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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
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Question 1 of 10 50 total questions
Question 21
jamb 2007
The division of labour requires that the task to be performed
Amust be done in stages
Brequires no special knowledge
Cis simple but strenuous
Dmust be undertaken by experts
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Question 22
jamb 2007
The world market for crude oil refers to the
Atotal supply by OPEC members
Btotal demand for and supply of crude oil
Cexcess crude oil produced in the world
Ddifference between the supply of and demand for oil
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Question 23
jamb 2007
The coefficient of the price elasticity of supply is always
Apositive
Bnegative
Cconstant
Dzero
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Question 24
jamb 2007
A commodity is described as inferior when the
Aincome effect is negative
Bincome effect is positive
Csubstitution effect is negative
Dsubstitution effect is positive
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Question 25
jamb 2007
The major determinant of cross elasticity of demand is the
Aprice of the good
Bdegree of necessity of the good
Clevel of income of consumers
Dcloseness of the substitutes
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Question 26
jamb 2007
A firm operating at full capacity will have a
Aperfectly inelastic supply curve
Bperfectly elastic supply curve
Cfairly elastic supply curve
Dfairly inelastic supply curve
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Question 27
jamb 2007
When the demand for a good increases owing to an increase in income, it means that
Athere is an increase in quantity demanded
Binflation has taken place
Cdemand has exceeded supply
Dthere is an increase in demand
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Question 28
jamb 2007
The range is used to
Aestimate the mean from grouped data
Bcalculate the standard deviation
Cdetermine the spread of a set of data
Dmeasure the difference between the mean and the mode
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Question 29
jamb 2007

The choice of what to produce in a command economy is determined by

Aindustrial establishments
Blabour unions
Cthe government and labour unions
Dthe central government
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Question 30
jamb 2007
An economic system in which the producer and the consumer are the same is referred to as a
Amixed economy
Bsubsistence economy
Ccapitalist economy
Dsocialist economy
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