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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 2017
The law of diminishing marginal utility states:
AThe supply curve slopes downward
BYour utility grows at a slower and slower rate as you consume more and more unit of a good.
CThe elasticity of demand is infinite
DNone of the above
View Explanation & Discuss
Question 22
jamb 2017
The graph above represents _______
Aa decrease in quantity supplied
Ban increase in supply
Ca decrease in supply
Dan increase in quantity supplied
View Explanation & Discuss
Question 23
jamb 2017

Which of the following is an indicator of economic growth?

AHigh tax rate
BTechnology development
CHigh gross domestic product
DHigh interest rate
View Explanation & Discuss
Question 24
jamb 2017
The bowed shape of the Production possibilities curve illustrates _________
Athat production is inefficient
Bthat demand is relatively inelastic
Cthat production is unattainable
Dthe law of increasing marginal cost
View Explanation & Discuss
Question 25
jamb 2017
Petro-chemical industries are located in the Rivers State of Nigeria because of ________?
Afavourable soil
Bcoal deposit
Ccrude oil deposit
Dfavourable climate
View Explanation & Discuss
Question 26
jamb 2017
The following are Methods of measuring National Income of a country EXCEPT; ?
AExpenditure method
BConsumption method
CInput Method
DOutput method
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Question 27
jamb 2017
The economic questions about what and how to produce in an economy is solely answered by the _______?
Agovernment
Blabour union
Cprivate and public enterpriser
Dsystem of economy practised
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Question 28
jamb 2017
Which of the following budgets will increase government expenditure?
Azero base budget
Bsurplus budget
Cdeficit budget
Dbalanced policy
View Explanation & Discuss
Question 29
jamb 2017

Which modal of the factor is inelastic?

AWages
Bcapital
Clabour
Dland
View Explanation & Discuss
Question 30
jamb 2017
A firm owned and managed by a family is an example of ______?
Ajoint stock exchange
Bcooperative society
Csole proprietorship
Dpartnership
View Explanation & Discuss
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