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.
When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as
Ademand curve
Bindifference curve
Copportunity curve
Dutility curve
Esupply curve
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Question 12
neco2002
If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity?
A0.5
B0.8
C1
D1.5
E1.8
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Question 13
neco2002
Which of the following is NOT a feature of capitalism ?
Adetailed economics planning
BFree enterprise
Ccompetition
Dprivate ownership of property
EEntrepreneurs and the pursuit of profit
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Question 14
neco2002
Remuneration of labour based on number of hours worked is known as
Afees
Bcommission
Ctime-rates
Dsalary
Ewages
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Question 15
neco2002
When an economy is having a balance of payment surplus the best alternative opened to it is to
Aborrow from abroad
Bdevalue its currency
Cincrease its foreign reserve
Dpromote imports into the country
Esell out its foreign assets
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Question 16
neco2002
Which of the following is NOT a factor that brings about changes in demand?
Aa change in real income
Bgovernment policy
Cincrease in population
Dthe price of the good or service
Etaste and fashion
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Question 17
neco2002
The willingness of an individual backed up with purchasing power at a given time is
Ademand
Bdesire
Ceffective demand
Dutility
Ewant
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Question 18
neco2002
Which of the following factors will NOT account for an outward shift of production possibility curve?
Abudgeting and planning based on expectations
Bexpansion in employment
Cdiscovering and exploration of new resources
Dintroduction of improved production techniques
Eskill improvement through education and training
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Question 19
neco2002
If commodities A & B are jointly demanded, what will be the effect of an increase in the price of A on the demand for commodity B?
Adecrease in demand for commodity B
Bdecrease in price of commodity B
Cdemand for commodity B remain constant
Dincrease in demand for commodity B
Eincrease in the price of commodity B
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Question 20
neco2002
The middle value of an array figure arranged in descending order is referred to as the
Aequation
Bmean
CMedian
Dmode
EVariance
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Question 21
neco2002
What is the median term in the distribution below ;14, 13 29 ,15 ,13,17 ,12,
A12
B13
C14
D15
E29
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Question 22
neco2002
The comparison of the standard of living between Nigeria and Ghana is best down through the use of
Agross domestic product
Bgross National incomes
CNet disposable income
DNet National income
Eper capita income
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Question 23
neco2002
The bank established to finances project aimed at promoting economic and social development within the African continent is
AAfrican bank for commerce and industry
BAfrican development bank
Ceconomic bank for African
Drecovery fund bank for Africa
EAfrica currency board bank
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Question 24
neco2002
The main disadvantages of deflationary policies is
Afull employment in the country
Bincreasing cost of living
Cimproved standard of living
Dunemployment in the country
Eunder employment in the country
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Question 25
neco2002
In income determination theory, acceleration principles shows that
Aincome is the cause, while investment is the effect investment
Bincome and investment are both causes
Cincome and investment are both effects
Dincomes is of on effect on investment
Einvestment is the causes, while income is the effects
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Question 26
neco2002
A market situation with few sellers and many buyers is called
Amonopoly
Bduopoly
Coligopoly
Dperfect competition
Emonopsony
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Question 27
neco2002
Which of these is NOT associated with the problem of internal trade?
Abargaining
Black of specialization
Cmarket trade unions
Dnatural barriers
Elarge number of middlemen
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Question 28
neco2002
One of the fundamental economic problem of every society is
Aallocation of scarce resource
Bavailability of market
Cconsumption pattern of inhabitant
Dpresence of middle man
Einadequate labour force
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Question 29
neco2002
Transcationary motive implies, holding money
Afor future investment
Bfor day to day expenses
Cfor unforeseen contingencies
Dto settle previous debts
Eto buy share in the stock exchange market
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Question 30
neco2002
The Nigerian indigenization decree process involves
