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.

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 261
waec 2015

which of the following will increase the demand for labour

AIncrease wage rate
Blabour's demand for output
Clow wage rate
Dlow marginal productivity
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Question 262
waec 2015

Frictional unemployment occurs when?

Athere is a change in the technique of production
Bjob seekers lack information where jobs exist
Cbad weather prevents work from progressing
Djob seekers have disabilities
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Question 263
waec 2015

Inflation may occur if there is?

Aexcess supply over demand
Bincrease in productivity
Cexcessive demand with limited supply
Dincreased government spending in a depressed economy
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Question 264
waec 2015

which of the following features distinguishes a public limited company from a private limited company

Aperpetual existence
Blimited liability
Clegal entity
Dsales of shares to the public
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Question 265
waec 2015

which of the following is not a method of controlling monopoly

Apreventing mergers
Bindigenization
Cprivatization
Dimposing high profit tax
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Question 266
waec 2015

which of the following business organisations is likely to experience disagreements between management and shareholders

Aco-operative society
Bsole trader
Cpartnership
Djoint-stock company
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Question 267
waec 2015

which of the following curves is not U shaped

Amarginal cost curve
Baverage fixed cost curve
Caverage total cost curve
Daverage variable cost
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Question 268
waec 2015

By adding all the marginal products at each level of employment of the variable input, we obtain a value equal to 

Aaverage product
Btotal product
Caverage variable cost
Dtotal cost
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Question 269
waec 2015

Total cost is obtain by?

Aadding up the marginal cost at each level
Bdividing the total cost of output at each level
Cadding up the average variable cost at each level
Dadding up the total variable cost and total fixed cost
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Question 270
waec 2015

The law of diminishing marginal returns relate to?

Atotal utility
Baverage utility
Ctotal product
Dmarginal utility
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Question 271
waec 2015

All the following are methods of determing prices except?

Amaximum pricing
Brationing
Cminimum pricing
Dauctioning
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Question 272
waec 2015

which of the following will not affect the market price of a commodity

Aincrease in demand
Bchange in taste
Cintersection of demand and supply
Dincrease in supply
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Question 273
waec 2015

In order to calculate total utility (TU) from given levels of marginal utility (MU), one has to?

Asubtract MU from TU
BAdd MU from the various levels
Cmultiply MU by the initial TU
DDivide current MU by previous MU
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Question 274
waec 2015

if the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a

Anecessity
Bgood of ostentation
Cnormal good
Dgiffen good
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Question 275
waec 2015

Government revenue will increase if taxes are levied on goods with?

Aperfectly elastic demand
Bfairly elastic demand
Cperfectly inelastic demand
Dunitary elastic demand
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Question 276
waec 2015

if a given change in price brings a proportionately larger change in quantity demanded, the

Ademand is relatively price elastic
Bdemand is relatively price inelastic
Cprice elasticity of demand is unitary
Dprice elasticity of demand is constant
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Question 277
waec 2015

The market supply curve slopes upward from left to right indicating that?

Aproducers pay high taxes
Btwo commodities can be supplied at the same time
Cat a lower price, less is supplied
Dat a lower price, more is supplied and demanded
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Question 278
waec 2015

increase in production subsidies will shift 

Athe demand curve to the left
Bthe supply curve to the right
Cboth the supply demand curves to the left
Dsupply curve to the left and demand curve to the right
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Question 279
waec 2015

which of the following is not a reason for abnormal demand

Aprice of the commodity
Bgoods of ostentation
Cgiffen goods
Drare commodity
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Question 280
waec 2015

If the price of floor rises, then bread

Ademand curve will shift to the left while supply curve will shift to the right
Bsupply curve will shift to the left
Csupply curve will shift to the right
Ddemand curve will shift to the right while supply curve remains unchanged
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