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Economics Past Questions

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

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4,545 questions

Question 1 of 20 4,545 total questions

Question 1821

waec 1992

which of the following defines Economics most comprehensively ?

AThe study of buying and selling

BThe organization of industries and markets

CThe study of human behaviour in the allocation of scarce resources

DNational development, planning and budgeting

EThe study of market forces as they affected human behaviour

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Question 1822

waec 1992

which of the following is not a characteristics of money?

AScarcity

BDurability

CDivisibility

DHomogeneity

EMobility

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Question 1823

waec 1992

In Economics production is complete when

Agoods are produced in the factories

Bgoods are sold to wholesalers

Cprices are fixed for goods and services

Dgoods and services reach the consumer

Egoods are sold to retailers

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Question 1824

waec 1992

The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be

Aexcess demand

Bexcess supply

Cshortage in the market

Dmany buyers in the market

Eno buyer in the market

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Question 1825

waec 1992

the most basic concern of economists is to

Acreate human wants

Bsaisfy all human wants

Credistrubute income so that it is used correctly

Dcreate perfect competition

Eallocate scarce resources to satisfy human wants

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Question 1826

waec 1992

Opportunity cost is define as the

Amoney cost

Bcost of production

Creal cost

Dvariable cost

Efixed cost

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Question 1827

waec 1992

Scarcity in Economics generally refers to

Aa period of production

Bhoarding of goods

Cmonopolization of existing supply of resources

Dperiod of famine

Eresources being limited

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Question 1828

waec 1992

Economics is a social science because it

Adeals with an aspect of hman behaviour

Bprovides people with commodity they want

Cdeals with limited resources which have alternative uses

Ddeals with the production of goods for present and future consumption

Eis related to how choice is made

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Question 1829

jamb 1992

The terms of trade of a country is defined as

A\(\frac{\text{Index of import prices}}{\text{Index of export prices}}\) x 100

B\(\frac{\text{Index of exportable}}{\text{Index of importable}}\) x 100

C\(\frac{\text{Index of visible imports}}{\text{Index of visible exports}}\) x 100

D\(\frac{\text{Index of export prices}}{\text{Index of import prices}}\) x 100

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Question 1830

jamb 1992

The type of business organizations mostly used for producing public goods in Nigeria is

ASole proprietorships

BLimited liability companies

CCo-operative societies

DStatutory corporations

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Question 1831

jamb 1992

\(\begin{array}{c|c}
\text{Quantity of singlets} & \text{Short run total costs(N)} \\
0 & 1,000 \\
10 & 1,200 \\
20 & 1,400 \\
30 & 1,600 \\
40 & 1,800 \\
\end{array}\)

The short run total costs for different levels of output for a firm producing singlets are shown above. Calculate the variable cost per unit at an output of 20.

AN1000

BN400

CN70

DN20

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Question 1832

jamb 1992

\(\begin{array}{c|c}
\text{Population(Million)} & \text{Food Production(Milion tonnes)} \\
50 & 220 \\
70 & 210 \\
90 & 225 \\
100 & 275 \\
\end{array}\)

In the data above, what is the optimum population in million?

A50

B70

C90

D100

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Question 1833

jamb 1992

\(\begin{array}{c|c}
\text{Age group(years)} & \text{Distribution(%)} \\ \hline
\text{Above 60} & 30 \\
\hline
15 - 60 & 45 \\
\hline
0 - 14 & 25 \\
\end{array}\)

The estimated dependency ratio of the population distribution shown here is

A11:9

B9:11

C7:3

D3:7

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Question 1834

jamb 1992

At what level of input has diminishing marginal returns set in?

B16

C20

D22

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Question 1835

jamb 1992

Calculate the marginal physical product of the last unit of input

D10

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Question 1836

jamb 1992

if in the graph, it is assumed that the price is initially P₁, it can be deduced that price will

Afall because there is a surplus

Bremain constant because it is the equilibrium price

Crise because there is a shortage

Ddouble

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Question 1837

jamb 1992

In the diagram, the profit maximizing output is

AQ₁ while 1 = AC and II = MC

BQ₁, while l = MC and ll = AC

CQ₂, while l = MC and ll AC

DQ₃, while l = AC and ll = MC

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Question 1838

jamb 1992

One of the gains by member states of the Economic Community of West Africa?

Amonocultural dependency

Btrade creation

Ctrade inversion

Deconomic independency

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Question 1839

jamb 1992

The Nigerian Trust Fund is managed on behalf of Nigeria by the?

AWorld Bank

BInternational Monetary Fund

CAfrican Development Bank

DEconomic Commission for Africa

View Explanation & Discuss

Question 1840

jamb 1992

When a foreigner on a visit to Nigeria pays for hotel accommodation and meals with some foreign currency,the amount paid should be recorded in Nigeria's balance of payment as an item of?

ANigeria's invisible export trade

BNigeria's import trade

CNigeria's invisble trade

Dforeign capital inflow into Nigeria

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