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.

2,540 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

2,540 questions
Question 1 of 20 2,540 total questions
Question 191
jamb 2020

The most important attribute of money is?

Ahomogeneity
Brelative scarcity
Cdivisibility
Dgeneral acceptance
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Question 192
jamb 2020

When a country's population is experiencing increasing returns, that country is said to be?

Aoverpopulated
Beconomically poor
Cover-producing goods and services
Dunder-populated
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Question 193
jamb 2020

Plywood industries are often located near the source of?

Afinance
Blabour
Cpower supply
Draw materials
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Question 194
jamb 2020

The most important goal of OPEC is to?

Apresent a united front for the purpose of raise prices of crude oil
Bbring unity among the petroleum exporting countries
Censure political stability among member states
Densure that rules on quota production are strictly followed
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Question 195
jamb 2020

In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of?

Alack of an effective agricultural policy
Bemployment opportunities in the agricultural sector
Crural-urban drift
Dlow prices of agricultural products
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Question 196
jamb 2020

The factor of production that has the highest degree of mobility is? 

Aland
Blabour
Ccapital
Dentrepreneur
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Question 197
jamb 2020

The problem of conducting census include 

Ahigh rate of rural-urban migration
Bpoor geographical distribution of population
Chigh birth rate in the country
Dpoor town planning in urban areas
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Question 198
jamb 2020

A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

Adumping
Bcounter trade
Ctrade liberalization
D
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Question 199
jamb 2020

Firms are often set up close to each other in order to take advantage of?

Asupply of skilled labour
Bagglomeration economies
Cinternal economies of scale
Dexternal economies of scale
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Question 200
jamb 2020

A company's expenditure on raw materials is regarded as?

Aexplicit cost
Bimplicit cost
Cprime cost
Daverage cost
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Question 201
jamb 2020

The type of business finances that entitles the holder to a fixed rate of dividend is?

Apreference stock
Bcommon stock
Cdebentures
Dbank loan
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Question 202
jamb 2020

Fiduciary issue is that part of?

Athe issue of notes backed entirely by gold
Ba country's currency that is not negotiable
Cthe issue of notes not backed by gold
Da country's currency officially issued
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Question 203
jamb 2020

The relationship between tax rate and income which is relevant to a proportional tax is depicted by?

Acurve Z and Y
Bcurve X
Ccurve Z
Dcurve Y
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Question 204
jamb 2020

The relationship between the tax rate and income which is relevant to progressive tax is shown by?

Acurve X
Bcurve Y
Ccurve Z
Dcurve X and Z
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Question 205
jamb 2020

Which of the following is likely to be inflationary

Ataxes increase
Bincrease in unemployment
Cbudget surplus
Dwages increase
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Question 206
jamb 2020

Which of the following rewards is associated with entrepreneurship

Asalaries
Bprofits
Cinterest
Drent
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Question 207
jamb 2020

The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously

Atotal utility must fall
Bmarginal utility must fall
Cmarginal utility may rise
Dmarginal utility may fall even though his total utility may be rising
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Question 208
jamb 2020

In economic life, the choice among alternatives depends on the?

Aincome of the decision maker
Bscarcity of resources
Cthe scale of preference of the decision-maker
Dstatus of the decison maker
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Question 209
jamb 2020

Efficiency in production means?

Areducing the size of the work force
Bproducing a given output with the lowest cost of combination of factors of production
Cadoption of capital intensive technology
Dincreasing the quantity of the fixed factors of production
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Question 210
jamb 2020

Collectivism refers to the management of state enterprises in a?

Amixed economy
Bco-operative organizations
Ccapitalist economic system
Dsocialist economy
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