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Economics Past Questions

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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 201

jamb 2020

The group of unemployed members of a community who are physically handicapped or disable, is generally classified under unemployment as?

Africtional

Bcyclical

Cresidual

Dhidden

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Question 202

jamb 2020

If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?

A0.20

B0.80

C1.25

D2.00

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Question 203

jamb 2020

In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demand

Aelastic

Binelastic

Cperfectly elastic

Dunitary elastic

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Question 204

jamb 2020

A budget with a projected revenue in excess of its expenditure is said to be?

Abalanced

Bsurplus

Cdeficit

Dinflationary

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Question 205

jamb 2020

What form of market is found in an imperfect competition where there are few buyers and many sellers

Amonopoly

Boligopoly

Cduopoly

Doligopsony

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Question 206

jamb 2020

Which of the following is used by the central bank to control the rate of interest

Abill of exchange

Bbanker's order

Cfixed deposit account

Dopen market operation

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Question 207

jamb 2020

To control inflation, the monetary authorities of a country can

Areduce taxes

Badvise the government to increase its expenditure

Cengage in expansive monetary policies

Dengage in restrictive monetary policies

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Question 208

jamb 2020

The Nigerian bank for commerce and industry is?

Aa commercial bank

Ba development bank

Can industrial bank

Da merchant bank

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Question 209

jamb 2020

A major factor affecting the value of money is the?

Aprice level

Bbanking habits

Ctransaction motive

Ddivisible nature of money

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Question 210

jamb 2020

Which of the following is an example of an invisible item on the balance of payments account

Ashipping and aviation

Bexports and imports

Cmerchandise

DBullion

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Question 211

jamb 2020

Economics is often described as a social science because?

Alaboratory experiments are performed

BIt makes use of controlled experiments

CIt uses scientific methods to explain an observed phenomenon and predict future events

DIt makes use of fieldwork

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Question 212

jamb 2020

Scarcity in economics means?

Ahuman wants are limitless

Bthe economy has very few resources

Cthe economy can scarcely produce anything

Dresources are limited in relation to wants

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Question 213

jamb 2019

The purchasing power of money depends upon the__________

AValue

BIndex

CPrice Level

DWages

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Question 214

jamb 2019

A retailer is distinguished by the nature of its sales, which is in___________

ABulk

BLarge

CUnits

DChain

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Question 215

jamb 2019

Whatever form an economic system may take, choice is essential for members of the community because resources are__________

Ascarce

Bunlimited

Cfree

Dmany

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Question 216

jamb 2019

Given two substitute goods (X and Y) with demand and supply function;
Qd = 7p - 12
Qs = 4p + 9
Find the magnitude of excess demand when p = ₦18

A303

B30

C114

D33

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Question 217

jamb 2019

The basic and essential economic problems in a community are related to choice and________

AFreedom

BScarcity

CSocial class

DPolitics

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Question 218

jamb 2019

When a member's currency is declared "scarce", it is the duty of the IMF to______

Asuspend the member state indefinitely

Bban all exports from that state

Csuspend dealings in that currency for one year

Dration it among the countries demanding it

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Question 219

jamb 2019

The oil boom between 1970 - 1980 caused the oil sector to become____________

Athe main source of government

Bmanagement of spillage and pollution

Cprotection to the local operators in the petroleum industry

Ddecrease in the rate of inflation

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Question 220

jamb 2019

Poverty simply refers to the low level of________

Aplanning

Bper capita income

Crich people

Dlabour face

View Explanation & Discuss

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