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.
which of the following is an advantage of localization of industry?
Adevelopment of subsidiary firms
Bcreation of paralell markets
Cdevelopments of slums
Dattraction of foreign capitals
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Question 1322
waec2003
Division of labour leads to
Aimproved craftsmanship
Bthe production of standardized goods
Cincrease in the cost of goods
Dtrade by barter
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Question 1323
waec2003
A major limiting factor of mass production is
Aefficient management
Badequate labour supply
Csmall size of the market
Dadequate supply of raw materials
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Question 1324
waec2003
one major function of the entrepreneur is
Abearing of risks
Bmaximizing profits
Ctaking charge of day to day managment
Ddeterminig the selling price of his products
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Question 1325
waec2003
Which of the following factors of production consists of man made goods?
Aland
Blabour
Ccapital
Dentreprennuer
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Question 1326
waec2003
The reward for labour is
Awage
Bprofit
Crent
Ddividend
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Question 1327
waec2003
The problem of scarcity is reduced by
Acontrolling consumption of goods and services
Bproducing everything needed by the consumers
Censuring efficient allocation of resources
Drestricting consumer choice and tatste
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Question 1328
waec2003
which of the following is not an advantage of tubular presentation of data?
Aenables easy location of required figures
Bmakes for easy comaprison of figures
Coccupy more space than mathematical equations
Dshowa wether the figures are increasing or decreasing
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Question 1329
waec2003
The major agents of economics system are
Aconsumer, workers and producers
Bmarkets, telecommunication and banks
Cschools, hospitals and universisties
Dindidviduals , firms and government
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Question 1330
waec2003
Economic as a field of study is a
Apure science
Bpolititcal science
Csocial science
Dphysical science
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Question 1331
jamb2003
The theory of comparative advantage states that a commodity should be produced in that nation where the
AAbsolute cost is least
BAbsolute money cost is least
COpportunity cost is least
DProduction possibility curve increases
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Question 1332
jamb2003
The commercial banks differ from non-bank financial institutions because they
AAccept deposits withdrawable by cheque
BMobilize savings
CInvest surplus funds
DContribute to economic development
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Question 1333
jamb2003
The best method of production in an under populated country is
ALabour-extensive
BLand-intensive
CCapital-intensive
DLabour-intensive
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Question 1334
jamb2003
In the table above, the price of commodity y is N2 and that of x is N1 while the individual has an income of N12. Determine the combination of the two commodities the individual should consume to maximize his utility
A3y and 3x
B6y and 4x
C3y and 6x
D5y and 5x
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Question 1335
jamb2003
If the country is currently producing at point Y, it can increase production of producer goods by moving to the point
AV
BW
CX
DZ
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Question 1336
jamb2003
Use the production possibility curve of a country represented in the diagram above to this questions.An improvement in technology will enable the country to produce at
AV
BW
CX
DZ
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Question 1337
jamb2003
The labour force of a country can be determined by examining the
Aage structure of the population
Bsex distribution of the population
Cgeographical distribution of the population
Doccupational distribution of the population
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Question 1338
jamb2003
Fixing the prices of agricultural products can be a problem because of the
Aactivities of marketing boards
Bsize of agricultural exports
Cinstability of government policies
Dunpredicatable output of farmers
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Question 1339
jamb2003
An important factor hindering the rapid development of the industrial sector in Nigeria is
Arural-urban migration
Bexcessive demand for finished products
Cinadequate infrastructural facilities
Dthe dominace of the oil sector
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Question 1340
jamb2003
country is said to be overpopulated when
Athe resocurce are more than enough to cater for the population
Bthe size of the population is greater than the annual budget
Cthe resources are inadequate to cater for the population
Dthere are too many able-bodied men and women in the country
