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Economics Past Questions

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50 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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50 questions

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Question 21

jamb 1983

Marginal cost curve intersects average cost curve ?

Afrom above at its lowest point

Bfrom below before the lowest point

Cfrom below at its lowest point

Dfrom below after the lowest point

Eat zero point

View Explanation & Discuss

Question 22

jamb 1983

A Nigerian household's demand curve for semovita is downward because?

Athe demand for semovita is high

Bthe loal markets are flooded with semovita

Cit is produced in Nigeria

Devery household can afford to buy semovita

Ehigher prices attract lower quantities while lower prices attract larger quantities

View Explanation & Discuss

Question 23

jamb 1983

If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?

Athe productivity of labour

Bthe law of diminishing marginal utility

Cthe law diminishing returns

Dthe concept of factor intensity

Elabour intensive production

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Question 24

jamb 1983

The concept of economic efficiency primary refers to?

Aobtaining the maximum output from available resources at the lowest cost

Bconservation of our petroleum resources

Cequity in the distribution of the nation's wealth

Dproducing without waste

Ethe limited wants-unlimited resources dilemma

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Question 25

jamb 1983

Production possibilities(alternatives)
P Q R S T
Units of shelter 5 4 3 2 0
Units of food 0 5 9 12 15

Based on the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

Aone unit of shelter

Bthree units of shelter

Cone third of a unit of shelter

Dsix units of shelter

Etwo units of shelter

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Question 26

jamb 1983

Which of the following sets fully represents factors of production?

ASunlight, machinery, man , land,

BLand, labour, capital, enterprise, technology

CCapital, technology, idaes, markets, land

DLand, water, weather

EMoney, market , middlemen

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Question 27

jamb 1983

The natural growth rate of a population is the

Asum of the birth rate and the death rate

Bsum of the birth rate and the net migrate rate

Cbirth rate minus death rate

Dbirth rate divided by the net migration

Edeath rate minus the net imgration

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Question 28

jamb 1983

Which of the following items is NOT an argument for locating industries in rural areas?

ARural areas supply agricultural raw material

BThe pace of development will be quickened in rural areas

CEmployment will be provided for rural inhabitants

DCapital is easily available in rural areas

ESuitable humid climate is sometimes found in rural areas

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Question 29

jamb 1983

A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?

Aboth price and quantity will increased

Bonly price increases

Conly quantity increases

Dthe price remains constant

Ethe price falls

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Question 30

jamb 1983

Which of the following is NOT include in measuring national income by the income approach?

AWages and salaries of public servant

Bstudent grants and scholarship

CProfit of companies

Dincome earned by self employed persons such as lawyers

ERents on property

View Explanation & Discuss

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