Economics Past Questions

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

90 questions
Question 1 of 20 90 total questions
Question 21
jamb 2018

In a capitalist economy, factors of production are owned and controlled by the _____?

 

ACitizen
BBusiness Men
CGovernment
DForeigners
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Question 22
jamb 2018

A country's budget allocation to various sectors of the economy is shown in the pie chart .

 

 If the budget of the country was $7,200.00, how much is allocated to education?

A$2,400.00
B$2,000.00
C$1,200.00
D$1,000.00
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Question 23
jamb 2018

The two major types of international trade are Bilateral trade and?

AInternal trade
BMultilateral trade
CDilateral trade
DTrilateral trade
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Question 24
jamb 2018

The diagram below represents a production function. At which of the points does diminishing returns set in__________

AR
BS
CT
DV
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Question 25
jamb 2018

As a factor of production, the reward for land is?

AProfit
BInterest
CRent
DWage
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Question 26
jamb 2018

Taxes and government expenditures are instruments of____________

 

 

AMonetary policy
BTax policy
CEconomic policy
DFiscal policy
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Question 27
jamb 2018

The full meaning of NAPEP is?

ANational Poverty Eradication Programme
BNational Agency for Poverty and Education Program
CNational Air Pollution and Environmental Purification
DNone of the above
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Question 28
jamb 2018

The expression of cost in terms of alternative forgone is referred to as ____?

AScarce resources
BDecision making
COpportunity cost
DChoice
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Question 29
jamb 2018
X 8 10 12 16 18 20 24
F 2 1 4 3 3 1 6

 

From the table, Calculate the median___________

A24.0
B17.0
C18
D16
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Question 30
jamb 2018

The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________

ADeflation
BInflation
CDevaluation
DRevaluation
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Question 31
jamb 2018

A  capital market differs from the money market in that in the former ________?

AThe percentage of interest charged is more
BLoan sought is long term
CLoan repayment is guaranteed
DLoan sought is short-term
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Question 32
jamb 2018

An economy in which both the public and private sectors contribute to economic growth is a__________?

Asocialist economy
Bfeudal economy
Cmixed economy
Dcapitalist economy
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Question 33
jamb 2018

The transfer of public share holding in corporations to private enterprise is___________?

AIncorporation
BConcession
CPrivatization
DCommercialization
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Question 34
jamb 2018

The labour force of a country is determined by the___________

Ageographical distribution of the population
Bage structure of the population
Cnumber of people available for work
Dsex distribution of the population
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Question 35
jamb 2018

An ad valorem tax is imposed on_____?

AExports
BImports
CThe Value of a Commodity
DSpecial Commodities
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Question 36
jamb 2018

From the diagram shown, the optional point of production is_____________?

AR
BT
CS
DU
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Question 37
jamb 2018

Given that Y = C + I, where C = 50 + 0.75Y and I = N45m, what is the equilibrium level of income?

AN20m
BN380m
CN200m
DN180m
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Question 38
jamb 2018

In the history of economics the concept of division of labour is usually associated With______________-

AKarl Marx
BAdam Smith
CDavid Ricardo
DJ.M Keynes
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Question 39
jamb 2018

The coefficient of the price elasticity of supply is always_____________

AConstant
BZero
CPositive
DNegative
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Question 40
jamb 2018

An upward movement along the same supply curve result in_____________

Aa decrease in price
Ban increase
Can increase in quantity supplied
Da decrease In quantity supplied
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