Economics Past Questions

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2,540 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

2,540 questions
Question 1 of 20 2,540 total questions
Question 111
jamb 2023

The diagram above represent

Aperfect competition
Bmononpoly
Cdemand curve
Dcompetitive market
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Question 112
jamb 2023

The fundamental problem of economics is

AFinding striking determinants between the forces of supply and demand
BThe scarcity of productive resources relative to society's unlimited wants
CThe establishment of a political framework to determine the what, how and for whom of production
DTo establish an equitable distribution of income
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Question 113
jamb 2023

.............is presently used in Nigeria to measure inflation

AGNP implicit price deflator
BConsumer price index
CWholesale price index
DReal Gross Domestic Product
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Question 114
jamb 2023

A major factor contributing to productivity is

AImmigration of young workers
BThe labour force
CThe baby boom of generation
DThe rate of GDP per year
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Question 115
jamb 2023

The development of an economic hypothesis through intuition, insight, or logic is associated with

ADeduction
BPolicy economics
CNormative economics
DInduction
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Question 116
jamb 2023

One major problem facing West African countries is

ARelations with Colonial Masters
BJoint Military operations in Member States
CPolitical integration
DFinancial crunch of Member States
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Question 117
jamb 2023

If a business' total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn

AA normal profit of N750,000
BAn economic profit of N750,000
CA normal profit o N1,750,000
DAn economic profit of N250,000
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Question 118
jamb 2023

The theory of ............... was propounded by ..................

AComparative advantage; Mercantilists
BAbsolute advantage; Adam Smith
CComparative advantage; Adam Smith
DAbsolute advantage; David Ricardo
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Question 119
jamb 2023

The type of unemployment that occurs when an individual cannot find job as a result of obsolete skill is

AStructural unemployment
BCyclical unemployment
CSeasonal unemployment
DFrictional unemployment
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Question 120
jamb 2023

An industry is

AA group of firms producing differentiated products
BA group of firms producing distinct commodities
CA group of firms producing related goods
DA group of firms producing unrelated goods
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Question 121
jamb 2023

The part of income after tax that is not consumed is defined as

AWages and salaries
BSaving
CCapital investment
DNondurable goods expenditure
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Question 122
jamb 2023

The "velocity" of money is

AThe real money supply divided by the real GDP
BThe money supply multiplied by the price level
CThe money supply divided by the price level
DThe ratio of real GDP to the real money supply
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Question 123
jamb 2023

The short run can be defined as the period of time during which

AAll inputs are fixed
BAt least one of the firm's input is fixed
CAt least two inputs are fixed
DAll inputs are variable
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Question 124
jamb 2023

The marginal propensity to consume is

AOptions A, B and C
BΔC/ΔY
CThe slope of the consumption function
DCoefficient c in the equation C = C + cYd
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Question 125
jamb 2023

Which of the following is an example of free good?

AFree education
BWater in the ocean
CDinner you did not pay for
DYour rented apartment
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Question 126
jamb 2023

The demand for a good is price inelastic if

AThe price elasticity is less than one
BThe price elasticity is one
CThe price elasticity is negative
DThe price elasticity is greater than one
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Question 127
jamb 2023

A tariff is a tax imposed on

AConsumer goods
BDomestic goods
CImported goods
DExported goods
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Question 128
jamb 2023
Which is a factor of production?
Asupply
Bcapital
Cprice
Ddemand
Question 129
jamb 2023
A market with a single seller is a
Aoligopoly
Bduopoly
Cperfect competition
Dmonopoly
Question 130
jamb 2023
Gross Domestic Product measures
Aforeign aid
Bthe value of goods and services produced within a country
Conly exports
Donly government spending
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