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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.

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

neco 2003

The per capita income is calculated as

AGNP- working age population

BGNP- real national income

CGNP- total capital expenditure

DGNP- dependency ratio

EGNP- population

View Explanation & Discuss

Question 12

neco 2003

The theory of income determination is traced to

ARev Thomas Mathus

BLord John Mynard Keynes

CProf Adam Smith

DR G Lipsey

EProf Umar SI

View Explanation & Discuss

Question 13

neco 2003

Abdul is faced with a choice between buying a new NOTE book and a pen with N10. Since the N10 can NOT give him both items he decide to buy NOTE book. The money cost to him is

AN10

BN20

CN30

DN40

EN50

View Explanation & Discuss

Question 14

neco 2003

Which of the following is NOT an internal dis-economy of scales?

AEasy management and less administrative cost

Blarge firm suffers from bureaucracy or red tapism

Cless personal relationship between management and employees

DMotivation may be lacking in the large firm

Eslow response to changes

View Explanation & Discuss

Question 15

neco 2003

Using functional relationship in economics QX = f (px, po, y, T); po stand for

Alevel of income of the consumer

Bprice of x

Cprice of other commodities

Dproduction function of x

Eprice index

View Explanation & Discuss

Question 16

neco 2003

Which of the following is NOT a function of taxation?

Amake few people rich in the country

Braise revenue for the government

Credistribution of income

Dreduces production and consumption of harmful goods

Eused as anti-inflationary device

View Explanation & Discuss

Question 17

neco 2003

Price legislation means

Adirecting market specialist to fix prices

Binterplay of either demand or supply

Cproducers are prices givers

Dregulating the price system by the government

Ethe use of market forces

View Explanation & Discuss

Question 18

neco 2003

Which of the following is a motive for holding money?

Acelebration

Bdaily purchases

Celection campaign

Dpayment of taxes

View Explanation & Discuss

Question 19

neco 2003

One of the following is NOT a reason for increase in public expenditure

Adecrease arising from public debt and its servicing

Bincrease in capital expenditure to provide social services

Cincrease financial commitment for defence and security

Dincrease in recurrent expenditure with regard to wages and salary paid to public servant

Ereturns on viable public corporation

View Explanation & Discuss

Question 20

neco 2003

Which of the following is NOT a cause of inflation?

Aexcessive bank lending

Bexcessive deficit financing

Cincrease in domestics productivity

Dincrease in wages and salaries of workers

Eincrease in government expenditure

View Explanation & Discuss

Question 21

neco 2003

Efficiency of labour implies

Aeducation and training

Bgood working condition

Chealthier workforce

Dincreased productivity worker accompanied by improvement in the quality of output

Ethe amount of incentives or remuneration given to workers

View Explanation & Discuss

Question 22

neco 2003

A tax system which takes lesser percentage of a tax payers income as his income increase is known as

Adirect tax

Bindirect tax

Cprogressive tax

Dproportional tax

Eregressive tax

View Explanation & Discuss

Question 23

neco 2003

In economics, electricity, water supply, communication networks, road, etc are known as

Acapital structure

Bdevelopment induces

Cdevelopment projects

Dinfrastructural facilities

Eproject growth

View Explanation & Discuss

Question 24

neco 2003

Equilibrium prices is

Aa price which equates demand with supply

Ba price where there is excess demand

Cwhere consumers gain much

Dwhere producers gain much

Ewhere supply is more than demand

View Explanation & Discuss

Question 25

neco 2003

According to the theory of comparative advantages, countries are to specialize based on their

Aabsolute cost advantages

Babsolute cost disadvantages

Ccomparative cost advantages

Dcomparative cost disadvantages

Ethe availability of labour

View Explanation & Discuss

Question 26

neco 2003

Which of the following is a major export crop in Nigeria?

Acocoa

Bcoffee

Ccopper

Dkola nut

Esoy beans

View Explanation & Discuss

Question 27

neco 2003

In the equation MV = PT; V stand for

Avelocity of circulation of money

Bvelocity of price change

Cvolume of goods produced

Dvolume of money

Evolume of transaction

View Explanation & Discuss

Question 28

neco 2003

The best way of presenting data in tabular form is in

Abars and columns

Bcharts and lines

Cmaps and rows

Dpictographs and histogram

Erows and columns

View Explanation & Discuss

Question 29

neco 2003

Which of the following is true of a perfect market situation?

Aprice = AR=MC=AC

Bprice = DD = MC = AC

Cprice = AC = MC = AR

Dprice = AR = MR = DD

Eprice = MR but MR < AR

View Explanation & Discuss

Question 30

neco 2003

The professional that view cost in term of alternatives sacrificed is the

Aaccountant

Bcashier

Ceconomist

Dmanager

Etax collector

View Explanation & Discuss

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