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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

jamb 1978

Which of these would not be included in the fundamental principle of a free enterprise economy

APrivate ownership of factors of production

BThe right to organize factor for production purposes

CThe right to make private profit

DGovernment control of mobility of factor of production

EGovernment effort to encourage competitive capitalism within the law of the country

View Explanation & Discuss

Question 12

jamb 1978

If the demand of a product with perfectly elastic supply increases, there will be

AAn increase in price and quantity offered

BAn increase in quantity offered but price will remain the same

CA reduction in price and quantity offered

DAn increase in price but a reduction in quantity offered for sale

EAn increase in quantity offered but a reduction in price

View Explanation & Discuss

Question 13

jamb 1978

The expression ‘terms of trade’ is used to describe

AQuality of export

BThe direction of foreign trade

CTerms of purchase on deferred payment basis

DThe rate at which export exchange for imports

EImport licensing

View Explanation & Discuss

Question 14

jamb 1978

Which of the following sector of the economy is estimated to be the largest employer of labour in the country

AConstruction

BAgriculture

CDistribution

DMining and petroleum

ETransport and communication

View Explanation & Discuss

Question 15

jamb 1978

As consumption of beer increases, its marginal utility to a drinker will

AIncrease

BRemain constant

CFluctuate

DDecrease

EChange proportionally

View Explanation & Discuss

Question 16

jamb 1978

Which of the following is not a form of business organization

AA sole proprietorship

BCartel

CPartnership

DJoint stock

ECooperative society

View Explanation & Discuss

Question 17

jamb 1978

Marginal cost is

ALowest cost of producing goods

BThe cost of production of the most efficient firm in the industry

CCost of production of the most inefficient firm in the industry

DThe cost of production of the last or extra unit of goods produced by a firm

EThe cost of production at which the minimum profit is obtained by a firm

View Explanation & Discuss

Question 18

jamb 1978

Disposable income is the same thing as

Apersonal income minus personal savings

Bpersonal inome minus taxes

Cnational income minus depriciation

Dexports minus imports

Esavings plus investments

View Explanation & Discuss

Question 19

jamb 1978

A distinguishing characteristics of a consumers' cooperative is the fact that

Athe customers are the owners

Bthe customers are the workers

Cthe customers are the managers

Dthe customers are low income people

Ethe customers are high income people

View Explanation & Discuss

Question 20

jamb 1978

An increase in liquid reserve requirements by the central bank of Nigeria will result in

Aa reduction in commercial banks' excess reserves

Bmore commercial bank loan to members of the public

Can increase in commercial banks excess reserves

Dno change in commercial banks excess reserves

Ea reduction in central banks gold reserves

View Explanation & Discuss

Question 21

jamb 1978

The biggest source of government revenue in Nigeria is

Amining, rents and royalties

Bcompany income tax

Cimport duties

Dexport duties

Epetroleum profit tax

View Explanation & Discuss

Question 22

jamb 1978

The Lagos clearing house is

Aa commodity market

Ban import licensing centre

Canother name for the Lagos stock exchange

Dan insurance and underwriting centre

Ea cheque sorting centre

View Explanation & Discuss

Question 23

jamb 1978

The largest liability appearing in the book of a commercial bank is

Acash

Bdeposits

Cloans and advances

Dcapital and reserves

Etreasury bills

View Explanation & Discuss

Question 24

jamb 1978

Which of the following statements is true?

AA proportional tax is one which takes from high income people a larger fraction of their income than it takes for low income people

Btaxes on commodities of services which can be shifted elsewhere are usually called direct taxes

CThe sole proprietor is a legal entity

Dthe influence of demand on price will be smallest on the short run

Ethe cost of production is the most important determining factor of supply in the long run

View Explanation & Discuss

Question 25

jamb 1978

A Tax which takes a higher percentage from higher incomes is called?

Aa regressive tax

Ba progressive tax

Ca proportional tax

Dan indirect tax

Ea direct tax

View Explanation & Discuss

Question 26

jamb 1978

Which of the following can be regarded as a liability of a commercial bank?

Aadvances

Bdeposits

Ctreasury bills

Doverdrafts

Ecash

View Explanation & Discuss

Question 27

jamb 1978

The effect of the demand for product A caused by a change in the price of a product B is called?

Across-elasticity of demand

Belasticity of supply

Ccompetitive demand

Dcomposite demand

Ejoint demand

View Explanation & Discuss

Question 28

jamb 1978

Which of the following financial assets consist the lowest rate of interest in Nigeria?

Acommercial bills

Bcall money

Ctreasury bills

Ddevelopment loan stocks

Edeposits with the federal savings bank

View Explanation & Discuss

Question 29

jamb 1978

The foreign exchange market is a market where

Agraded commoditties like wheat, flour, etc are sold and bought

Bcurrencies are sold and bought

Ctreasury bills are sold and bought

Dgovernment bonds are sold and bought

Etreasury certificates are sold

View Explanation & Discuss

Question 30

jamb 1978

Price control cannot work in Nigeria because

Athe population is too large

Bthe policemen hate to arrest people

Cwhile it is fairly easy to control producers and importing firms, smaller distributors are too many to be controlled

Dcontrol cannot work under military rule

Etoo many things are produced in the country

View Explanation & Discuss

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