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.

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

80 questions
Question 1 of 20 80 total questions
Question 11
jamb 2024

An industry operating in a perfect competitive market situation will maximum profit when

ADD < SS
BMC > AC
CMC = MR
DMC < AR
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Question 12
jamb 2024

An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry.

Amining
Bmanufacturing
Cprocessing
Dconversion
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Question 13
jamb 2024

The satisfaction derived from the consumption of a commodity is referred to as

Aconsumption
Bproduction
Cutility
Ddemand
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Question 14
jamb 2024

Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?

AStabilizing oil prices putting a production ceiling
BRefining of petroleum products in member countries
CRaising the revenue of member countries from oil through price increase
DEnsuring efficient and regular supply of oil to the two market
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Question 15
jamb 2024

Stock exchange market deals with

Asales of second hand securities
Bsales of foreign exchange
Cexchange of stock fish for stock
Dexchange of treasury bills
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Question 16
jamb 2024

Which of the following is a disadvantage of localization of industries?

ACreating structural unemployment
BReducing cost of production
CEncouraging the growth of skilled labour
DEncouraging subsidiary industries
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Question 17
jamb 2024

At the equilibrium price,

Ademand equates supply
Bprice is equal to demand only
Cdemand is less than supply
Ddemand is greater than supply
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Question 18
jamb 2024

The system of farming which involves the use of a large hectare of land planted with economic crops is known as

Apeasant farming
Btree planting
Cplantation farming
Dmechanized farming
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Question 19
jamb 2024

The following are problems of development planning in Nigeria EXCEPT
 

Ainadequate capital
Bunder-population
Cinadequate statistical data
Dpoor implementation of economic planning
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Question 20
jamb 2024

The following determine the level of consumption EXCEPT

Alevel of income
Bthe rate of taxes paid
Csavings
Dthe political climate
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Question 21
jamb 2024

Which of the following is NOT an objective of Economic planning?

AEquitable allocation of resources
BWidening the income gap
CAchieving economic growth
DCreating employment
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Question 22
jamb 2024

In the equation Q = a - bp + e; Q and P are ... Variables respectively.

Aindependent and dependent
Bdependent and independent
Cindependent and constant
Derror term and independent
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Question 23
jamb 2024

The following can be used to improve a country's balance of payment EXCEPT

Aanti-dumping policies
Bgranting subsidies to export producers
Cdecreasing taxation on personal income
Dincreasing import duties
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Question 24
jamb 2024

The following are the objectives of agricultural policies in Nigeria EXCEPT

A. provision of food
B. provision of agricultural raw materials to industrial sectors
C. increasing prices of agricultural Inputs
D. creation of rural employment

Aprovision of agricultural raw materials to industrial sectors
Bcreation of rural employment
Cprovision of food
Dincreasing prices of agricultural Inputs
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Question 25
jamb 2024

When the total product starts falling, then the marginal product is

Aincreasing
Bmaximum
Czero
Dnegative
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Question 26
jamb 2024

The revolution of Cassava from ordinary food crop to export crop will lead to
 

Aincrease in production of other crops
Bincrease in the prices of cassava products
Cdecrease in production of local starch
Ddecrease In production of cassava
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Question 27
jamb 2024

If the population of a school is 600 and 60% are In JSS, how many students are in SSS?

A244
B240
C224
D204
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Question 28
jamb 2024

The following will occur when maximum price is fixed below the free market price EXCEPT that

Ablack market will be encouraged
Bexcess demand will occur
Cexcess supply will occur
Drationing of commodities will occur
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Question 29
jamb 2024

If the standard deviation of a set of numbers is 3.6, what is the variance?

A12.96
B12.69
C12.9
D12.98
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Question 30
jamb 2024

The formular (N + 1)/2 is used to determine the

Amedian
Bmean
Cstandard deviation
Dmode
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