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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.

4,545 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

4,545 questions

Question 1 of 20 4,545 total questions

Question 1461

jamb 2001

A firm's shut-down point is reach when the average revenue fails to cover the?

Aaverage variable cost

Bmarginal cost

Caverage total cost

Daverage fixed cost

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Question 1462

jamb 2001

A consumer's scale of preference is an arrangement of his?

Ascarce resources in order of importance

Bneeds in order of importance

Csources of income and their importances

Drequirements and how to satisfy them

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Question 1463

jamb 2001

The fixing of the price of an item above or below the equilibrium price is most likely to take place in a?

Acentrally planned economy

Bfree market economy

Cdeveloped economy

Dmixed economy

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Question 1464

jamb 2001

If the arithmetic mean of 1,2,3,4,5,6,x, 16 and 18 is 8.0, find the value of x?

A7.0

B6.0

C8.5

D17.0

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Question 1465

jamb 2001

In a demand curve, the relationship between price and quantity is?

Aindeterminate

Bdirect

Cnil

Dinverse

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Question 1466

jamb 2001

A vertical supply curve indicates that?

Athe quantity supplied is responsive to price

Bthe same fixed quantity will be supplied no matter the price

Can increase in price will result in an increase in the quantity supplied

Dthere is a fixed price for the commodity below which no supply will be made

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Question 1467

jamb 2001

A major problem facing all economies is how to?

Aincrease consumption of imported goods

Bimprove trade among nations

Ctransform from a developing to a developed economy

Dallocate scarce resources

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Question 1468

jamb 2001

When a generalization is made based on observed facts, it is known as?

Adeductive reasoning

Binductive reasoning

Ctheoretical reasoning

Dnormative reasoning

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Question 1469

jamb 2001

A change in supply is best described as a?

Amovement along the supply curve

Bshift of the supply curve to the left or to the right

Cshift of the supply curve to the left

Dshift of the supply curve to the left

View Explanation & Discuss

Question 1470

jamb 2001

Economics is regarded as a social science because it?

Aadopts the scientific method in production

Bis an agent of socialization

Cadopts the scientific method in the study of human behaviour

Dadopts the scientific method with social problems

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Question 1471

jamb 2001

A normal good with close substitutes is likely to have its price elasticity of demand?

Abetween zero and one

Bequal to unity

Cless than unity

Dgreater than unity

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Question 1472

jamb 2001

For a supply curve, an increase in the price of a commodity will result in?

Aa decrease in supply

Ba decrease in the quantity supplied

Can increase in supply

Dan increase in the quantity supplied

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Question 1473

jamb 2001

At the consumer equilibrium, the slope of the indifference curve is?

Ahalf the slope of the budget constraint line

Bequal to the slope of the budget constraint line

Cgreater than the slope of the budget constraint line

Dless than the slope of the budget constraint line

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Question 1474

jamb 2001

In a free market economy, the price system allocates resources?

Aunder government's directives

Bto ensure general welfare

Cto their best alternatives

Dto reduce poverty

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Question 1475

jamb 2001

If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in?

Aan increase in profit by 43%

Ba net gain

Ca decrease in profit 43%

Da net loss

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Question 1476

waec 2000

Which of the following countries is not a member of the Economic Community of West African States (ECOWAS)?

AGhana

BThe Gambia

CCameroun

DGuinea Bissau

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Question 1477

waec 2000

West African countries have low level of economic development due to

Aunder-population

Binadequate labour

Cfailure to plan

Dineffective plan implementation

View Explanation & Discuss

Question 1478

waec 2000

Balance of payment deficit implies that a country is

Aimporting more than she is exporting

Bconsumed less than she is producing

Cliving below her means

Dmore productive than others

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Question 1479

waec 2000

One major export crop in West Africa is

Arice

Bmaize

Cpalm kernel

Dcocoa

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Question 1480

waec 2000

The Organization of Petroleum Exporting Countries (OPEC) is a

Acartel

Bduopoly

Cmonopoly

Dmonopsony

View Explanation & Discuss

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