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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

Question 1 of 10 50 total questions

Question 21

jamb 2001

A vertical supply curve indicates that?

Athe quantity supplied is responsive to price

Bthe same fixed quantity will be supplied no matter the price

Can increase in price will result in an increase in the quantity supplied

Dthere is a fixed price for the commodity below which no supply will be made

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Question 22

jamb 2001

A major problem facing all economies is how to?

Aincrease consumption of imported goods

Bimprove trade among nations

Ctransform from a developing to a developed economy

Dallocate scarce resources

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Question 23

jamb 2001

When a generalization is made based on observed facts, it is known as?

Adeductive reasoning

Binductive reasoning

Ctheoretical reasoning

Dnormative reasoning

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Question 24

jamb 2001

A change in supply is best described as a?

Amovement along the supply curve

Bshift of the supply curve to the left or to the right

Cshift of the supply curve to the left

Dshift of the supply curve to the left

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Question 25

jamb 2001

Economics is regarded as a social science because it?

Aadopts the scientific method in production

Bis an agent of socialization

Cadopts the scientific method in the study of human behaviour

Dadopts the scientific method with social problems

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Question 26

jamb 2001

A normal good with close substitutes is likely to have its price elasticity of demand?

Abetween zero and one

Bequal to unity

Cless than unity

Dgreater than unity

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Question 27

jamb 2001

For a supply curve, an increase in the price of a commodity will result in?

Aa decrease in supply

Ba decrease in the quantity supplied

Can increase in supply

Dan increase in the quantity supplied

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Question 28

jamb 2001

At the consumer equilibrium, the slope of the indifference curve is?

Ahalf the slope of the budget constraint line

Bequal to the slope of the budget constraint line

Cgreater than the slope of the budget constraint line

Dless than the slope of the budget constraint line

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Question 29

jamb 2001

In a free market economy, the price system allocates resources?

Aunder government's directives

Bto ensure general welfare

Cto their best alternatives

Dto reduce poverty

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Question 30

jamb 2001

If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in?

Aan increase in profit by 43%

Ba net gain

Ca decrease in profit 43%

Da net loss

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