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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 1982

A good measure of the standard of living usually used for international comparison is

Agross natioal income (GNI)

Bnet national income (NNI)

Cgross national product (GNP)

Dgross domestic product (GDP)

Eper capital income (PCI)

View Explanation & Discuss

Question 12

jamb 1982

What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?

AAvailability of labour in the area

BAcces to transport facilities

CNearness of raw materials

DAvailability of power

ENearness of Technical and Engineering School

View Explanation & Discuss

Question 13

jamb 1982

One of the ways by which Government derives revenue from industrial enterprises in West Africa is?

Atariffs

Bexcise duties

Cpoll tax

Dimport duties

Ecommunity tax

View Explanation & Discuss

Question 14

jamb 1982

Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks?

AOpen market operation

BReserve requirements

CBank rate

DDirectives

ESpecial deposits

View Explanation & Discuss

Question 15

jamb 1982

In an economy, if the proportion of people who are below 18 years is 40% and those above 60 years is 30% what would this imply? the

Adependency ratio is high

Bpopulation is optimum

Cratio of females to males is high

Dpopulation is growing at less than equilibrium

Epopulation is growing according to Malthus theory

View Explanation & Discuss

Question 16

jamb 1982

Monetary policy does NOT involve

Aincreasing the import duties

Bbuying or selling treasury bills by the Central Bank

Cprinting of more currency note

Dincreasing or decreasing cash reserve ratio by the Central Bank

Eraising the level of interest

View Explanation & Discuss

Question 17

jamb 1982

Function of commercial banks do NOT include?

Alending with interest charges

Bcarrying out transactions on behalf of customers

Cexpansion of money supply

Dkeeping of security document s for customers

Eprinting of currency

View Explanation & Discuss

Question 18

jamb 1982

The chief sources of Federal Government revenue in Nigeria are?

Aimport duties, petroleum, import tax, profit tax, royalties and government dividends

Bpersonal income tax, excise tax and vehicle licenses

Cexport duties, personal income tax and royalties

Dproperty income, sales tax and excise tax

Eimport duties, sales tax and poll tax

View Explanation & Discuss

Question 19

jamb 1982

The purpose of import duties does NOT include the?

Ageneration of revenue for government

Bprotection of domestic industries

Cpromotion of international trade

Dconservation of foreign exchange earnings

Econtrol of comsuption pattern

View Explanation & Discuss

Question 20

jamb 1982

Retailers are greater in numbers than wholesalers because?

Aretail business may not be registered or incorporated

Bretail business requires less expertise

Cretailers deal with final consumers

Dall retail businesses are large enterprises

Eall retail businesses are small enterprises

View Explanation & Discuss

Question 21

jamb 1982

Population growth can be calculated as ?

ABirth rate + death rate + migration rate + immigration rate

BBirth rate – death rate + migration rate -immigration rate

CBirth rate + death rate – migration rate + immigration rate

DBirth rate – death rate – emigration rate + immigration rate

EBirth rate – death rate

View Explanation & Discuss

Question 22

jamb 1982

if AC = Average Cost of production ,

TC = Total Cost of production

VC = Variable Cost of production

FC = Fixed Cost of production

Q = Quantity of goods produced

Then,

AAC = TC; TC = VC + FC

BAC = \(\frac{(TC)}{Q}\): TC = VC + FC

CAC = TC; TC = (VC)(FC) Q

DAC = TC- FC: VC = TC- AC

EAC = TC ; TC = VC + AC Q

View Explanation & Discuss

Question 23

jamb 1982

The sloping downward of the demand curve implies that?

Aan increase in price leads to an increase in quantity demanded

Ban increase in price leaves the quantity demanded unchanged

Ca decrease in price leads to a decreased in quantity demanded

Da decrease in price leads to an increase in quantity demanded

Esupplies respond by offering less commodities for sale

View Explanation & Discuss

Question 24

jamb 1982

The equilibrium market price is determined at a point where?

Aconsumers can buy all they desire

Bsellers can dispose of all their wares

Cthe price is moderate

Dquantity consumers desires equal quantity sellers offer

Esellers and buyers are not quarrelling

View Explanation & Discuss

Question 25

jamb 1982

some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as?

Adevelopment projects

Binfrastructural facilities

Cmonoculture

Dcapital investment

Esuperstructure

View Explanation & Discuss

Question 26

jamb 1982

Taxes which are levied on a person’s expenditures are known as?

APurchase tax

BSales tax

CDirect tax

DPoll tax

EIncome tax

View Explanation & Discuss

Question 27

jamb 1982

The main economic goal of ECOWAS is the attainment of ?

Aregional free trade

BMultilateral trade

Cbilateral trade

Deconomic self-reliance

EThe economic emancipation of Africa

View Explanation & Discuss

Question 28

jamb 1982

The difference between visible exports and invisible exports of a country, in money terms, is known as the?

ABalance of trade

BBalance of payments

CTerms of trade

DForeign reserves

ESpecial drawing right

View Explanation & Discuss

Question 29

jamb 1982

Which one of the following functions of banks in Nigeria is reserved to the Central Bank?

AAccepting deposits

BServing as agents for payments

CIssuing bank-notes

DLending to customers

EPurchasing and selling of stock exchange securities

View Explanation & Discuss

Question 30

jamb 1982

The National Electric Power Authority (NEPA) is a?

APublic limited company

BPublic liability company

CPrivate authority

DPublic corporation

EFederal government authority

View Explanation & Discuss

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