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.
An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?
Asubstitute goods
Bcomplementary goods
Celastic goods
Dinelastic goods
Einferior goods
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Question 12
jamb1981
Which of these statement is NOT true of economics as a discipline?
Ait is a social science
Bit is analytical
Cit is concerned with people's material well-being
Dit assumes limited human wants
Eit assumes limited human resources
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Question 13
jamb1981
The most basic concern of economists is to?
Acreate human wants
Bsatisfy all human want
Credistribute income so that it is used correctly
Dcreate perfect competition
Estudy ways of allocating scarce resources in order to satisfy human wants
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Question 14
jamb1981
Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?
AThe value of industrial exports is declining
BThe value of industrial imports is constant
CThe share of agricultural exports is increasing
DThe share of agricultural export is decreasing
EThe value of mineral export is declining
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Question 15
jamb1981
Which of the following is NOT a visible item on international trade payment?
APayment for imported cars
BReceipt from cocoa exports
CPayments to foreign shipping companies
DPayments for steel imports
EPayment for petroleum imports
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Question 16
jamb1981
Prohibiting the sale of lace materials in Nigeria would probably lead to?
AIncrease supply of lace material in Nigeria
BProduction of better quality lace abroad
CLower price of lace material in Nigeria
DHigher price of lace material in Nigeria
EIncrease income to all dealers of lace materials in Nigeria
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Question 17
jamb1981
Which is NOT an important factor responsible for high concentration of population in some part of Nigeria?
AClimate influences
BDevelopment of trade and markets
CSoil fertility
DProcessing of petroleum oil
EConcentration of educational facilities
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Question 18
jamb1981
An economy in which both the public and the private sectors contribute substantially to the growth of output is?
Aa socialist economy
Ba capitalist economy
Ca mixed economy
Dan industrial economy
Ea peasant economy
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Question 19
jamb1981
Government budget can be described as the sum of?
AIndirect tax, direct tax, and loans expected within a financial year
BPlanned recurrent expenditure and planned investment expenditure
CPlanned capital expenditure for a development plan within a plan period
DPlanned expenditure and expect revenue within a financial year
EPlanned expenses of all ministries within a financial year
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Question 20
jamb1981
Which of the following does NOT belong in respect of the quantity of money?
ADurability
BDivision into the smallest units of value
CPortable
DIdentifiable by all
EMeasure of value
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Question 21
jamb1981
Surplus in balance of payment leads to?
Ainflation or increasing prices generally
Bincreases in foreign reserves
Cdecreases in foreign reserves
DGovernment budget surplus
Enone of the above
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Question 22
jamb1981
Which of the following statement does NOT describe a situation of perfect competition.?
AThe firm faces an infinitely elastic demand curve
BThe firm makes no pure profit in the short run
CThe price does not change with changes in the output level of the firm
DThere is freedom of entry into, and exit out of the industry
EThe firm can sell all it produces at the market price
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Question 23
jamb1981
If a commodity has many substitutes, it is most likely that?
Athe demand curve is fairly inelastic
Bthe demand curve is fairly elastic
Cthe demand curve is paraell to the quantity axis
Dthe demand curve is positively sloped
Ethe price of the commodity is too high
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Question 24
jamb1981
Elasticity of demand is given by
Athe prcentage change in quantity demanded divided by the corresponding percentage change in price
Bthe percentage change in price divided by the corresponding percentage change in quantity demanded
Cthe percentage change in quantity demanded divided by the corresponding price
Dthe percentage change in price divided by the corresponding quantity demanded
Enone of the above
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Question 25
jamb1981
Economics may be defined as?
Athe study of money and banking
Bthe study of markets and prices
Cthe study of production and distribution
Dthe study of human behaviour in the allocation of scarce resources
Ethe study of the employment of labour, land, and capital
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Question 26
jamb1981
The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?
Aindustrialization
Bexport-promotion
Cimport-substitution
Dexport--substitution
Eimport-expansion
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Question 27
jamb1981
Which of the following statement is NOT true about agriculture in West Africa?
AAgriculture employs over 60% of West Africa’s occupied population
BAgriculture production is the basis for excise taxes in West Africa
CMany West Africa countries depend on agricultural exports for foreign exchange earnings
DAgriculture supplies West African industries with raw materials
EAgriculture provides incomes to West African farmers who engaged in it
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Question 28
jamb1981
The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?
Abudget deficit
Bbalance budget
Cbudget surplus ‘
Dbudget statement
Eunfavourable budget.
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Question 29
jamb1981
Indirect taxes are taxes?
Awhich are levied on the incomes and profits of individuals and firms
Bwhose incidence always falls on the consumer
Cwhich are based on the progressive principle
Don casinos, airports and capitals gains
Ewhich are levied on people and economic units through the goods and services they purchase
