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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.

97 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

97 questions

Question 1 of 20 97 total questions

Question 11

waec 2008

agriculture plays a dominant role in our country because

Ait is the main source of energy

Bit employs more than 50% of the total labour force

Cit supplies all the industrial inputs

Dthere are large plantations of cocoa, groundnut and palm oil

View Explanation & Discuss

Question 12

waec 2008

The employer's demand curve for labour is represented by the

Amarginal product curve of labour

Btotal product curve of labour

Caverage product curve of labour

Dtotal cost curve of labour

View Explanation & Discuss

Question 13

waec 2008

The trade unions in West Africa have achieved the following for the workers except

Aincreased wages

Bbetter condition of services

Ccompetitive determination of wage rate

Dimproved welfare facilities

View Explanation & Discuss

Question 14

waec 2008

which of the following does not affect a country's population?

Abirth rate

Bdeath rate

CEmigration

Dunemployment

View Explanation & Discuss

Question 15

waec 2008

During a sale by auction, the price at which the goods finally sold is determined mostly by

Acompetition between buyers and sellers

Bcompetition among buyers

Ccompetition among sellers

Dgovernment policy

View Explanation & Discuss

Question 16

waec 2008

The purely competitive firm should close down when its price is less than its

Aaverage variable cost

Btotal fixed cost

Caverage total cost

Dmarginal cost

View Explanation & Discuss

Question 17

waec 2008

equilibrium under perfect competition requires that

AMC = MR but AR < AC

BMR = MC = AR = AC

CAC = AR < MC

DTR < TC

View Explanation & Discuss

Question 18

waec 2008

A market situation with a larger number of firms selling closely related but, differentiated products is

Amonopolistic competition

Bperfect competition

Cmonopoly

Dmonopsony

View Explanation & Discuss

Question 19

waec 2008

the monopolist can determine

Aprice and output

Bprice only

Coutput only

Dprice or output

View Explanation & Discuss

Question 20

waec 2008

The main characteristics of an ordinary shares are

Amaximum risk, fixed dividends, voting rights

Bminimum risks, fixed dividends, no voting rights

Cmaximum risks, variable dividends, voting rights

Dminimum risks. fixed dividends, no voting rights

View Explanation & Discuss

Question 21

waec 2008

A business outfit is said to be a public limited company when it

Ais owned by the government

Boperates as a public corporations

Cis run by the public

Dsells its shares to members of the public

View Explanation & Discuss

Question 22

waec 2008

Revenue is the

Acost of good multiplied by the quantity sold

Bprice of goods multiplied by the quantity sold

Cquantity of goods plus purchase price

Dquantity supplied less quantity sold

View Explanation & Discuss

Question 23

waec 2008

Which of the following is regarded as fixed cost?

Aexpenditure on raw materials

Bexpenditure on fuel

Cexpenditure on power

Drent on land

View Explanation & Discuss

Question 24

waec 2008

The transformation curve slopes indicate that

Aopportunity cost of producing one commodity for another

Bopportunity cost of producing two commodities at a time

Csales of the plants to other investors

Ddecrease in the cost of production

View Explanation & Discuss

Question 25

waec 2008

In the long run all factors of production are

Aexpensive

Bvariable

Cdurable

Dfixed

View Explanation & Discuss

Question 26

waec 2008

Small scale enterprises are important in a country because

Athey usually produce goods for the dependants

Bthey provide after-sales service only to the rich

Cthe price of their products are fixed

Dthey render personalized service to the consumers

View Explanation & Discuss

Question 27

waec 2008

If the co-efficient of elasticity of demand is 1.5, then the demand is

Afairly inelastic

Bperfectly elastic

Celastic

Dinelastic

View Explanation & Discuss

Question 28

waec 2008

Which of the following determinants of supply cannot be predicted easily?

Aprice of the commodity

Bnew techniques of production

Cnational emergencies

Dmobility of labour

View Explanation & Discuss

Question 29

waec 2008

A major function of the price mechanism is that it determines the

Aallocation of resources

Bamount of national savings

Cpopulation of the country

Dnumber of goods to be taxed

View Explanation & Discuss

Question 30

waec 2008

The gap between demand and supply curves above the equilibrium price is

Anormal demand

Bexcess supply

Cequil;ibrium quantity

Dabnormal demand

View Explanation & Discuss

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