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Economics Past Questions

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2,540 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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2,540 questions

Question 1 of 20 2,540 total questions

Question 991

jamb 1989

If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is?

Astatic

Binfinitely elastic

Cexternally determined

Dperfectly inelastic

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Question 992

jamb 1989

If a 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1,500kg were purchased, the resultant point elasticity of demand is?

A0.33

B0.0001

D10,000

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Question 993

jamb 1989

Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the?

Ainterest rate

Breturns on capital

Calternative capital foregone

Dshadow price of foreign exchange

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Question 994

jamb 1989

If the cost of production for a firm continues to increase as it output rises, the firm is said to be experiencing?

Alarge-scale production

Bprofit maximization

Ceconomies of scale

Ddiseconomies of scale

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Question 995

jamb 1989

if X represent the factors of production and Y represent the factor price, which of the following sets of association is correct?

A(land, rent) (capital, wage), (labour, profit)

B(land, interest) (capital,profit), (labour, wage),

C(land, wage), (capital, interest), (labour,rent),

D(land,rent), (capital, interest), (labour, wage),

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Question 996

jamb 1989

Efficiency in production involves?

Areducing the size of the workforce

Bproducing a given output with the lowest cost combination of factors of production

Cadoption of capital-intensive technology

Dincreasing the quantity of the fixed factor of production

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Question 997

jamb 1989

The primary problem of Economics is?

Ato obtain a more equitable distribution of money income

Bthe scarcity of productive resources relative to material needs

Chow to reach prices which correctly depict that products and resources are not in abundance

Dto teach people how to save so as to make more money

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Question 998

jamb 1989

A shift in the production possibility frontier could result from?

Aunemployment

Bchanges in the combination of goods produced

Cinflation

Dchanges in production techniques

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Question 999

jamb 1989

The need to construct a scale of preference is necessitated by?

Athe need to satisfy wants

Bscarcity and the need for choice

Cscarcity of resources

Dnon-availability of factors of production

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Question 1000

jamb 1989

In its simplified form, the circular flow of income concept refers to the?

Areal flow in goods and services between the product and factor markets

Bmonetary payment for goods and services produced by individual firms

Ctransactions in goods and services and payment for such transactions between individual firms and households.

Dmoney flows associated with transactions between individual firms and households

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Question 1001

jamb 1988

Which of the following occurs in the circular flow of economic activities with no leakages

AConsumption equals saving

BSaving equals investment

CImports equal exports

DNational income equals national expenditure

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Question 1002

jamb 1988

The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as

AP = 12, Q = 16

BP = 15, Q = 10

CP = 12, Q = 14

DP = 16, Q = 12

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Question 1003

jamb 1988

If in this demand-supply diagram, the quantity supplied is OQ, then

Aprice will be OP

Bthere will be excess demand of RT

Cprice will be ON

Dprice will tend to rise

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Question 1004

jamb 1988

A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by

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Question 1005

jamb 1988

The group of unemployed members of a community who are physically handicapped or disabled, is generally classified under unemployment as?

Africtional

Bcyclical

Cresidual

Dhidden

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Question 1006

jamb 1988

Collectivism refers to the system of management of state enterprises in a?

Amixed economy

Bco-operative organization

Ccapitalist economic system

Dsocialist economy

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Question 1007

jamb 1988

An increase in an economy's productive capacity implies?

Aan increase in the economy's rate of capital replacement

Ban increase in the economy's capital stock

Ca decrease in government spending

Dan increase in government spending

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Question 1008

jamb 1988

The most threatening problem for the less developed countries is?

Athe continual depletion of their soil fertility

Bthe rise of nationalism

Cpopulation explosion

Dtheir differences towards economic growth

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Question 1009

jamb 1988

If technology becomes less capital-intensive, it means?

Aan increase in the capital/labour ratio

Ban increase in the capital/ratio

Ca fall in the labour/capital ratio

Dincreased unemployment

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Question 1010

jamb 1988

In estimating the national income of a country, the three approaches usually adopted are the?

Aexpenditure, value-added and output

Bincome, final product and output

Cexpenditure,income and output

Davoiding of double counting, final expenditure and value added

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