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Economics Past Questions

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

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2,540 questions

Question 1 of 20 2,540 total questions

Question 121

jamb 2023

When demand exceeds supply at the current price, there is

Aequilibrium

Bexcess demand

Csurplus

Dexcess supply

Question 122

jamb 2023

Which is a central problem of economics?

Awhere to travel

Bhow to cook

Cwhen to earn

Dwhat to produce

Question 123

jamb 2023

Economics is the study of the allocation of scarce resources to satisfy

Alimited wants

Bunlimited wants

Cforeign demands

Dgovernment needs

Question 124

jamb 2022

Which of the following cannot be classified as a natural resource?

AIron rod

BWild life

CSolar energy

DGold

View Explanation & Discuss

Question 125

jamb 2022

One benefit a country can derive from the extraction of crude oil is increase in

Apopulation

Bemployment

Cmoney supply

Ddemand for imports

View Explanation & Discuss

Question 126

jamb 2022

An electrical engineer who is teaching physics in a secondary school is said to be

Aunder-employed

Bunemployed

Cfully employed

Dtechnologically unemployed

View Explanation & Discuss

Question 127

jamb 2022

The International Bank for Reconstruction and Development(IBRD) performs the following functions except-------

Agranting long-term loans

Bassisting with technical expertise

Creducing tariff among members

Ddeveloping human resource

View Explanation & Discuss

Question 128

jamb 2022

The line labelled M in the diagram above represent

Atotal cost

Bfixed cost

Cvariable cost

Daverage cost

View Explanation & Discuss

Question 129

jamb 2022

The curve labelled x is the

Atotal revenue curve

Btotal product curve

Cmarginal product curve

Dmarginal revenue curve

View Explanation & Discuss

Question 130

jamb 2022

What type of price elasticity of demand is the diagram above representing?

Aperfectly inelastic demand

Bperfectly elastic demand

Cfairly elastic demand

Dcomposite demand

View Explanation & Discuss

Question 131

jamb 2022

The pie chart above represents the total population of a school of 1,200. The shaded area of 60º shows the population of the underaged pupils.

What is the population of the matured students?

A600

B800

C1000

D1200

View Explanation & Discuss

Question 132

jamb 2022

Which of the following forms of economic integration is a member nation free to impose duty against non-members

ACustoms union

Bfree trade area

CCommon market

DEconomic community

View Explanation & Discuss

Question 133

jamb 2022

Nation engage in external trade because of difference in

Acomparative cost

Babsolute cost

Cfixed cost

Dvariable cost

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Question 134

jamb 2022

Which of the following activities will not lead to economic growth?

AMassive importation of capital goods

BIntensive capital formation

CUse of modern technology

DMassive importation of consumer goods

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Question 135

jamb 2022

The figure above shows change in demand for commodity x which is a normal good. Use it to answer the questions that follows

Which of the following caused the change in demand from D0 D0 to D2 D2?

AFall in income of consumer

BRise in the price of a substitute

CRise in the price of a complement

DFall in the supply of commodity x

View Explanation & Discuss

Question 136

jamb 2022

In order to increase revenue, government should tax commodities for which demand is

Aperfectly price inelastic

Bprice inelastic

Cprice elastic

Dunitary elastic

View Explanation & Discuss

Question 137

jamb 2022

What happens when the central bank increases the bank rate in an economy

Aborrowing is discouraged

Bcustomers increase their borrowing

Cbanks can increase their lending

Dmoney supply increases

View Explanation & Discuss

Question 138

jamb 2022

The stock exchange is an example of the

Alabour market

Bmoney market

Ccommodity market

Dcapital market

View Explanation & Discuss

Question 139

jamb 2022

If a housewife has meat and wants tomatoes, she must find someone who has tomatoes to give and wants meat. This concept is described as

Ascale of preference

Bopportunity cost

Ccomplementary demand

Ddouble coincidence of wants

View Explanation & Discuss

Question 140

jamb 2022

Holding money to take care of contingencies is

Aa speculative motive

Ba transactions motive

Ca precautionary motive

Dan expansionary motive

View Explanation & Discuss

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