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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.

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 1998

The distribution of goods by the price system is distorted when

Athere is a high degree of competition among producers

Bproducers and consumers operate freely

Cfactors of production are mobile

Dno aalowance is made for social costs and social benefits

Ethere is price control measure in the system

View Explanation & Discuss

Question 12

waec 1998

In a joint-stock company the shareholders are the

Aowners

Bmanagers

Cchief executives

Dcompany advisers

Eday-to-day decision makers

View Explanation & Discuss

Question 13

waec 1998

which of the following is not a type of industry?

Aexport

Bconstruction

CMining

DManufacturing

ETransport

View Explanation & Discuss

Question 14

waec 1998

one of the advantages of localization of industry is that firms

Amake abnormal profits

Bare given tax holidays

Care unified under one management

Dpay high wages

Ecan have a large pool of skilled labours

View Explanation & Discuss

Question 15

waec 1998

The shape of the average cost (AC) shows that as production increases

Atotal cost decreases

Baverage cost decreases and then increases

Caverage cost increaeses

Dmarginal cost steadily increase

Etotal cost remains constant

View Explanation & Discuss

Question 16

waec 1998

To the economist, efficiency of resource use means

Athe maximum use of resource to achieve minimum objectives

Bthe reduction of cost for adequate output

Crealting value of input to that of output

Dusing appropriate resources for desired wants

Emaximizing output from a given amount of resource

View Explanation & Discuss

Question 17

waec 1998

external economies refer to the

Acost-saving advantage a firm enjoys when by being close to other firm in the same industry

Bdisadvantage to a firm that is close to other firms

Ceconomies of large scale production

Deconomies of low scale production

Eartificial scarcity of goods

View Explanation & Discuss

Question 18

waec 1998

Total cost is the addition of

Areal cost and money cost

Bprice and taxes

Cfixed cost and variable cost

Daverage cost and marginal cost

Ecost of raw materials and wages

View Explanation & Discuss

Question 19

waec 1998

Total cost is the addition of

Areal cost and money cost

Bprice and taxes

Cfixed cost and variable cost

Daverage cost and marginal cost

Ecost of raw materials and wages

View Explanation & Discuss

Question 20

waec 1998

The introduction of division of labour in a firm will lead to?

Aa fall in output

Ba decline in the efficiency of labour

Can increase output

Dthe separation of ownership from management

Ean increase in unit cost

View Explanation & Discuss

Question 21

waec 1998

The equilibrium price of mangoes is N1.00. If the price fall to 50k, there will be

Aan excess demand

Ban excess supply

Ca surplus in the market

Dmany sellers in the market

Eno seller in the market

View Explanation & Discuss

Question 22

waec 1998

An ?exceptional demand is one in which

Asupplier sells all that he takes to the market

Bconsumers do not buy from the market

Cquantity demanded falls as price falls

Dpurchase of services and not products is considered

Equantity demanded and price moves in opposite direction

View Explanation & Discuss

Question 23

waec 1998

which of the following will shift the demand curve for Milo to the right?

Aan increase in consumer's income

Ba rise in the price of Milo

Ca tax on cocoa producers

Da fall in the quantity demanded of Milo

Efall in the price of Milo

View Explanation & Discuss

Question 24

waec 1998

If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to

Acut costs

Bmaximize costs

Cincrease profits

Dmaximize utility

Emanage scarce resources

View Explanation & Discuss

Question 25

waec 1998

At what price will a trader be ready to sell 6 oranges using the equilibrium below. p = 1/2 q + 2. where p is price and q is quantity?

AN3.00

BN4.00

CN5.00

DN6.00

EN8.00

View Explanation & Discuss

Question 26

waec 1998

one way of solving the problem of scarcity that faces the individuals is for

Athe government to import goods massively so that the citizen can get all they want

Bthem to work very hard so that they are able to buy all their wants

Cthem to choose between alternative since they cannot meet all their wants

Dthe government to study people's behaviour in order to know their wants

Ethem to use their resources as they want

View Explanation & Discuss

Question 27

waec 1998

the study of Economics enables the individuals to

Abe misserly in the spending of his money

Bderive maximum satisfaction from the money he spends

Cdetermines the right market to visit

Davoids purchase of luxurious items

Ederive solution to all problems

View Explanation & Discuss

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