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 21
jamb 2025

Which of the following will be an effect of inflation?

 

AMoney lenders will gain
BWage earners will gain
CBorrowers of money will gain
DBorrowing of money will be restricted
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Question 22
jamb 2025

One of the factors affecting geographical distribution of population is

 

Aencouragement of early marriages in rural areas
Bclimatic conditions of the different part of the country
Chigh birth rate
Dhigh death rate
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Question 23
jamb 2025

The satisfaction derived from the use of a commodity is its

 

 

Aelasticity
Bwealth
Cdemand
Dutility
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Question 24
jamb 2025

Malthus' contention is that

 

 

Apopulation and food growth rate will, in future, be at par
Bpopulation increased in geometric progression while food production increased in arithmetic progression
Cnations have to get enough manpower to cultivate available land for food
Dpopulation increase in arithmetic progression while food production increased in geometric progression
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Question 25
jamb 2025

If the last Naira spent on each commodity by a consumer gave him equal satisfaction, it means the consumer has been able to

 

 

Amaximize costs
Bmaximize utility
Cincrease profits
Dcut costs
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Question 26
jamb 2025

A firm will shut down in the long run if its earning is

 

 

Aequal to super normal profit
Bless than normal profit
Cless than super normal profit
Dgreater than normal profit
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Question 27
jamb 2025

Which of the following is true about the supply of land? It

 

 

Avaries with time
Bis higher in urban than rural areas
Crises with demand
Dis fixed
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Question 28
jamb 2025

 

A rise in government expenditure can lead to

 

Ahigher unemployment
Bhigher inflation
Clower profits for industries
Dlower importation of raw materials by industries
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Question 29
jamb 2025

Which of the following over estimate the value of national income?

 

AWrong timing of computation
BChanges of prices of goods within the year
CDouble counting
DIncomplete statistical data
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Question 30
jamb 2025

A country is described as developing if

 

 

 

Athere is low labour supply
Bthe population is decreasing
Cthe income per head is low
Dthe contribution of tertiary sector to national income is high
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Question 31
jamb 2025

Which functions of the wholesaler enables him to stabilize prices?

 

 

Agranting credit to retailers
Badvertising the goods
Ctransporting goods
Dwarehousing goods
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Question 32
jamb 2025

The lender of last resort in the banking system is he

 

 

Acommercial bank
Bindustrial bank
Ccentral bank
Dmortgage bank
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Question 33
jamb 2025

One of the advantages of capitalism is that

 

Aefficient allocation of resources is assured
Bprivate initiative is discouraged
Cjob security is assured
Dconsumers are exploited
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Question 34
jamb 2025

Economic problems arise mainly as a result of?

 

ALack of foresight on the part of resource users
BInaccurate statistical data in West Africa
CExcessive wastage of available resources
DLimitations in availability of resources
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Question 35
jamb 2025

 

Which of the following forms of economic integration is a member nation free to impose duty against non-members

 

 

ACustoms union
BCommon market
CEconomic community
DFree trade area
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Question 36
jamb 2025

Monopoly can best be described as a market in which

 

 

 

 

AA single seller sells a product which has no close substitute
BThe entry of other firms is restricted by the few firms in the market
CTwo or more sellers sell a product which is differentiated
DFew sellers sell a product s at different prices
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Question 37
jamb 2025

A firm's average cost decreases in the long-run because of

 

 

Adecreasing marginal returns
Bdiminishing average returns
Cincreasing returns to scale
Ddecreasing average fixed cost
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Question 38
jamb 2025

One relationship between marginal utility and total utility is that when total utility is

 

Afalling, marginal utility is negative
Bmaximum, marginal utility is maximum
Crising, marginal utility is rising
Dfalling, marginal utility is rising
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Question 39
jamb 2025

An indication that there is inflation in a country is that

 

Athere is a decrease in the demand for goods and services
Bpeople prefer to lend than to borrow
Cthe same amount of money buys lower quantity of goods
Dthere are too many goods in circulation
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Question 40
jamb 2025

Land as a factor of production is made useful through the

 

 

Aapplication of human effort
Bapplication of fertilizer
Cuse of machines
Dacts of nature
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