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.

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 1261
jamb 1978

The biggest source of government revenue in Nigeria is

Amining, rents and royalties
Bcompany income tax
Cimport duties
Dexport duties
Epetroleum profit tax
View Explanation & Discuss
Question 1262
jamb 1978
The Lagos clearing house is
Aa commodity market
Ban import licensing centre
Canother name for the Lagos stock exchange
Dan insurance and underwriting centre
Ea cheque sorting centre
View Explanation & Discuss
Question 1263
jamb 1978
The largest liability appearing in the book of a commercial bank is
Acash
Bdeposits
Cloans and advances
Dcapital and reserves
Etreasury bills
View Explanation & Discuss
Question 1264
jamb 1978

Which of the following statements is true?

AA proportional tax is one which takes from high income people a larger fraction of their income than it takes for low income people
Btaxes on commodities of services which can be shifted elsewhere are usually called direct taxes
CThe sole proprietor is a legal entity
Dthe influence of demand on price will be smallest on the short run
Ethe cost of production is the most important determining factor of supply in the long run
View Explanation & Discuss
Question 1265
jamb 1978
A Tax which takes a higher percentage from higher incomes is called?
Aa regressive tax
Ba progressive tax
Ca proportional tax
Dan indirect tax
Ea direct tax
View Explanation & Discuss
Question 1266
jamb 1978
Which of the following can be regarded as a liability of a commercial bank?
Aadvances
Bdeposits
Ctreasury bills
Doverdrafts
Ecash
View Explanation & Discuss
Question 1267
jamb 1978

The effect of the demand for product A caused by a change in the price of a product B is called?

Across-elasticity of demand
Belasticity of supply
Ccompetitive demand
Dcomposite demand
Ejoint demand
View Explanation & Discuss
Question 1268
jamb 1978
Which of the following financial assets consist the lowest rate of interest in Nigeria?
Acommercial bills
Bcall money
Ctreasury bills
Ddevelopment loan stocks
Edeposits with the federal savings bank
View Explanation & Discuss
Question 1269
jamb 1978
The foreign exchange market is a market where
Agraded commoditties like wheat, flour, etc are sold and bought
Bcurrencies are sold and bought
Ctreasury bills are sold and bought
Dgovernment bonds are sold and bought
Etreasury certificates are sold
View Explanation & Discuss
Question 1270
jamb 1978
Price control cannot work in Nigeria because
Athe population is too large
Bthe policemen hate to arrest people
Cwhile it is fairly easy to control producers and importing firms, smaller distributors are too many to be controlled
Dcontrol cannot work under military rule
Etoo many things are produced in the country
View Explanation & Discuss
Question 1271
jamb 1978

If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing

AIncreasing Marginal utility
BDiseconomies of scale
CIncreasing costs
DConstant returns to scale
EIncreasing returns to scale
View Explanation & Discuss
Question 1272
jamb 1978

Which is NOT a direct effort to increase Agricultural production in Nigeria?

AOperation feed the Nation
BNigerian Youth Service Corps
CIncreased loans to farmers and cooperatives
DResearch in Agric & Extension services
EMechanization of Agriculture
View Explanation & Discuss
Question 1273
jamb 1978

Which is an example of an invisible item in the trade Account of Ghana?

AExport of Cocoa from Ghana
BImport of oil from Nigeria
CA gift of a Peugout 504 by a firm in Nigeria to a firm in Ghana
DPayment for shipping and insurance by a Ghanaian company to companies outside Ghana
ENone of the above
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Question 1274
jamb 1978

A commercial bank is unique in that it is the only institution that

Amakes loans to private people and businessmen
Baccept deposits
Ccan store peoples' valuables
Dcan transfer money from one place to another for its customers
Esaves money through the granting of credits
View Explanation & Discuss
Question 1275
jamb 1978

Malthus became famous through his theory which may be stated simply

Athe death rate may become so high that people may not be able to produce
Bpopulation may outgrow the means of subsistence
Cpeople will eventually decide not to have children
Dmigration of people from one place to another may leave some parts of the world barren
Eall of the above
View Explanation & Discuss
Question 1276
jamb 1978

Inferior goods are referred to in Economics as goods

AWhose quality is low
BConsumed by very poor people
CWhose consumption falls when cunsumers' income rises
DWhich satisfy only the basic needs
ENone of the above
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Question 1277
jamb 1978
The following is NOT a reason for the existence of small firms
AScale of production is limited by size of the market
BExpansion brings diminishing returns
CLarge firms can carter for wide markets
DSmall firms can provide personal services
EAll of the above
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Question 1278
jamb 1978

When elasticity is zero, the demand curve is

APerfectly elastic
BPerfectly inelastic
CConcave
DDownward slopping
ECircular
View Explanation & Discuss
Question 1279
jamb 1978

A budget deficit means

AThat a country is buying more than is selling
BThat a country is selling more than is buying
CThat a government is spending more than in takes in taxation
DThat a government is spending less than it takes in taxation
EThat a government is spending as much as it takes in taxation
View Explanation & Discuss
Question 1280
jamb 1978

Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

AThe same as equilibrium supply
BGreater than equilibrium supply
CLess than the equilibrium supply
DDetermined later by government
ENone of these
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