Economics Past Questions

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40 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

40 questions
Question 1 of 20 40 total questions
Question 11
jamb 2021

The Power Holding Company of Nigeria (PHCN) is a ________

APublic limited company
BPrivate authority
CPublic Corporation
DPublic Liability company
View Explanation & Discuss
Question 12
jamb 2021

What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?

AAvailability of labour in the area
BAvailability of power
CNearness of raw material
DAccess to transport facilities
View Explanation & Discuss
Question 13
jamb 2021

A good measure of the standard of living usually used for international comparison is_______

APer capita income (PCI)
BGross national product (GND)
CNet national income (NNI)
DGross domestic product (GDP)
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Question 14
jamb 2021

The PAYE ( Pay As You Earn) in Nigeria is an example of ______

AFlat rate Tax
BCommunity tax
CRegressive tax
DProgressive tax
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Question 15
jamb 2021

Use the table below to answer the question below;

The international production set for Nigeria and Austria is;

Products Nigeria Austria
Cocoa 20 tonnes 12 tonnes
Lace 1o metres 8 metres

 

From the table, it can be deduced that_______

ANigeria should produce cocoa and lace
BNigeria can benefit from producing lace only
CAustria should produce lace and Nigeria should produce cocoa
DAustria should produce cocoa and lace
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Question 16
jamb 2021

Use the table below to answer the question below;

The international production set for Nigeria and Austria is;

Products Nigeria Austria
Cocoa 20 tonnes 12 tonnes
Lace 1o metres 8 metres

 

The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______

A1.5:2
B2:2
C2:1.5
D0.5:1.5
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Question 17
jamb 2021

Oligopoly means _________

Asingle buyer in the market.
Bfew buyers in the market.
Cfew sellers in the market
D
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Question 18
jamb 2021

Which of the following countries is not a member of the Economic Community of West African States?

ASudan
BGambia
CTogo
DNigeria
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Question 19
jamb 2021

Which of the following sets fully represents factors of production?

ASunlight, machinery, man, land
BLand, water, weather
CMoney, market, middlemen
DLand, labour, capital, enterprise, technology
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Question 20
jamb 2021

Palm oil industry is located in Old Bendel State because the state______

ALand is suitable for oil
BIs a palm tree growing area
CSoil is unsuitable for other crops
DImports raw materials for palm oil industry
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Question 21
jamb 2021

In a sole proprietorship, the decisions are made by the ______

AGovernment
BManagement
COwner
DBoard of Directors
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Question 22
jamb 2021

Retailers in an economy perform the function of ______

ADistribution.
BExchange
CInvestment
DProduction
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Question 23
jamb 2021

Petroleum 'glut' in international trade means______

AHigher prices for the Consumption of petroleum.
BAn Oversupply of petroleum.
CA fall in in petroleum production.
DA higher petroleum price offered by the buyer.
View Explanation & Discuss
Question 24
jamb 2021

Mono production economies are those that____

AProduce one main commodities
BHave a rich cultural heritage.
CSpecialize in agricultural industries.
DProduce only raw materials.
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Question 25
jamb 2021

Full employment is a situation in which _______

AEvery adult is employed.
BOnly the disable are not employed.
CAll adults who can work are employed.
DAll those who are able and eligible can find employment
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Question 26
jamb 2021

Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

AMonopoly
BOligopoly
CMonopolistic competition
DPerfect competition
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Question 27
jamb 2021
Units of Quality Consumes Total Utility Marginal Utility

0

1

2

3

4

5

-

10

15

17

18

18

-

10

5

2

1

0

This table illustrates the law of _________

AIncreasing returns
BDiminishing returns
CDiminishing marginal utility
DIncreasing total utility
View Explanation & Discuss
Question 28
jamb 2021

The petro-chemical industries are located in Rivers State of Nigeria due to ________

ACoal deposit
BPalm oil products
CFavourable soil
DOil deposits
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Question 29
jamb 2021

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________

A100 days
B30 days
C90 days
D14 days
View Explanation & Discuss
Question 30
jamb 2021

A firm is at its optimum size when ___________

AIt has a motive to increase output
BIt produces the greatest output at a minimum cost
CMarginal cost equals marginal revenue
DMarginal cost is less than marginal revenue
View Explanation & Discuss
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