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Economics Past Questions

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1,723 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

1,723 questions

Question 1 of 20 1,723 total questions

Question 241

waec 2016

The necessary condition for a firm to be in equilibrium is that marginal revenue is

Agreater than marginal

Bequal to marginal

Cless than average revenue

Dequal to average

View Explanation & Discuss

Question 242

waec 2016

The long run is a period when

Aonly the variable factors can be altered

Ball factors become variable

Cthe firm will cease to exist

Donly the fixed factors can be altered

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Question 243

waec 2016

An entrepreneur is encouraged to adopt division of labour in production because it

Aprovide more employment opportuinities

Bleads to increased output and lower cost of production

Cbrings about equal cost and employment opportuinities

Dleads to increased cost of production and lower output

View Explanation & Discuss

Question 244

waec 2016

A price floor results in

Aexcess demand

Bexcess supply

Cparallel market

Dhoarding of goods

View Explanation & Discuss

Question 245

waec 2016

How does producers expectation of a price fall affect the supply curve of a product? There will be

Aa moment along the curve

Ba leftward shift

Cno shift of the supply curve

Da shift to the right

View Explanation & Discuss

Question 246

waec 2016

The supply of rice in tons is given by the equation:
Qs -80 - 0.7P = 0.
Where Qs = Quantity supplied
P = price in naira.

Find Qs, when P = N40

A108ton

B52tons

C-52tons

D-108tons

View Explanation & Discuss

Question 247

waec 2016

The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to

Apositively sloping supply curve

Bperfectly elastic supply curve

Cbackward bending supply curve

Dperfectly inelastic

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Question 248

waec 2016

Price elasticity of demand or supply measures how responsive

Aconsumers are to a change in price

Bsellers are to a change in price

Csellers are to a change in price

Dbuyers are to a change in income

View Explanation & Discuss

Question 249

waec 2016

The demand for torch and batteries is an example of

Acompetitive demand

Bcomposite demand

Ccomplementary demand

Dderived demand

View Explanation & Discuss

Question 250

waec 2016

If the quantity of men's hat demanded per week is represented by the function Qd=20-$\frac{1}{3}$P, where P is price, how many hats are demanded when the price is $9.00?

A11

B17

C23

D47

View Explanation & Discuss

Question 251

waec 2016

What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? total revenue will

Aincrease

Bfall

Cfluctuate

Dremain unchanged

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Question 252

waec 2016

The demand curve for neccessity is usually

Avertical

Bbackward bending

Chorizontal

Dnegatively sloped

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Question 253

waec 2016

A country's budget allocation to various sectors of the economy is shown in the pie chart above. Use it to answer the question below.

What is the ratio of expenditure on health to agriculture?

A2:3

B3:4

C4:3

D5:4

View Explanation & Discuss

Question 254

waec 2016

A country allocation to various sectors of the economy is shown in the pie chat below, use it to answer question 5 and 6

If the budget of the country was $7,200, how much is allocated to Education?

A$2,400.00

B$2,000.00

C$1,200.00

D$1,000.00

View Explanation & Discuss

Question 255

waec 2016

Which of the following cannot be classified as land in economics

ABauxite deposit in the ground

BA lake used for irrigation

CA bulldozer for clearing farm land

DGrazing field for cattle

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Question 256

waec 2016

In a socialist economy, prices of commodities are determined by

Aforces of demand and supply

Bproducers of the commodities

Cthe central planning authority

Dconsumers who are sovereign

View Explanation & Discuss

Question 257

waec 2016

Scale of preference is important for the following reasons except in

Asatisfying wants

Bmaking rational

Cmaking optinum allocation of resources

Dusing scarce resources efficiently

View Explanation & Discuss

Question 258

waec 2016

Human wants are insatiable because wants are

Alimited while means are scarce

Bunlimited and means are also unlimited

Climited and means are also limited

Dunlimited while means are scarce

View Explanation & Discuss

Question 259

waec 2015

what is the total revenue from non tax sources

A$400.20 m

B$375.20 m

C$135.00 m

D$75.00 m

View Explanation & Discuss

Question 260

waec 2015

what is the total revenue from indirect tax

A$686.0 m

B$400.20 m

C$135.80 m

D$100.00 m

View Explanation & Discuss

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