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 2014

A major disadvantage of localization of industry is

Athe risk of structural unemployment
Bover-utilization of installed industrial capacity
Cthe risk of seasonal unemployment
Dunder-utilization of installed industrial capacity
View Explanation & Discuss
Question 12
jamb 2014

An advantage of large-scale farming over peasant farming is in the area of

Aproviding research and massive employment of labour
Bredistributing national income to various regions of the country
Cencouraging the use of traditional implements
Dencouraging urban-rural migration
View Explanation & Discuss
Question 13
jamb 2014

An important role of agriculture in Nigeria's economic development is the

Aprocessing of raw materials for industries
Bregulation of price system
Cprovision of infrastructure
Dprovision of employment
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Question 14
jamb 2014

A major feature of an underdeveloped economy is

Aexcess capacity utilization
Blow rate of population growth
Clow level of standard of living
Dlow level of unemployment
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Question 15
jamb 2014

A major obstacle to the development of Nigeria economy is

Alow capital formation
Brural-urban migration
Cover dependence on oil
Dpoor developmental policies
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Question 16
jamb 2014

Wage freeze is a policy measure aimed at

Aencouraging investors
Bcurbing inflation
Cregulating standard of living
Dcurbing deflation
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Question 17
jamb 2014
Given a base year and the price index of 175% the following year, which of the following year will arise?
AThe cost of living decreases of that year
BThe cost of living remains unchanged
CThe value of money rises by 75%
DThe value of money falls by 75%
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Question 18
jamb 2014

Short-term loans for investment are usually obtained through the

Astock market
Bdevelopment banks
Cmoney market
Dcapital market
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Question 19
jamb 2014

One of the challenges facing the banking industry in Nigeria is

Aensuring technological security
Bproviding employment
Cproviding loans for investment
Dcreating more money
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Question 20
jamb 2014

An inflation that co-exists with high rate of unemployment is

Ahyperinflation
Bstagflation
Cdemand-pull inflation
Dcost-push inflation
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Question 21
jamb 2014
The precautionary demand for money is determined by
Athe rate of interest
Bthe level of savings
Cthe level of income
Dgeneral price level
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Question 22
jamb 2014
If MPC = 2/3 and investment is N100 million, the level of national income is
AN100 million
BN10 million
CN303 million
DN300 million
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Question 23
jamb 2014

Which of the following can be used to measure the Gross National product in an open economy?

AC+I+G+(X+M)
BC+I+G+X
CC+I+G
DC+I+G+(X-M)
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Question 24
jamb 2014

A monopolist can boost up his revenue by

Aadjusting both price and output upward
Breducing total output to match price
Cincreasing price
Dreducing price
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Question 25
jamb 2014

One of the characteristics of a monopolist is that, he can influence

Aquantity produced by other producers
Bprices charged by other producers
Cboth price and quantity
Dprice or quantity
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Question 26
jamb 2014
A perfect competitor will continue to expand output up to the point where
ATC > TR
BMR = AR
CMC < MR
DMC > MR
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Question 27
jamb 2014

Rent and administrative expenses are examples of

Aaverage fixed costs
Baverage variable costs
Cfixed costs
Dvariable costs
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Question 28
jamb 2014

Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product.

AN30
BN40
CN10
DN20
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Question 29
jamb 2014

Division of labour requires that, the tasks in a production line be performed

Aby specialists
Bin stages
Cby all workers
Dby unskilled labourers
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Question 30
jamb 2014

If the production of a large firm is higher than that of a small firm, it is experiencing.

Aexternal economies of scale
Bexternal diseconomies of scale
Cinternal economies of scale
Dinternal diseconomies of scale
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