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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.

48 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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48 questions

Question 1 of 8 48 total questions

Question 21

jamb 2003

\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\)

Using the table above. The ATC at 30 units of output is

A₦3.00

B₦4.00

C₦60.00

D₦120.00

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Question 22

jamb 2003

In a planned economy, the emphasis is on

Apublic ownership and control

Bprices and competition

Cindividual choices and decisions

Dprivate ownership and control

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Question 23

jamb 2003

If there is an increase in demand without a corresponding increase in supply, there will be a

Arise in price

Bshift in demand curve to the left

Cfall in price

Dshift in supply curve to the right

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Question 24

jamb 2003

The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is

Aperfectly inelastic

Bfairly inelastic

Cperfectly elastic

Dfairly elastic

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Question 25

jamb 2003

Utility is the satisfaction derived from?

Ademand

Bproduction

Cdistribution

Dconsumption

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Question 26

jamb 2003

In economic analysis, a statement is said to be normative if it?

Arelates to value judgement

Bis incorrect

Ccan be tested scientifically

Dis contradictory

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Question 27

jamb 2003

For an inferior good, a decreased in real income will lead to?

Aa lower equilibrium price

Ba change in quantity demanded

Can outward shift of the demand curve

Dan inward shift of the demand curve

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Question 28

jamb 2003

When two variables are positively related, the graph of the relationship?

Ais a downward-sloping curve

Bhas a negative intercept

Cis a straight line

Dis an upward-sloping curve

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