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Economics Past Questions

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70 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

70 questions

Question 1 of 20 70 total questions

Question 21

jamb 2015

The frequent value that occurs most in a data is

Amedian

Bmean

Cmode

Drange

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Question 22

jamb 2015

The ordinalist approach of utility postulated that utility can be

ARank

BMeasurable

CRise

DFall

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Question 23

jamb 2015

The relationship between the cost of living and standard of living is

AA rise in cost of living gives a corresponding rise in standard of living

BA lower cost of living give a higher standard of living

CA lower cost of living give a lower standard of living

DNone of the above

View Explanation & Discuss

Question 24

jamb 2015

\(\begin{array}{c|c}
\text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal product} \\
\hline
0 & 10 & - & - & - \\
\hline
1 & 10 & 10 & 10 & 10 \\
\hline
2 & 10 & 25 & ? & 15 \\
\hline
3 & 10 & 50 & 16.7 & 25 \\
\hline
4 & 10 & 80 & 20.0 & 30 \\
\hline
5 & 10 & 106 & 21.2 & 26 \\
\end{array}\)

Calculate the average product when the 2nd labour was employed 12.5

A12.5

B12

C15

D10

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Question 25

jamb 2015

The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct

AE = C + I + G

BE = C + I + G + M – X

CE = C + I + G + X – M

DE = C + I + G – T + M – X

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Question 26

jamb 2015

The income elasticity of demand of normal goods is

Anegative

Bpositive

Czero

Dfixed

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Question 27

jamb 2015

The technical relationship between the physical inputs and the physical outputs of a firm is

AUtility

BCost

CDemand

DProduction function

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Question 28

jamb 2015

Which of the following are examples of transfer payment

Agift and donations

Brents and rates

Cprofit and dividends

Dinternal and external debts

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Question 29

jamb 2015

Which of the following business units can issue shares?

APartnership

BPublic limited liability company

CSole proprietorship

DCentral bank

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Question 30

jamb 2015

A monopolist has the power to influence the prices of goods and services. Therefore, he is a

Aprice maker

Bprice taker

Cprice system

Dprice competition

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Question 31

jamb 2015

A firm that charges the maximum price without attracting competition from new entrants is

AOil firms

BMonopolistic competitive firm

CMonopolistic firm

DPerfectly competitive firm

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Question 32

jamb 2015

Census can be classified as

Adefacto and dejure

Bincreasing and decreasing

Cover and under

Doptimum

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Question 33

jamb 2015

All the following are the canons of taxation given by Adam Smith except

Aobjective

Beconomy

Cconvenience

Dcertainty

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Question 34

jamb 2015

\(\begin{array}{c|c}
\text{Units of quantity} & \text{Total utility} & \text{Marginal utility} \\
\hline
0 & - & - \\
\hline
1 & 10 & 10 \\
\hline
2 & 15 & 5 \\
\hline
3 & 17 & 2 \\
\hline
4 & 18 & 1 \\
\hline
5 & 18 & 0 \\
\end{array}\)

The table illustrate the law of

Aadmonishing returns

Bincreasing returns

Cdiminishing marginal utility

Dincreasing marginal utility

View Explanation & Discuss

Question 35

jamb 2015

The concentration of industries in a particular geographical area is

Alocalization of industries

Broles of industrialization

Clocation of industry

Dstrategies of industrialization

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Question 36

jamb 2015

The market in which the operators are many and none of them can influence the price is

Astock exchange market

Bimperfect market

Cperfect market

Dexchange market

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Question 37

jamb 2015

Petroleum has the following positive contributions to the Nigerian economy except

AGenerate employment

BSource of government revenue

Cdevelopment of mono economy

DInfrastructure development

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Question 38

jamb 2015

\(\begin{array}{c|c}
\text{Capital consumption allowance} & \text{N20,000} \\
\hline
\text{Gross domestic production} & \text{N60,000} \\
\hline
\text{Factor payment to foreigners} & \text{N10,000} \\
\hline
\text{Factor income from abroad} & \text{N15,000} \\
\end{array}\)

From the above table, calculate the Gross National Product.

AN70,000

BN75,000

CN50,000

DN60,000

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Question 39

jamb 2015

The tax levied on locally produced goods is

Aimport duty

Bexcise duty

Ccompany tax

Dvalue added tax

View Explanation & Discuss

Question 40

jamb 2015

The quantity theory of money states that a reduction in the quantity of money in circulation would bring about

AA constant change in price

BA rise in prices

CAn unequal fall in prices

DA proportionate fall in price

View Explanation & Discuss

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