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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

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Question 21

jamb 1994

When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are?

Azero and decreasing

Bdecreasing and zero

Cnegative and decreasing

Dboth at their maximum

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Question 22

jamb 1994

Unemployment can be reduced by?

Arestricting the productive base of the economy

Badopting capital-intensive techniques of production

Cadopting labour-intensive techniques of production

Dadopting a mixture of labour and capital-intensive techniques of production

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Question 23

jamb 1994

If the actual population in a country is less than the optimum population, then?

Ait is desirable to have a large population

Bit is necessary to have an improved technology to sustain the population

Cit is desirable to have a smaller population

Dthe available resources are inadequate to substain the population

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Question 24

jamb 1994

The population of country X in 1990 was 35 million.
The births were 450,000 while it recorded 210,000 death. If in the year, its immigrants were 20,000 and 10,000 of its citizen left the country, calculate the total population of the country at the end of 1990.

A24,250,000

B25,350,000

C34,750,000

D35,250,000

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Question 25

jamb 1994

Every economy requires an accurate census because it assist in?

Asolving inflation problem

Bproviding a sound framework for policy formulation

Cstimulating economic activities in the national economy

Dsolving unemployment problem

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Question 26

jamb 1994

In a mixed economy, decisions to produce are taken by?

Amen and women acting in their own best interest

Bthe government acting in the interest of the country

Cthe market women, the labour unions and the employers association

Dprivate individuals, organization and the government

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Question 27

jamb 1994

The necessity of choice is due to the fact that?

Ahuman wants are insatiable

Bconsumers like to maximize satisfaction

Cresources are abundant

Dconsumers are selective

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Question 28

jamb 1994

The circular flow of income defines the?

Arelationship between ends and means in the economic system

Ballocation of income to various members of the household

Cflow of goods, services amd money among the various micro-sectors of the economy

Dmicro-economic relationships in economic analysis

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Question 29

jamb 1994

Opportunity cost is an economic concept which describes the?

Amonetary equivalent of the utility of a commodity

Bamount of time or money invested on a commodity

Csacrifice made for the satisfaction of a want

Dcost of retaining an optimum level of production of commodities

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Question 30

jamb 1994

The basic economic problems of the society include?

Awhat to produce, how and for whom

Bhow to produce and sell

Cscarcity, when to produce and how

Dscarcity, for whom to produce and where

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