Economics Past Questions

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4,545 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

4,545 questions
Question 1 of 20 4,545 total questions
Question 1001
jamb 2008

A major consideration in locating a cement factory is the availability of

Askilled labour
Bpower
Cinfrastructural facilities
Dlimestone
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Question 1002
jamb 2008

A major impediment to the development of agriculture in Nigeria is

Aland use system
Binadequate supply of farm inputs
Clow income of farmers
Dlimited research on seedlings
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Question 1003
jamb 2008

One of the effects of instability in farmer's income in Nigeria is

Alack of infrastructural facilities
Brural-urban migration
Cinadequate supply of fertilizer
Dlow level of technology
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Question 1004
jamb 2008

Economic growth takes place when there is an increase in

Asavings over time
Binvestment over time
Cpopulation over time
Doutput over time
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Question 1005
jamb 2008

A good indicator of economic development is an increase in

Agross national product
Bper capital income
Creal national income
Dreal per capital income
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Question 1006
jamb 2008

An example of an indirect tax is

Aprofit tax
Bsales tax
Ccapital gain tax
Dpoll tax
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Question 1007
jamb 2008

The use of government revenue and expenditure to achieve set objectives is known as

Abudget
Bfiscal policy
Crevenue allocation
Dmonetary policy
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Question 1008
jamb 2008

Contractionary monetary policy is used to

Acontrol inflation
Bbridge the deflationary gap
Cexpand the output level
Dderegulate the economy
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Question 1009
jamb 2008

If the required reserves of a bank is 20% and N10 000 is paid into its demand deposit account, what is the excess reserves?

AN2000
BN18 000
CN12 000
DN8 000
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Question 1010
jamb 2008

The high rate of inflation in Nigeria can be attributed to

Aincreasing cost of production
Bthe appreciation of the naira
Cdecreasing cost of production
Dhigh capacity utilization
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Question 1011
jamb 2008
The theoretical relationship between money supply and prices is weakened by changes in the
Amoney supply
Bgeneral price level
Cvelocity of money
Dinterest rate
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Question 1012
jamb 2008

An example of injection into the circular flow of income is

Ataxes
Bpensions
Cimports
Dexports
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Question 1013
jamb 2008

The output approach to measuring national income is based on the computation of

Afinal output
Bfactor cost
Cvalue added
Dprofits earned
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Question 1014
jamb 2008
Which of the following producer is closest to being a monopolist?
AA baker
BA wheat farmer
CA large chain store
DAn automobile plant
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Question 1015
jamb 2008

The characteristic of entry and exit ensures that firms

Aearn excess profit
Bearn normal profit
Cbreak-even
Dexpand their operations
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Question 1016
jamb 2008
In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour?
AN396
BN323
CN250
DN146
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Question 1017
jamb 2008

The use of modern weaving machines in the production of local fabric will result in

Aan increase in the demand for labour
Ba decrease in the demand for labour
Can increase in wages
Da decrease in wages
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Question 1018
jamb 2008

To protect farmers during a bumper harvest,. the government usually

Aset a maximum price
Brelease products from the buffer stock
Csell the excess to consumers
Dset a minimum price
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Question 1019
jamb 2008

An upward movement along the same supply curve results in

Aan increase in supply
Ba decrease in price
Ca decrease in quantity supplied
Dan increase in quantity supplied
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Question 1020
jamb 2008

The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer

Arationality
Bsurplus
Csovereignty
Dcredit
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