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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.

49 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

49 questions
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Question 1 of 9 49 total questions
Question 21
jamb 2011
When a consumer is at equilibrium, the MRSxy is equal to the
Asum of the prices
Bproduct of the two prices
Cratio of the two prices
Ddifference of the two prices
View Explanation & Discuss
Question 22
jamb 2011

In the process of production, total output is at maximum when

AMP=0
BMP > 0
CAP = 0
DAP > 0
View Explanation & Discuss
Question 23
jamb 2011

If demand increases without a change in supply, equilibrium price and quantity will

Aremain unchanged
Bshift inward
Cfall
Drise
View Explanation & Discuss
Question 24
jamb 2011

If the demand for one commodity excludes another, it is said to be

Acomplementary demand
Bcompetitive demand
Ccomposite demand
Dderived demand
View Explanation & Discuss
Question 25
jamb 2011

A consumer surplus measures the

Abenefits derived from consuming a cheap commodity
Bexcess of total expenditure over total uility
Cdifference between marginal utility and marginal cost
Dexcess of marginal utility over price
View Explanation & Discuss
Question 26
jamb 2011

Demand patterns are determined by the market on the basis of

Ascale of preference
Bconsumer sovereignty
Ccosumer rationality
Dprice of the commodity
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Question 27
jamb 2011

A major disadvantage of the arithmetic means is that it is

Anot useful for large data
Bnot suitable for further statistical analysis
Ccumbersome to determine the actual value
Daffected by extreme data
View Explanation & Discuss
Question 28
jamb 2011
One`of the limitations PPC assumption is that there is
Ano indication of technological development
Bno recognition of preferred goods for countries
Ctechnical inefficiency
Dabundant resources
View Explanation & Discuss
Question 29
jamb 2011
An effective way of controlling inflation in a mixed economy is to
Aincrease productivity
Breduce income tax
Cration available output
Dincrease imports
View Explanation & Discuss
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