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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.

4,545 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

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Question 1 of 5 4,545 total questions
Question 2271
jamb 1978

Inferior goods are referred to in Economics as goods

AWhose quality is low
BConsumed by very poor people
CWhose consumption falls when cunsumers' income rises
DWhich satisfy only the basic needs
ENone of the above
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Question 2272
jamb 1978
The following is NOT a reason for the existence of small firms
AScale of production is limited by size of the market
BExpansion brings diminishing returns
CLarge firms can carter for wide markets
DSmall firms can provide personal services
EAll of the above
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Question 2273
jamb 1978

When elasticity is zero, the demand curve is

APerfectly elastic
BPerfectly inelastic
CConcave
DDownward slopping
ECircular
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Question 2274
jamb 1978

A budget deficit means

AThat a country is buying more than is selling
BThat a country is selling more than is buying
CThat a government is spending more than in takes in taxation
DThat a government is spending less than it takes in taxation
EThat a government is spending as much as it takes in taxation
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Question 2275
jamb 1978

Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

AThe same as equilibrium supply
BGreater than equilibrium supply
CLess than the equilibrium supply
DDetermined later by government
ENone of these
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