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Economics Past Questions

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37 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

37 questions

Question 1 of 17 37 total questions

Question 11

waec 1988

Nigerian indigenization decree was promulgated in order to

AAllow indigenes to have the full participation in the economic activities of the country

BDrive away foreigners

CGive equal chances to indigenes and foreigners in making economic decisions in the country

DGive industrial training to indigenes

EIndigenes expose the economic activities of the country

View Explanation & Discuss

Question 12

waec 1988

The two largest producers of crude oil in Nigeria are

ABorno and Ondo States

BOyo and Bendel States

CKwara and Benue States

DRivers and Bendel States

ENiger and Rivers States

View Explanation & Discuss

Question 13

waec 1988

The major currency used for granting credits to member countries of the International Monetary Fund (IMF) is the

AUS dollars .

BCanadian dollars

CPounds sterling

DDeutschemark

EBelgian franc

View Explanation & Discuss

Question 14

waec 1988

When the demand for a commodity is inelastic, total revenue will fall if

APrice is increased

BPrice is reduced

CPrice remains constant

DPrice is not given

EThe commodity is a luxury

View Explanation & Discuss

Question 15

waec 1988

When the price of commodity A increases, the demand for commodity B decreases, then A and B are

AClose substitutes

BComplementary goods

CSupplementary goods

DGifted goods

ELuxurious goods

View Explanation & Discuss

Question 16

waec 1988

Price control can be defined as the fixing by Government of maximum or minimum price of

ALuxury goods

BInferior goods

CImported capital goods

DCertain selected goods

EGoods consumed by low income earners

View Explanation & Discuss

Question 17

waec 1988

Which of these factors does not cause a change in demand?

AIncome

BTaste and fashion

CPopulation

DPrice of other commodities

EPrice of the commodity concerned

View Explanation & Discuss

Question 18

waec 1988

Which of the following is not an advantage of price control?

AControl of inflation

BDistortion of price mechanism

CPrevention of exploitation

DControl of producer’s profit

EHelping low income earners

View Explanation & Discuss

Question 19

waec 1988

A demand schedule is

AA table containing the price of goods

BA table showing the relationship between price and quantity demanded of a commodity

CA table showing the consumer demand on order of importance

DThe quantity of goods the consumer is prepared to buy

EThe market demand

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Question 20

waec 1988

A normal demand curve is

AIs concave to the point of origin

BIs convex to the point of origin

CIs parallel to X axis

DIs parallel to Y axis

ESlopes upwards from left to right

View Explanation & Discuss

Question 21

waec 1988

Into which of these organization would you classify the International Monetary Fund (IMF) ?

APolitical organization

BTrade organization

CFinancial organization

DSocial organization

ECommercial organization

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Question 22

waec 1988

In which of the following economics system is the consumer referred to as ‘The King’?

APlanned economy

BMixed economy

CTraditional economy

DFree Market economy

ESocialist economy

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Question 23

waec 1988

in any economic system , which of the following is not an economic problem?

Awhat goods and services to produce

Bfor whom to produce goods or services

Cwhat techniques of production to be adopted

Dequal distribution of goods and services

Ehow to ensure that the economy grow over time

View Explanation & Discuss

Question 24

waec 1988

The equilibrium position of a firm is attained

Awhen MC = AR

Bwhen MC = PC

Cwhen MC = MR

Dwhen AC = AR

Ewhen AR = MR

View Explanation & Discuss

Question 25

waec 1988

The price of a commodity is determined by the

Asupplier

Bconsumer

Cquantity of goods demanded

Dquantity of goods supplied

Einteraction of demand and supply

View Explanation & Discuss

Question 26

waec 1988

A review of occupational distribution of population from time to time helps us to know the

Arate of which the population grows

Bnumber of people that makes up the labour force

Cefficiency of the working population

Dindustries which are becoming less important

Enumber of people that are bot employed

View Explanation & Discuss

Question 27

waec 1988

'Economics is a science which studies human behaviours as a relationship between ends and scarce means which have alternative uses. 'Ends' her refers to

Aresource

Bwants

Cchoice

Doutput

Efactors

View Explanation & Discuss

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