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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.

1,723 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

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Question 1 of 20 1,723 total questions
Question 141
waec 2020

The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows

Output (units) 50 60 70 80 90
Total revenue (TR) $ 85 102 119 136 153

What is the unit price of the firm's output

A$10.00
B$2.70
C$2.00
D$1.70
View Explanation & Discuss
Question 142
waec 2020

If the average fixed cost (AFC) of producing 5 bags of rice is $20.00, the average fixed cost of producing 10 bags will be 

A$2.00
B$4.00
C$10.00
D$20.00
View Explanation & Discuss
Question 143
waec 2020

One feature of the average fixed cost is that it
 

Afalls continuously but is never equal to zero.
Bis U-shaped and intersects the Y-axis
Crises and falls faster than the marginal cost
Dis always higher than the average variable cost
View Explanation & Discuss
Question 144
waec 2020

Increasing returns to scale suggests that 

Aa firm can make a profit by reducing output
Ba firm can make more profit by increasing output
Cas the producer reduces the quantity of raw materials used, the marginal product will double
Das the producer increases the quantity of raw materials used, the marginal product will fall
View Explanation & Discuss
Question 145
waec 2020

A large firm may experience diseconomies of scale if there is 

Adifficulty in coordinating decisions
Bdivision of labor in production
Cemployment of more specialist
Ddecrease in the cost of production
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Question 146
waec 2020

If a beef market is in equilibrium at $4.00 per kg, an increase in price to $6.00 per kg may cause

Asurplus in the market
Bshortage in the in market
Cblack market to come into operation
Drationing to be introduced
View Explanation & Discuss
Question 147
waec 2020

A seller increased the quantity he offered for sale from 200 units to 250 units when the price of his product increased by 12.5%. What is the price elasticity of the supply of his product?

A2.00
B1.50
C1.00
D0.50 
View Explanation & Discuss
Question 148
waec 2020

An increase in supply means that

Amore is sold at different prices
Bmore is sold at the same price
Cthere is a leftward shift of the supply
curve
Dthere is a movement along the supply
curve 
View Explanation & Discuss
Question 149
waec 2020

If an increase in the supply of beef increased the supply of hides, then beef and hides are in
 

Acompetitive supply
Bjoint supply.
Ccomposite supply
Djoint demand 
View Explanation & Discuss
Question 150
waec 2020

If an increase in the price of crude oil led to an increase in the prices of kerosene and grease, then kerosene and grease are in

Ajoint supply
Bcompetitive supply
Cmarket Supply
Dcomposite supply
View Explanation & Discuss
Question 151
waec 2020

Goods that are abundant in supply usually have low

Atotal utility
Bmarginal utility
Caverage utility
Dtime utility
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Question 152
waec 2020

A consumer is in equilibrium when 

Ahis market Supply is equal to his market demand
Bhe maximizes his satisfaction from spending his income
Cthe market is also in equilibrium
Dhe has consumed all he wants
View Explanation & Discuss
Question 153
waec 2020

Goods are described as inferior if their demand

Adecreases as price falls
Bincreases as income rises
Cdecreases as income increases
Dincreases as price increases
View Explanation & Discuss
Question 154
waec 2020

In the figure above, YZ represents 

Aexcess demand
Bexcess supply
Cequilibrium quantity
Dequilibrium price
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Question 155
waec 2020

Use the figure below to answer the question that follows

Open Photo

The curves D\(_{0}\)D\(_{0}\) and S\(_{0}\)S\(_{0}\) are the initial demand and supply curves respectively. What happens when government provides subsidies to producers?

AThe supply curve will shift from S\(_{0}\)S\(_{2}\) to S\(_{2}\)S\(_{0}\)
BThe supply curve will shift from S\(_{0}\)S\(_{0}\) to S\(_{1}\)S\(_{1}\)
CThe demand curve will shift from D\(_{0}\)D\(_{0}\) to D\(_{1}\)D\(_{1}\)
DThe supply curve will shift from S\(_{0}\)S\(_{0}\) to S\(_{0}\)S\(_{0}\)
View Explanation & Discuss
Question 156
waec 2020

The figure above shows the change in demand for Commodity X which is a normal good. Use it to answer the question that follows.

Which of the following caused the change in demand from D\(_{1}\) D\(_{1}\) to D\(_{2}\)D\(_{2}\)

AFall in the income of consumers
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 157
waec 2020

Use the figure below to answer the question that follows

What does the diagram above depict

Asimple bar chart
Bcomplex bar chart
Ccomponent bar chart
DPictogram bar chart
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Question 158
waec 2020

In a free market economy, resources are allocated through the 

Agovernment department
Bprice mechanisms
Ctrade union
Dstate planning committee.
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Question 159
waec 2020

Land as a factor of production is made useful through the 

Aapplication of human effort
Bacts of nature
Capplication of fertilizer
Duse of machines
View Explanation & Discuss
Question 160
waec 2020

When the production possibility curve shifts outwards, the economy experiences

Agrowth
Bover-production
Cinefficient use of resources
Dunder-production
View Explanation & Discuss
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