CIternational Bank for Reconstruction and Development
DAfrican Development Bank
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Question 15
waec 2014

Which of the following is not a reason countries import goods?

ADifferences in natural endowments
Bthe law of absolute advantage
CDifferences in tastes
DThe love for other nations
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Question 16
waec 2014

Which of the following types of unemployment results from changes in the pattern of aggregate demand ?

ATechnological unemploment
BStuctural unemployment
CFrictional unemployment
DSeasonal unemployment
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Question 17
waec 2014

Economic development may be hindered if there is

Aa high pool of skilled labour
Ba high rate of economic growth
Cpolitical stability
Drapid population growth
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Question 18
waec 2014

An increase in the price of a commodity from $10 to $ 15 leads to an increase in the quantity supplied from 10 units to 15 units. The price elasticity of supply is

A0.
B0.5.
C1.
D5.
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Question 19
waec 2014

Perfect knowledge of events in a perfect market will be made possible by the existence of

Amany buyers and sellers
Bhomogeneous products
Cmeans of communication
Dlarge number of traders
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Question 20
waec 2014

Which of the following best defines inflation?

ACyclical increase in prices
BPeriodic increase in prices
CPersistent increase in prices
DOccasional increase in prices
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