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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.

50 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

50 questions

Question 1 of 20 50 total questions

Question 11

jamb 1979

If a government is running deficit, this means

AA term of trade are unfavourable

Bmore project cannot be undertaken

CTax inflow is greater than expenditure

Daggregate demand is greater than aggregate supply

Etax inflow is less than expenditure

View Explanation & Discuss

Question 12

jamb 1979

The proportion of currency in the money supply

Ais higher in developing countries than advanced countries

Bis lower in developing countries than advanced countries

Cis the same in both developing and advanced countries

Dgrows as the economy develope

Enone of the above

View Explanation & Discuss

Question 13

jamb 1979

When the average physical product curve is rising the marginal physical product is

Abelow it

Babove it

Cfalling

Dzero

ENone of the above

View Explanation & Discuss

Question 14

jamb 1979

The lowering of the exchange rate between country's currency and other currencies is known as

Athe foreign exchange rate

Bdeflation

Cexchange control

Dthe law of comparative advantage

ENone of the above

View Explanation & Discuss

Question 15

jamb 1979

Which of the following is not an asset of a commercial bank?

Acash

Bmoney at call

Ctreasury bills

Dreserve funds

Eloans and over-draft

View Explanation & Discuss

Question 16

jamb 1979

If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is

AProgressive

BIndirect

CRegressive

DProportional

ENone of the above

View Explanation & Discuss

Question 17

jamb 1979

Net national income is

AGross national income minus depreciation

Bgross domestic product plus net income from abroad

Cnominal national income divided by the price level

Dgross national income divided by the total population

Egross national product plus subsidies minus indirect taxes

View Explanation & Discuss

Question 18

jamb 1979

Which of these is not usually the function of a wholesaler?

ATransport

BStorage

CAdvertising

DAfter-sale services

EBranding

View Explanation & Discuss

Question 19

jamb 1979

Which of the following type of capital is not rewarded by means of dividends?

AOrdinary shares

BPreference shares

Ccummulative shares

Dparticipating preference shares

Edebentures

View Explanation & Discuss

Question 20

jamb 1979

The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as

Avisible trade

Binvisible trade

Cbalance of payments

Dbalance of trade

Eterms of trade

View Explanation & Discuss

Question 21

jamb 1979

If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is

Azero

E10

View Explanation & Discuss

Question 22

jamb 1979

The value of money is generally measured in reference to

Athe interest rate charged on bank loans

Bthe general price level

Cthe size of countries gold stock

Dthe level of economic development in a country

Ethe price of stocks and shareson the stock exchange

View Explanation & Discuss

Question 23

jamb 1979

The country will be over populated when

Athe rate of birth is high

Bthe death rate is low

Cthe growth rate is high

Dpopulation is increasing more than resources in the country

Eunemployement is high in the country

View Explanation & Discuss

Question 24

jamb 1979

The quantity supplied of a commodity increases best when

AProduction increases

BDemand increases

CPrice of the commodity increases

DPopulation of the country increases

EMore commodities are imported

View Explanation & Discuss

Question 25

jamb 1979

opportunity cost is the

Aprice of scarce goods

Bresources required for making a commodity

Ccost of luxury goods

Daccrual of financial loses by chance

Ealthernative forgone in other to satisfy a want

View Explanation & Discuss

Question 26

jamb 1979

Average cost is

Athe total cost of production

Bthe extra cost of producing one additional unit of output

Ccost of producing a unit of output

Dvariable cost

Eoverhead cost

View Explanation & Discuss

Question 27

jamb 1979

Which of the following is not an indirect tax?

Aexcise duty

Bcompany tax

Cimport duty

Dexport duty

Esales tax

View Explanation & Discuss

Question 28

jamb 1979

By utility we mean

Ausefulness

Bpower of satisfying a want

Cbeneficial

Dadvantageous

Econsumable

View Explanation & Discuss

Question 29

jamb 1979

Division of labour means

Adividing the labour into different categories

Bsplitting the process of production into different parts to be completed by each person

Cdividing the goods and services into different sections

Dassigning different duties to labourers

Egroup of labourers working in a factory or shop

View Explanation & Discuss

Question 30

jamb 1979

Which of the following is not a direct tax?

Acompany income tax

Bcapital tax

Cpurchase tax

Dpersonal income tax

Ecapital gain tax

View Explanation & Discuss

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