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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.

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 1051

waec 2007

The most important quality of money is that it must be

Arelatively scarce

Bgenerally acceptable

Cportable

Ddurable

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Question 1052

waec 2007

To promote the development of agricultural sector, government of West African countries should

Aencourage rural-urban drift

Bdiscourage foreign investment in agriculture

Csupport the marketing of farm produce

Dreduce tarrif of food imports

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Question 1053

waec 2007

An example of a producer goods is a

Atin of milk

Bhammer

Cloaf of bread

Dshirt

View Explanation & Discuss

Question 1054

waec 2007

A negative effect of the presence of a large number of middlemen in the distributive network is

Agreater variety of goods

Bgreater quality of goods

Clower price of goods

Dhigher price of goods

View Explanation & Discuss

Question 1055

waec 2007

which of the following is a middleman in the chain of distribution?

AAn entrepreneur

Ba producer

Ca banker

Da retailer

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Question 1056

waec 2007

the return of investment that is just sufficient to satisfy the owner of a business is called?

Aeconomic profit

Bbusiness profit

Cnormal profit

Dexcess profit

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Question 1057

waec 2007

The main objective of privatizing a government business is to

Acreate additional employment

Bincrease expenditure

Csource for new funds

Dincrease the level of efficiency

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Question 1058

waec 2007

The practice whereby a business is owned by two or more independent firms is termed

Aindigenization

Bjoint venture

Ccommercialization

Dforeign investment

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Question 1059

waec 2007

when a firm is nationalized ,

Aformer owners are removed without compensation

Bit has the right o draw on state funds for capital investment

Cit must break even within a specific period

Dworkers take control of the firm

View Explanation & Discuss

Question 1060

waec 2007

which of the following is a characteristics of monopoly

Amany sellers

BHomogenous commodity

Ca single seller

DPerfect knowledge

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Question 1061

waec 2007

Patents are examples of

Anatural barriers to entry

Blegal barriers to entry

Cillegal barriers to entry

Dunnatural barriers to entry

View Explanation & Discuss

Question 1062

waec 2007

in a situation where demand is perfectly elastic , imposition of tax on a commodity to raise its price will result in

Aconsumers increasing their demand for the product

Bconsumers' demand for the product remaining unchanged

Cconsumers shifting completely to substitute products

Dsuppliers increasing the supply of the product

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Question 1063

waec 2007

If the price of goods X rises and the quantity demanded of goods Y increases then the two goods X and Y must be

Ainferior goods

Bsubstitutes

Ccomplements

Dfree goods

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Question 1064

waec 2007

The demand for beans in bags is given by the function Q - 36 + 0.4P = 0.

Where P is price in naira and Q is quantity.

Find Q when P = 20 naira.

A12 bags

B24 bags

C28 bags

D30 bags

View Explanation & Discuss

Question 1065

waec 2007

The lower the price of a commodity, the greater the quantity demanded. This is based on the assumption that the consumers’

Aincome is diminished

Bincome remains the same

Cutility is diminished

Dpopulation is high

View Explanation & Discuss

Question 1066

waec 2007

Given that TR is total revenue, then TRn -TR (n-1) can be used to find the

Amarginal revenue

Bmarginal cost

Caverage cost

Daverage revenue

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Question 1067

waec 2007

Revenue is the

Atotal profit made after sales

Bamount spent on purchase

Camount of goods produced

Dtotal money realized from sales

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Question 1068

waec 2007

What must be added to variable cost to give total cost?

Aaverage total cost

Baverage variable cost

Cfixed cost

Dmarginal cost

View Explanation & Discuss

Question 1069

waec 2007

When population is classified according to professions, it is called

Ageographical distribution of population

Bage distribution of population

Csex distribution of population

Doccupational distribution of population

View Explanation & Discuss

Question 1070

waec 2007

a country where labour is not sufficient to make proper use of natural resources is said to have an

Aactive population

Boptimum population

Cover-population

Dunder-population

View Explanation & Discuss

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