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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 241

jamb 2019

A method of analysis that draws conclusions from data rather than general Principles already known is________

ADeductive reasoning

BInductive reasoning

CNormative reasoning

DPositive reasoning

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Question 242

jamb 2019

The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______

A145

B15

C90

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Question 243

jamb 2019

An economy in which the whole income is not consumed is referred to as______

AFrugal economy

BSpend thrift economy

CCapitalist economy

DMixed economy

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Question 244

jamb 2019

The method obtained by adding all the reward of factors of production in national income is________

Aincome approach

Bexpenditure approach

Cvalue added method

Doutput approach

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Question 245

jamb 2019

A rise in the supply of a commodity cause__________

Aan increase in the equilibrium price and decrease in the equilibrium quantity bought and sold

Ban increase in both equilibrium

Ca decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold

Da decrease in both equilibrium

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Question 246

jamb 2019

Supply is________

AA stock

BA Flow

CConstant

DA table

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Question 247

jamb 2019

The demand curve facing the monopolist in the foreign market is__________

AElastic

BInelastic

CPerfectly elastic

DUnitary

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Question 248

jamb 2019

In the short-run, the monopoly makes_______

ANormal profit

BAbnormal Profit

CLoss

DSales

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Question 249

jamb 2019

In a perfect competition, the market price is determined by_______

Athe government

Bthe producer

Cthe consumer

Dthe market supply and demand junctions

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Question 250

jamb 2019

Price (₦)	Quantity Demanded
8	10
6	12

If we move from 8 to 6, the elasticity of demand is_______

A-1.25

B0.62

C0.8

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Question 251

jamb 2019

If two commodities are unrelated, a change in the price of one will____________

Ahave effect on the quantity demanded of the other

Bhave no effect on the quantity demanded of the other

Cincrease the quantity demanded on the other

Ddecrease the quantity demanded on the other

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Question 252

jamb 2019

A demand which gives rise to the reverse of the law of demand is__________

ADerived demand

BJoint demand

CAbnormal demand

DComposite demand

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Question 253

jamb 2018

X	2	3	4	5
F	2	5	2	1

What is the median of the distribution?

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Question 254

jamb 2018

In other to enhance the utility of a particular commodity, it was moved from a place where it has little utility to another area where its utility is higher. This form of utility is referred to as?

AMarginal utility

BForm utility

CPlace utility

DTotal utility

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Question 255

jamb 2018

Which of the following is an advantage of localization of industry?

ADevelopment of subsidiary firms

Bcreation of parallel market

Cdevelopment of slums

Dattraction of foreign capital

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Question 256

jamb 2018

Factors affecting size of Labour Force include the following EXCEPT?

ALevel of technology

BRetirement age

CGovernment policies

DTrade Union activities

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Question 257

jamb 2018

Calculate the population density of Nigeria, having a total population of 180 million with a total land area of 923,768 sq km?

A195 million people per sq km

B5132 people per sq km

C195 people per sq km

D1.7 million people per sq km

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Question 258

jamb 2018

Consider the following statements:

1. Climate and availability of water largely determines the pattern of the population distribution.

2. Density of population helps in getting a better understanding of the spatial distribution of population in relation to land

Which of the statement(s) given above is/are correct

AOnly 1

BOnly 2

CBoth 1 and 2

DNeither 1 nor 2

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Question 259

jamb 2018

The economic term used to refer to human wants, desires or needs is known as?

AEnds

BAlternative means

CScarce

DMeans

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Question 260

jamb 2018

The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________

AThe activities of multinationals

Binadequate personnel at the secretariat

Cpolitical instability

Dinadequate international support

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