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.

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 1011
jamb 2008

Diminishing marginal utility implies that

Atotal utility decreases as consumption increases
Bmarginal utility increases as consumption increases
Cmarginal utility deceases as consumption increase
Dmarginal utility decreases as consumption decreases
View Explanation & Discuss
Question 1012
jamb 2008

As long as marginal utility is positive, total utility must be

Anegative
Bincreasing
Czero
Ddecreasing
View Explanation & Discuss
Question 1013
jamb 2008

If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is

Aelastic
Bperfectliy inelastic
Cinelastic
Dperfect elastic
View Explanation & Discuss
Question 1014
jamb 2008

If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand

A0.5
B1.2
C2.5
D4.0
View Explanation & Discuss
Question 1015
jamb 2008

A major determinant of the demand for a luxury goods is

Athe price of the goods
Bthe price of other goods
Cthe income of consumers
Dtastes and fashion
View Explanation & Discuss
Question 1016
jamb 2008

If 100 units and 120 units of commodity X are supplied at N80 at different times, it means that there is

Aa change in supply
Ba change in the quantity supplied
Can increase in the quantity supplied
Da increase in the quantity supplied
View Explanation & Discuss
Question 1017
jamb 2008

If the standard deviation of a given data is 8.2, find its variance

A4.1
B67.2
C82.0
D91.8
View Explanation & Discuss
Question 1018
jamb 2008

If the increase in the price of yams is used to estimate the inflation rate, this is an example of

Adeductive reasoning
Binductive reasoning
Cnormative reasoning
Dpositive reasoning
View Explanation & Discuss
Question 1019
jamb 2008

The production possibility curve can be used to explain the underlying concepts of

Ascale of preference and choice
Bopportunity cost and choice
Cwants and means
Dopportunity cost and scale of preference
View Explanation & Discuss
Question 1020
jamb 2008

The deregulation of telecommunication services in Nigeria is a characteristic of

Acommand economy
Btraditional economy
Cmarket economy
Dfeudal economy
View Explanation & Discuss
Question 1021
neco 2007
Plantation farming can best be defined as cultivation of
Acrops using hoes and cutlasses for farming
Bfood crops for personal consumption
Cfood for use by the family
Dlarge scale farms of cash crops
Elivestock for commercial purposes
View Explanation & Discuss
Question 1022
neco 2007
The equation MV PT is known as
Ademand and supply equation
Bequilibrium equation
Cequation of exchange
Dmoney supply equation
Eprice index numbers
View Explanation & Discuss
Question 1023
neco 2007
Goods that are useful, scarce and can command price are called …………. goods.
Acapital
Bconsumer
Ceconomic
Dfree
Escarce
View Explanation & Discuss
Question 1024
neco 2007
Which of the following Is NOT a function of Merchant Bank
AHelps public companies to issue new shares
BProvision of medium and long-term loans
CThey accept bills of exchange
DThey guarantee the buying of shares
EThey implement government monetary policies
View Explanation & Discuss
Question 1025
neco 2007
The Industrial strategy of producing locally those goods that could have been imported is known as
Abalance growth
Bexport promotion
Cimport substitution
DIndustrialization
Eurbanization
View Explanation & Discuss
Question 1026
neco 2007
The African Development Bank was set up in 1964 and has its headquarters in
ABurkina Faso
BIvory Coast
CLiberia
DNiger Republic
ESenegal
View Explanation & Discuss
Question 1027
neco 2007
A comprehensive statement of Income and expenditure on international accounts for one financial year is called
Abalance of payments
Bbalance of trade
Cbudget
DIndex of trade
Eterms of trade
View Explanation & Discuss
Question 1028
neco 2007
A tax system in which the income earner pays a fixed percentage of his income annually is known as …………. tax.
Adirect
Bindirect
Cprogressive
Dproportional
Eregressive
View Explanation & Discuss
Question 1029
neco 2007
The following countries are members of ECOWAS EXCEPT
AAngola
BGhana
CIvory coast
DLiberia
ENiger Republic
View Explanation & Discuss
Question 1030
neco 2007
Which of the following goods are NOT examples of joint supply?
ABeef and hides
Bfuel and kerosene
CPalm oil and kernel
DTea and coffee
EWool and Mutton
View Explanation & Discuss
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