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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.

50 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

50 questions
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Question 1 of 10 50 total questions
Question 21
jamb 1988
The assumption of profit maximization implies profit?
Ais the most important consideration of the firm
Bis the sole consideration of the firm
Cassumes an insatiable propotion in the instinct of management
Dis made in other to break-even
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Question 22
jamb 1988
The law of Diminishing Returns begins to operate when?
Atotal product begins to rise
Btotal product begins to fall
Cmarginal product begins to fall
Dmarginal product begins to rise
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Question 23
jamb 1988
Which of the following BEST describes the production function?
Ait indicates best output to produce
Bit relates naira inputs to naira output
Cit relates physical outputs to physical inputs
Dit indicates the best way to combine factors to produce given output
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Question 24
jamb 1988
Development outside a given firm which reduce the firm costs are called?
Ainternal economies
Bexternal economies
Cexternal diseconomies
Doptimum effects
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Question 25
jamb 1988
The average product of labour in a given period is obtained by dividing the?
Anumber of workers by the total product
Btotal product by the number of hours actually worked
Cchange in total product by the change in the number of workers
Dtotal product by the number of workers
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Question 26
jamb 1988
Air is essential to life but commands no price!
Diamond is not essential to life but commands a high?
Athrift
Bvalue
Cabundance
Dscarcity
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Question 27
jamb 1988
Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is
Arational
Bconsistent
Cinconsistent
Dtransitive
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Question 28
jamb 1988
When a variable is associated with time period, it is?
Aa flow
Ba stock
Ccircular
Dstatic
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Question 29
jamb 1988
Economic is often described as a science because?
Alaboratory experiments are performed
Bit makes use of controlled experiments
Cit uses scientific methods to explain observed phenomena and predict future events
Dit makes use of field work
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Question 30
jamb 1988
Scarcity in economics means that?
Ahuman wants are limitless
Bthe economy has very few resources
Cthe economy can scarcely produce anything
Dresources are limited in relation to wants
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