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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 1111

waec 2006

The reward to capital as a factor of production is

Arent

Bwage

Cinterest

Dcommission

View Explanation & Discuss

Question 1112

waec 2006

which of the following tool of economic analysis is used when data contains more than one category?

ABar charts

Bcomponent bar charts

CGraphs

DSymbolical sratement

View Explanation & Discuss

Question 1113

waec 2006

Most of the problems of economics arises as a result of

Acompeting demand for scarce resources

Bincrease in the demand for more goods and services

Cthe desire of producers to supply more goods and services

Dthe need to reduce the level of poverty

View Explanation & Discuss

Question 1114

waec 2006

The study of economics enables the individuals to

Achange jobs

Bevades taxes

Caccumulate huge wealth

Dmake rational decisions

View Explanation & Discuss

Question 1115

jamb 2006

A constraint on the expansion of a firm is the

ARate of advertisement

BLevel of producers income

CTastes of the consumers

DSize of the market

View Explanation & Discuss

Question 1116

jamb 2006

The law of demand can be expressed as

AP = f(Q _d)

BQ _d = f(\(\frac{1}{p}\)

CP = f(\(\frac{1}{Q_d}\)

DQd = f(P)

View Explanation & Discuss

Question 1117

jamb 2006

The price index is calculated as

A\(\frac{\text{weighted price}}{\text{current price}}\) x \(\frac{100}{1}\)

B\(\frac{\text{base year price}}{\text{current price}}\) x \(\frac{100}{1}\)

C\(\frac{\text{current price}}{\text{weighted price}}\) x \(\frac{100}{1}\)

D\(\frac{\text{current price}}{\text{base year price}}\) x \(\frac{100}{1}\)

View Explanation & Discuss

Question 1118

jamb 2006

\(\begin{array}{c|c}
\text{Number of Men} & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 \\
\hline
\text{Total product(Unit)} & 200 & 440 & 540 & 600 & 640 & 660 & 660 & 640 \\
\hline
\end{array}\)

What is the average product when 3 men are employed?

A120 units

B540 units

C100 units

D180 units

View Explanation & Discuss

Question 1119

jamb 2006

A point P, the marginal rate of substitution is

Aless than one

Bgreater than one

Czero

Dunity

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Question 1120

jamb 2006

A movement from K to M will

Adecrease the consumer's utility

Bincrease the price of the commodity

Cincrease the consumer's utility

Dleave consumer's utility unchanged

View Explanation & Discuss

Question 1121

jamb 2006

The diagram above shows the effect of

Aexcess demand over supply at q₃

Bexcess supply over demand at q₂

Cminimum price legislation at P₂

Dmaximum price legislation at P₂

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Question 1122

jamb 2006

If the price per unit is N2, what is the average revenue when 6 men are employed?

AN220

BN120

C110

DN330

View Explanation & Discuss

Question 1123

jamb 2006

Product differentiation in monopolistic competition implies that

Adifferent buyers pay different prices for the same product

Bdifferent products are sold to the same buyer

Csellers determine whom to sell their products to

Dthe same product is available in different forms

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Question 1124

jamb 2006

A perfectly competitive firm is advised to close down when the

Aprice is below the marginal cost

Bprice is equal to the marginal revenue

Cmarginal revenue is equal to the marginal cost

Dprice is below the average variable cost

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Question 1125

jamb 2006

If the short-run cost curve of a firm is U-shaped, the marginal and average cost are equal where the

Aaverage variable cost is minimum

Bmarginal cost is falling

Caverage cost is minimum

Daverage fixed cost is falling

View Explanation & Discuss

Question 1126

jamb 2006

The market structure in which there is interdependence of price-output policies is

Aa pure monopoly

Ban oligopoly

Ca pure competition

Da monopolistic competition

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Question 1127

jamb 2006

The only factor of production that plays an active role in the production process is

Aland

Bcapital

Centrepreneur

Dlabour

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Question 1128

jamb 2006

A rising short-run average cost is a result of

Aeconomies of scale

Bfalling marginal costs

Cdiminishing returns

Drising fixed costs

View Explanation & Discuss

Question 1129

jamb 2006

The marginal productivity theory applies in a

Aunionized labour market

Bperfectly competitive market

Cmonopsonistic market only

Dmonopolistic market only

View Explanation & Discuss

Question 1130

jamb 2006

The major problem of conducing a census in Nigeria is

Ainadequate skilled personnel

Bfinancial constraint

Curban congestion

Dlack of political will

View Explanation & Discuss

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