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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.

49 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

49 questions

Question 1 of 20 49 total questions

Question 11

jamb 2000

Which of the following is used for measuring national income?

AOutput, income and wages

BImport, expenditure and output

CIncome, output and expenditure

DExport, Import and output

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Question 12

jamb 2000

The major function of the wholesaler to his customers is?

Abreaking of bulk

Boffering personal services

Cstocking a variety of goods

Dproviding transport facilities

View Explanation & Discuss

Question 13

jamb 2000

A major effect of a long distribution chain is?

Ahigh retail prices

Bscarcity of commodities

Clow retail prices

Dlow producer earnings

View Explanation & Discuss

Question 14

jamb 2000

Firms continue to employ workers until the wage rate equals the?

Aaverage product of labour

Bmarginal revenue product of labour

Ctotal product of labour

Dsum of marginal revenue and average revenue of labour

View Explanation & Discuss

Question 15

jamb 2000

The age distribution of a country's population determines the?

Aratio of the dependent to the working group

Btotal age of all working class adults

Cmale-female ratio

Dpercentage of married women

View Explanation & Discuss

Question 16

jamb 2000

A well conducted census is important for?

Aeffective defence

Beffective revenue generation

Cgood economic planning

Doptimum population

View Explanation & Discuss

Question 17

jamb 2000

As a producer' association, the OPEC expects its members to maintain production where marginal cost is?

Agreater than price

Bless than price

Cequal to price

Dequal to average cost

View Explanation & Discuss

Question 18

jamb 2000

The Nigerian economy is mono-cultural because government revenue is derived mainly from?

Aagriculture

Bmanufacturing

Ccoal

Dcrude oil

View Explanation & Discuss

Question 19

jamb 2000

Industries contribute to national economic development because they?

Autilize local raw materials

Bemploy an increase number of labour

Cprovide recreational facilities

Duse modern machines which replace human labour

View Explanation & Discuss

Question 20

jamb 2000

The slow pace of industrial growth in Nigeria can be attributed to?

Aoverdependence on the oil sector

Binadequate number of unskilled labour

Clack of raw materials

Dinadequate infrastructural facilities

View Explanation & Discuss

Question 21

jamb 2000

A primary industry is concerned with?

Aextraction of resources in their raw states

Bthe operation of small scale enterprises

Cthe economic activities of primary producers

Dclearing and cultivation of land only

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Question 22

jamb 2000

Increased output will cause farmers' revenue to decrease when market demand is?

Aelastic

Binelastic

Cunitary elastic

Dperfectly elastic

View Explanation & Discuss

Question 23

jamb 2000

One problem in the marketing of agricultural products in Nigeria is?

Athe seasonal nature of the commodities

Bhigh price of the commodities

Cthe changing tastes of consumers

Dinadequate storage facilities

View Explanation & Discuss

Question 24

jamb 2000

The concept of privatization presupposes?

Aefficiency

Bmarketing trade

Cindigenization

Dforeign trade

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Question 25

jamb 2000

A distinguishing characteristic of cooperative societies is that voting power depends on the?

Anumber of shares held

Bstatus of the member

Cequality of members

Dmanagement's decision

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Question 26

jamb 2000

At the point where the marginal revenue of a monopolist is equal to zero, its total revenue will be?

Afalling

Brising

Cequal to zero

Dmaximum

View Explanation & Discuss

Question 27

jamb 2000

The short-run equilibrium in a perfectly competitive market requires that?

Amarginal cost be equal to total revenue

Bmarginal cost and marginal revenue be equal

Ccosts are mutually determined by buyers and sellers

Dthe marginal cost curve cuts the total cost curve

View Explanation & Discuss

Question 28

jamb 2000

If a total cost curve is plotted, marginal cost can be illustrated by the?

Aslope of the tangent to the curve at any given output

BU-shaped curve cutting the total cost curve at its lowest point

Cstraight line from the origin to the mid-point of the curve

Dstraight line cutting the curve at its highest point

View Explanation & Discuss

Question 29

jamb 2000

External dis-economies of scale result from excessive growth of?

Athe whole industry

Bsome sectors of the industry

Cexternal factors

Dinternal factors

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Question 30

jamb 2000

In a small scale business, the fixed cost is N5,000, variable cost is N15,000 and the output is 500 units. What will be the unit cost of the goods?

AN400.00

BN80.00

CN40.00

DN20.00

View Explanation & Discuss

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