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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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Past Questions

50 questions

Question 1 of 10 50 total questions

Question 21

jamb 1986

A country has a population distribution as shown below:
\(\begin{array}{c|c}
\text{Age Group years} & \text{ Corresponding percentage} \\
\text{Above 60} & 22 \\
15 - 60 & 60 \\
0 - 14 & 15 \\
\end{array}\)

The dependency ratio is?

A3:2

B1:3

C2:3

D1:5

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Question 22

jamb 1986

Mobility of labour is NOT affected by

Aoptimum size of population

Bmarriage and family

Cregulation of trade unions

Dperiod of training

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Question 23

jamb 1986

If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving

Arent

Bprofit

Cinterest

Dsurtax income

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Question 24

jamb 1986

A firm achieves least cost in production by substituting factors until

Atheir factor prices are equal

Btheir marginal-physical products are each equal to their factor prices

Ctheir marginal-physical products are each zero

Dthe ratio of their marginal-physical products equals the ratio of their prices

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Question 25

jamb 1986

Production in Economics can be defined as the

Atotality of producing, buying and consuming

Btransformation of raw materials and services in order to provide ultimate utility

Ctransformation of raw materials and services in order to make maximum profit

Dproduction of goods and services for consumption

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Question 26

jamb 1986

The degree of specialization is limited by the

Aavalibility of specialized skills and machinery

Bmarginal cost exceeding marginal revenue

Cextent of the market

Ddisadvantage of standardization

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Question 27

jamb 1986

A firm is at its optimum size when?

Ait produce the greatest output at a minimum cost

Bit has a motive to increase output

Cmarginal cost equals marginal revenue

Dmarginal cost is less than marginal revenue

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Question 28

jamb 1986

Under normal circumstances, the concept of consumers sovereignty implies that

Athe consumer and not the producer owns the means of production

Bthe producer and not the consumer determines what is to be produced

Cthe consumer and not the producer determines what is to be produced

Dboth the consumer and the producer determines what should be produced

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Question 29

jamb 1986

Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?

AVariable cost

Bopportunity cost

CTotal cost

DPrime cost

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Question 30

jamb 1986

Choice in economic life is necessitated by?

Athe need to construct scale of preference

Bthe opportunity cost of consumption

Cunlimited wants

Dscarcity of economic resources

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