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Economics Past Questions

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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 2017

One of the functions of the price system is that it

Aencourages high volume of production

Bdictates what the citizens will consume

Cdiscourages the consumption of harmful goods

Dregulates production and consumption

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Question 12

jamb 2017

When the government fix the price of essential commodities, this is referred to as:

APrice equilibrium

BPrice control

CDemanded price

DAsking price

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Question 13

jamb 2017

Which of the following source of income is spectacular only to Government ?

APayment from business transfer

BBonuses

CTax

DWages

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Question 14

jamb 2017

One of the major causes of farmers' unstable income in Nigeria is _________

Athe effect of diseases and pests

Bindustrial pollution

Cmining and extraction activities

Dpopulation growth

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Question 15

jamb 2017

The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is

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Question 16

jamb 2017

In economics, the “how” or input question refers to:

AThe problem of allocating scarce resources among competing uses

BThe way in which factors of production may be combined to produce output

CThe way in which a firm decides on its profit maximising rate of output

DThe problem of how output is distributed among individuals and groups in society.

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Question 17

jamb 2017

One of the unique features that distinguishes the perfect and imperfect market condition is _________

Aprofit motive principles

Babsence of price control board

Cprice determines production and distribution

Dnumber of sellers and buyers

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Question 18

jamb 2017

Which of the following is not an indicator of economic growth?

ACPI

BPPI

CGDP

DHigh Level of Unemployment

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Question 19

jamb 2017

Changing the structure of a commodity in order to increase its utility is called?

ATime utility

Bform utility

Cmarginal utility

Dplace utility

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Question 20

jamb 2017

A country's terms of trade can be improved by ____?

Acollective bargaining

Bimposing lower export duties

Crevelation of currency

Dreducing demand for imported goods

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Question 21

jamb 2017

Given that Qd = 10 - 2p while Qs = 5 + 3P, if P = N 1 determine the equilibrium quantity

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Question 22

jamb 2017

Which of the following is NOT an instrument in the money market?

ATreasury bill

BBill of exchange

CStocks and shares

DCall money fund

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Question 23

jamb 2017

Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively.

Calculate the average product (AP) of the 4th unit of labour.

A20

B13

C15

D10

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Question 24

jamb 2017

One of the reasons why Nigeria is a mono-economy is because of her _______

Ahuge volume of petroleum activities in the country

Bdiversification system of economic activities

Chigh demand for foreign commodities

Dhigh rate of unemployment

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Question 25

jamb 2017

Given that ∑fx = 340 and N = 20, find the arithmetic mean.

A20

B17

C32

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Question 26

jamb 2017

Excess supply over demand will place a price advantage on _____

Agovernment

Bforeign investors

Csuppliers

Dconsumers

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Question 27

jamb 2017

The production within domestic territory of a country is called the _____

Anet national product

Bgross domestic product

Cnet income

Ddisposable income

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Question 28

jamb 2017

The basic aim of Economic Community of West African States is the

Adiscouragement of trade among member states

Bencouragement of revolts against former colonial masters

Cestablishment of its headquarters in each members state

Dliberalization of trade among member states

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Question 29

jamb 2017

The population theory that is concerned with the cases of over population and shortage of food production is ______

Apopulation density

BMalthusian population theory

Cnational population theory

Ddemographical transition theory

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Question 30

jamb 2017

Which of the following is not a function of the money market?

AProvision of finance

Benhance loan savings

Ccreation of long term loans

DProvision of finance

View Explanation & Discuss

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