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Economics Past Questions

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49 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

49 questions

Question 1 of 9 49 total questions

Question 21

jamb 2000

The condition for equilibrium price and quantity under perfect competition is?

AMC = AR = TR

BTC =AR = P

CMC = AR = P

DMC = AR = TC

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Question 22

jamb 2000

In a free market system, trading can only take place when the?

Amarket is not working effectively

Bequilibrium price is attained

Cprice of a commodity tends to attract consumers

Dconsumers sovereignty is lacking

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Question 23

jamb 2000

A central argument of cardinal utility is that utility is?

Ameasurable

Bpsychological

Cranked

Dintangible

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Question 24

jamb 2000

Use the information below to answer questions.
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.

The two commodities can be classified as?

ASubstitutes

Bdurable and non-durable

Cintermediate and final

Dcomplements

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Question 25

jamb 2000

Use the information below to answer the question that follows.

When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.

Determined the cross elasticity of demand?

A1.7

B0.6

C-0.6

D-1.7

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Question 26

jamb 2000

Which of the following is an example of derived demand?

ATax relief

BLabour

CWage increase

DEntertainment

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Question 27

jamb 2000

In a capitalist economy, the economic problem of what goods to produce is decided mainly by?

Ashadow prices

Bprofit level

Crelative prices

Da central planner

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Question 28

jamb 2000

(i) What and how much will be produced
(ii) How will it be produced
(iii) For whom will it be produced
(iv) How much will be exported and consumed?

From the above, identify the combination of basic resource allocation questions in economic analysis.

Ai, ii and iii

Bi, ii and iv

Ci, iii and iv

Dii, iii and iv

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Question 29

jamb 2000

Economic can be defined as?

Areduction in spending in the face of competing alternative

Ballocation of resources to alternative uses

Ceconomic behaviour of small units like the household and the firm

Dthe study of economic aggregates like inflation and national income

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