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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 2009

The major reason why countries strive to achieve optimum growth is to

Abe self-sufficient

Braise general living standards

Craise the level of production

Dreduce aggregate expenditure

View Explanation & Discuss

Question 12

jamb 2009

If government expenditure exceeds revenue, this result in

Abalanced budget

Bnational debt

Cbudget deficit

Dbudget surplus

View Explanation & Discuss

Question 13

jamb 2009

The Basic Needs Approach to development is

Apoverty alleviation

Bprovision of educational infrastructure

Cprovision of health services

Dimprovement in workers income

View Explanation & Discuss

Question 14

jamb 2009

Cost-push inflation occurs when

Aproduction cost is high

Bfactor prices decrease

Cthere is too much money in circulation

Dgovernment embarks on deficit financing

View Explanation & Discuss

Question 15

jamb 2009

A manufacturer who wants to build a new plant will source funds from the

Acommercial banks

Bmoney market

Ccapital market

Dgovernment

View Explanation & Discuss

Question 16

jamb 2009

The reform in the banking sector in Nigeria is principally motivated by the need to

Aincrease the capital base of banks

Bprovide more money to run the economy

Cminimize the rate of bank failures

Denhance efficiency in bank operations

View Explanation & Discuss

Question 17

jamb 2009

The ability of commercial banks to create money depends on the

Areserve ratio

Bliquidity ratio

Cinterest rate

Dcapital base

View Explanation & Discuss

Question 18

jamb 2009

In the circular flow of income, an increase in savings causes

Aan increase in imports

Ba decrease in the income stream

Can increase in household consumption

Da decrease in exports

View Explanation & Discuss

Question 19

jamb 2009

Double counting is a problem in computing national income when using the

Aexpenditure method

Bincome method

Coutput method

Dvalue-added method

View Explanation & Discuss

Question 20

jamb 2009

In the long run, one of the characteristics of monopolistic competitive firms is that they

Amake abnormal profits

Bsuffer losses

Cmake normal profits

Dcollude with each other

View Explanation & Discuss

Question 21

jamb 2009

In developing countries, it is easier to obtain accurate national income estimates through the

AGNP

BGDP

CNDP

DNNP

View Explanation & Discuss

Question 22

jamb 2009

If a monopolist is incurring short-run losses, this means that his

Aselling price is above the short-run marginal cost

Bselling price is below the short-run marginal cost

Caverage revenue is greater than marginal revenue

Daverage reveune is less than marginal revenue

View Explanation & Discuss

Question 23

jamb 2009

The supply curve of a perfectly competitive firm is identical to its

Atotal cost

Bmarginal cost

Cfixed cost

Dvariable inputs

View Explanation & Discuss

Question 24

jamb 2009

The shape of the long-run average cost curve is best explained by the

Alaw of diminishing returns

Blaw of returns to scale

Ccost of fixed inputs

Dcost of variable inputs

View Explanation & Discuss

Question 25

jamb 2009

As the level of output increases, the average fixed cost of a firm will

Acontinue to decrease

Bremain unchanged

Ccontinue to increase

Dbe equal to the total cost

View Explanation & Discuss

Question 26

jamb 2009

Which of the following can be deduced from the law of variable proportions when total output is rising?

AMP is greater than AP

BMP is less than AP

CMP is equal to AP

DMP is equal to zero

View Explanation & Discuss

Question 27

jamb 2009

Production takes place when

Aoutput is transformed into input

Bmachines replace human effort

Cinput is transformed into output

Dthere is specialization and division of labour

View Explanation & Discuss

Question 28

jamb 2009

In a regulated market, price is determined by

Aconsumers

Bproducers

Cauction

Dgovernment

View Explanation & Discuss

Question 29

jamb 2009

A decrease in supply without a corresponding change in demand will lead to

Aan increase in equilibrium price and a decrease in equilibrium quantity

Ba decrease in equilibrium price and an increase in equilibrium qantity

Ca decrease in equilibrium price and equilibrium quantity

Dan increase in equilibrium price and quantity

View Explanation & Discuss

Question 30

jamb 2009

If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is

A0.80

B1.25

C2.00

D10.00

View Explanation & Discuss

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