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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 1171

waec 2005

Acceptability, durability, homogeneity and portability are all attributes of good

Amarkets

Bmoney

Cbanks

Dgovernment

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Question 1172

waec 2005

The direct exchange of one goods for another without the use of money is known as

Aforeign exchange

Bexchange rate

Cexpenditure rate

Dbarter

View Explanation & Discuss

Question 1173

waec 2005

The profit of the producers can be calculated as the

Atotal cost less total revenue

Baverage revenue less average cost

Ctotal revenue less total cost

Dmarginal revenue less marginal cost

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Question 1174

waec 2005

information about new goods is passed on to buyers through

Aadvertising

Bretail trade

Cthe manufacturer

Dwholesale trade

View Explanation & Discuss

Question 1175

waec 2005

In which of the following business units are the owners mostly customers?

Aco-operatives

Blimited liability companies

Cpartnerships

Dpublic corporations

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Question 1176

waec 2005

Wholesalers are often criticized because they

Ahelp to break the bulk

Bfinance producers

Cincrease prices

Dprovide after-sales services

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Question 1177

waec 2005

One-man business are popular in West Africa because of all the following except the

Aease of entry

Bsmall capital required

Climited enterpreneur skills needed

Dtendency to become joint-stock compsnies

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Question 1178

waec 2005

The transfer of ownership of a public enterprise to individuals and firms is called

Acommercialization

Bnationalization

Cprivatization

Drestructuring

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Question 1179

waec 2005

If elasticity of demand for a commodity is less than one, demand is

Aunitary elastic

Binelastic

Cinfinetelt elastic

Dzero elastic

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Question 1180

waec 2005

one of the factors determining price elasticity of demand for a commodity is the

Aavailability of close substitutes

Bnumber of producers

Cgovernment policy

Dprice of other commodities

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Question 1181

waec 2005

If the government fixed a price of a commodity above equilibrium price, the quantity supplied will be

Aless than quantity demanded

Bequal to the qauntity demanded

Cgreater than quantity demanded

Dequal to zero

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Question 1182

waec 2005

At the equilibrium price, quantity demanded is

Agreater than quantity supplied

Bequal to quantity supplied

Cless than quantity supplied

Dequal to excess supply

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Question 1183

waec 2005

amount of goods offered to the market at respective prices and presented in a table is called

Aprice schedule

Bsupply schedule

Cscale of preference

Ddemand schedule

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Question 1184

waec 2005

The desire for goods without the ability to pay is called

Achoice

Beffective demand

Cjoint demand

Dwants

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Question 1185

waec 2005

Price control refers to

Athe way of making more goods available in the market

Ba policy of ensuring stable price in the market

Ca general reduction in the price level

Deffective working of the forces of demand and supply

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Question 1186

waec 2005

To achieve an equilibrium position, the consumer must buy so much of each commodity whose price is equal to its

Amarginal utility

Btotal utility

Caverage utility

Dvariable utility

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Question 1187

waec 2005

a factor that has slowed down the rate of industrial development in West Africa is

Ainadequate technology

Bincreasing rate of manpower production

Cincreased demand for local goods

Dintervention of the government in business activities

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Question 1188

waec 2005

A group of firm producing similar commodities for the same market constitute

Aa cartel

Ban industry

Ca co-operative

Dwholesaler

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Question 1189

waec 2005

Age distribution is important because it helps the government to

Acheck rural-urban drift

Bdetermines the number of foreigners

Cdetermines the number of factories

Dundertake effective planning

View Explanation & Discuss

Question 1190

waec 2005

which of the following determines the size of a country's population ? (I) Birth rate (II) Death rate (III) Migration rate (IV) Importation rate (V) Unemployment rate

A(I), (II) and (V)

B(II) and (IV)

C(I),(II) and (III)

D(IU) and (V)

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