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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 1999

The main function of price in the economic system is to?

Aallocate scarce resources among competing uses

Bensure equitable distribution of income and wealth

Cdetermine the demand for and the supply of goods and services

Dremove all the constraints on production of goods and services

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Question 22

jamb 1999

The downward sloping part of the long-run average cost curve of a firm may be attributable to?

Adiminishing returns

Bthe law of variable proportions

Cdiseconomies of scale

Dincreasing returns to scale

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Question 23

jamb 1999

A utility maximizing household will allocate its expenditure so that?

Amore naira is spent on commodities with the highest utility

Bless naira is spent on commodities with the lowest utility

Cthe utility of the last naira spent on each commodity is equal

Dthe amount spent on each commodity is equal

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Question 24

jamb 1999

In a planned economy, what shall be produced is determined primarily by?

Awhat the consumer wants

Bgovernment decisions

Cprice mechanism

Dthe pattern of consumer spending

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Question 25

jamb 1999

A capitalist economy is one characterized by the?

Aprivate ownership of factors of production

Bownership of factors of production by rich members of the society

Cuse of capital and labour in fixed proportions during production

Duse of capital intensive methods of production

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Question 26

jamb 1999

The determinants of elasticity include?

Aprice, time and availability of alternatives

Btechnology and cost of production

Ctime and availability of alternatives

Dprice, time and technology changes

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Question 27

jamb 1999

Normative economics deals with?

Awhat is and not what should be

Bfacts and not figures

Cfacts and figures

Dvalue judgements

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Question 28

jamb 1999

The shape of a production possibility frontier is determined by the?

Aincreasing relative costs

Breturns to scale

Cdiminishing returns to a fixed factor

Dincreasing returns to a variable factor

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Question 29

jamb 1999

Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is?

AN 1.5 m

BN 2.0m

Cthe house

Dthe car

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Question 30

jamb 1999

In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is?

AN5,200

BN 4,760

CN4,670

DN2,080

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