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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 2012

A huge national debt is an indication that the gold reserves of a nation has

Aappreciated

Bdecreased

Cdepreciated

Dstagnated

View Explanation & Discuss

Question 12

jamb 2012

An ad valorem tax is imposed on

Aspecial commodities

Bexports

Cimports

Dthe value of a commodity

View Explanation & Discuss

Question 13

jamb 2012

The major function of money market is to

Aprovide funds for long-term financing

Bprovide funds short-term financing

Cstabilize the value of the local currency

Dstabilize domestic prices

View Explanation & Discuss

Question 14

jamb 2012

The minimum amount which banks are required to deposit with the central bank is determined by the

Aliquidity ratio

Bcash reserve ratio

Cminimum lending rate

Daggregate credit ceiling

View Explanation & Discuss

Question 15

jamb 2012

The money that commands a higher market value than its face value is called

Apaper money

Bstandard money

Ccommodity money

Dfiat money

View Explanation & Discuss

Question 16

jamb 2012

If a basket of commodities cost N120 in the base year and N240 in the current year, calculate the price index

A100

B200

C240

D300

View Explanation & Discuss

Question 17

jamb 2012

The investment expenditure of an economy changes by N2 million and MPC is 0.75
What is the change in income?

AN0.5m

BN1.5m

CN2.6m

DN8.0m

View Explanation & Discuss

Question 18

jamb 2012

The investment expenditure of an economy changes by N2 million and MPC is 0.75
The multiplier is

View Explanation & Discuss

Question 19

jamb 2012

Net National Product is derived by deducting

Anet exports from GNP

Bsubsidies from GDP

Ctaxes from GDP

Ddepreciation from GNP

View Explanation & Discuss

Question 20

jamb 2012

A discriminatory monopoly is characterized by

Aa common elasticity in different markets

Bdifferent elasticities in different markets

Ca finite elasticity in all markets

Dzero elasticity in all markets

View Explanation & Discuss

Question 21

jamb 2012

Patents and copyrights enable monopolists to

Adetermine the quality of their products

Bdetermine the scale of their products

Crestrict information flow to new firms

Drestrict entry of new firms

View Explanation & Discuss

Question 22

jamb 2012

If a firm doubles all inputs in the long run and the total output is less than doubled, this results in

Adiminishing returns

Bconstant returns to scale

Cincreasing returns to scale

Ddecreasing returns to scale

View Explanation & Discuss

Question 23

jamb 2012

The long-run average cost curve touches to the short-run average cost curves at the

Aminimum points of all short run average cost curves

Bdeclining points of all short-run average cost curves

Cminimum point of only one of the short-run cost curves

Drising points of all short-run average cost curves

View Explanation & Discuss

Question 24

jamb 2012

The equilibrium point of a firm is attained at the point where the isoquant is

Agreater than the isocost

Bless than the isocost

Ctangent to the isocost

Dgreater than the output

View Explanation & Discuss

Question 25

jamb 2012

If all factors are variable in the long run,firms will experience

Adecreasing returns to scale

Bincreasing returns to scale

Cdiminishing returns

Deconomies of scale

View Explanation & Discuss

Question 26

jamb 2012

An important function of the price system is to

Aensure that producers' profits remain high

Bguarantee full employment of resources

Callocate resources to most productive uses

Dprotect the economic interests of government

View Explanation & Discuss

Question 27

jamb 2012

Fixing price above equilibrium will cause

Ademand and supply to remain constant

Ban increase in quantity supplied

Can increase in supply

Da decrease in quantity supplied

View Explanation & Discuss

Question 28

jamb 2012

The invisible hand promotes the interests of

Aconsumers

Bsociety

Cgovernment

Dproducers

View Explanation & Discuss

Question 29

jamb 2012

The cost elasticity of supply is a useful instrument for measuring

Aprofit

Bproductivity

Cnational income

Dprice index

View Explanation & Discuss

Question 30

jamb 2012

If quantity supplied is constant irrespective of price changes, the supply elasticity is

Aunitary

Binfinity

Cfairly elastic

Dperfectly inelastic

View Explanation & Discuss

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