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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 1991

A market is in disequilibrium if?

Athe quantity purchased is greater than quantity sold

Bthe quantity sold differs from the quantity purchased

Cat a lower price, a large quantity is sold

Dthe quantity demand differs from the quantity supplied

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Question 22

jamb 1991

If a society is operating on the production possibility curve, this implies that the resources are?

Afully and efficiently utilized

Bfully but inefficiently utilized

Cefficiently but not fully utilized

Dabundant

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Question 23

jamb 1991

If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to?

A1.25

B0.80

C0.50

D0.40

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Question 24

jamb 1991

At any given level of output, a firm's total variable cost equals ?

Atotal cost less marginal cost

Btotal cost less total fixed costs

Ctotal cost less average cost

Daverage variable cost and marginal cost

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Question 25

jamb 1991

At any given level of output, the total cost of a firm equals the?

Amarginal cost plus the average cost

Bfixed costs less its varriable cost

Caverage cost multiplied by variable costs

Deconomic costs multiplied by variable costs

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Question 26

jamb 1991

If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of?

Aincreasing returns to the variable factor

Bincreasing returns to scale

Cconstant returns to variable factor

Dexternal economies of scale

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Question 27

jamb 1991

Macroeconomics is a study of economics science from the point of view of?

Aresource markets or production units

Bindividual producers or consumers

Caggregate or general economy

Dcompanies or individual firms

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Question 28

jamb 1991

A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book.

AThe five naira she spent on the book

BFive naira real cash value

Cthe mirror

DThe book

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Question 29

jamb 1991

Economic goods are termed scarce goods when they are?

Anot available in sufficient quantities to satisfy all wants for them

Bnot produced in sufficient quantities to satisfy the effefctive demand for them

Cof high quality

Dof primary importance in satisfying the needs of a society

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Question 30

jamb 1991

In market economy, the question of what, how and for whom to produce are solved the

Aelected representative

Bplanning committe

Cprice mechanism

Dgovernment

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