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 the function of an entrepreneur?
AAvoidance of risks
Bdecision making
Cemployment control
DOrganizing unions
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Question 1442
waec2001
Reward for entrepreneurship is
Arent
Bwages
Cinterest
Dprofit
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Question 1443
waec2001
Quasi-rent refers to
Apayment made on aquisition of a firm's premises
Bpayment made for the procurement of tools and equipments
Creturns on investment
Dpayments made on any factors of production that is temporaly fixed in supply
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Question 1444
waec2001
The economic system in which resource are privately owned dis known as
ACapitalism
BSocialism
Ccommunism
Dunitarism
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Question 1445
waec2001
Economic problems arises because
Aresource are scarce relative to wants
Bman is insatiable
Cmoney is scarce
Dman engages in too many economic activities
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Question 1446
jamb2001
The table above shows a demand schedule for eggs. What is the equilibrium price?
AN 100
BN110
CN60
DN80
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Question 1447
jamb2001
The diagram shows the total utility curve. At the point M, marginal utility
Aincreases
Bis unity
Cdiminishes
Dis zero
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Question 1448
jamb2001
A country with over-valued currency will?
Aexpect balance of payments surplus
Bhave increased demand forthe exports
Cincrease her foreign reserve
Ddecreased her foreign reserve
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Question 1449
jamb2001
The major reason why nations engage in international trade is that?
Ait allows free movement of factors of production
Bit makes possible the use of capital-intensive method of production
Cnations are substantially different in their endowments of economic resources
Dit affords the trading nations the opportunity to earn high profit
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Question 1450
jamb2001
The loans from the World Bank to developing countries are mainly to support?
Athe establishment of more universities
Bcapital-intensive technology
Cinfrastructural investments
Dtheir low level of consumption
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Question 1451
jamb2001
GNP is not a good measure of social welfare because there are unrecorded?
Aindirect taxes
Bsocial costs
Cgovernment subsidies
Dtransfer payments
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Question 1452
jamb2001
If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community?
A0.4%
B40.0%
C10.0%
D4.0%
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Question 1453
jamb2001
In order to accelerate economic development, a country must?
Astimulate her population growth rate
Bpursue a high population growth rate
Cpursue a rational population policy
Dpursue an incremental population policy
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Question 1454
jamb2001
Money may not be accepted as a store of value if?
Aits value is unstable
Bit is easily transferable
Cits value is stable
Dit is easily divisible
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Question 1455
jamb2001
The distribution channel that contributes most to the cost of production is?
Aproducer-wholesaler-consumer
Bproducer-retailer-consumer
Cproducer-retailer-wholesaler-consumer
Dproducer-wholesaler-retailer-consumer
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Question 1456
jamb2001
National debts is an expected outcome of?
Adeficit budget
Bconsolidation budget
Cbalanced budget
Dsurplus budget
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Question 1457
jamb2001
The reduction of high fertility rate is a measure in population control designed to make the?
Afemale population higher than the male
Bfemale and male population equal
Cmale population higher than the female
Dgrowth in population more sustainable
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Question 1458
jamb2001
In Nigeria, revenue sharing from the federation Account is between the?
Aexecutive, the judiciary and the legislature
Bfederal and state governments and the parastatals
Cfederal and state governments and the senate
Dfederal, state and local governments
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Question 1459
jamb2001
The efficiency of labour can be increased by?
Aconstant training of workers
Bretirement of workers on a regular basis
Cengaging expatrirates only
Dplacing an embargo on recruitment
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Question 1460
jamb2001
An increase in the discount rate is an indication of a central bank's intention to pursue?
