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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.

80 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

80 questions

Question 1 of 20 80 total questions

Question 21

jamb 2019

John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

Amarginal physical productivity

Bmarginal income productivity

Cconsumer's surplus

Deconomic rent

View Explanation & Discuss

Question 22

jamb 2019

The last link in the channel of distribution is____________

AProducer

BRetailer

CConsumer

DWholesaler

View Explanation & Discuss

Question 23

jamb 2019

An economy system that uses what is regarded as the "Market mechanism" is called_______

AMixed economy

BSocialism

CCommand economy

DCapitalism

View Explanation & Discuss

Question 24

jamb 2019

The determination of price by bargaining between buyers and sellers is________

ASales by Auction

BTender

CHiggling and Haggling

DPrice Control

View Explanation & Discuss

Question 25

jamb 2019

Economics is a social science concerned with the proper use and______

Aproduction of goods and services

Bdistribution of wealth

Callocation of resources for growth

Dcreation of utility

View Explanation & Discuss

Question 26

jamb 2019

ECOWAS was formed for the purpose of________

Apromoting co-operation and integration

Bto facilitate the expansion of international trade

Cto provide insurance

Dto insure new investment

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Question 27

jamb 2019

The release of a liquid petroleum hydrocarbon into the environment is_______

AOil glut

BOil spill

COil shock

DOil wastage

View Explanation & Discuss

Question 28

jamb 2019

The most reliable and acceptable index of economic growth is the__________

AWholesale Price Index

BConsumer Price Index

CNational Income

DRetailer's Price Index

View Explanation & Discuss

Question 29

jamb 2019

Among the disadvantages of the one-man business is the fact that______

Aits capital may not be increased without government permission

Bthe proprietor is personally liable for the firm's debts

Cthe proprietor is not able to obtain credit

Dthe proprietor may not sue for bad debts

View Explanation & Discuss

Question 30

jamb 2019

The lands that belong to the community is referred to as__________

Asacred land

Bindividual land

Ccommunal land

Drent land

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Question 31

jamb 2019

A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

AImport monopoly

BImport licence

CImport quota

DEmbargo

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Question 32

jamb 2019

The sector which contribute highly to the economy is___________

APrimary sector

BSecondary sector

CTertiary sector

DEducation sector

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Question 33

jamb 2019

One of these is not a way by which government encourage industrialization?

AProtection of Infant industries

BEstablishment of Nigeria Enterprises Promotion Decree

CLow Productivity and inefficiency

DEstablishment of higher institutions

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Question 34

jamb 2019

Industrialization is the process of___________

Aconcentrating a firm in a place

Btransforming as economy based on extractive to manufacturing

Ctransferring a government industry to individual

Dtransforming finished goods into semi-finished goods

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Question 35

jamb 2019

A form of tax that is mildly progressive and regressive is_______

AProportional tax

BProgressive tax

CRegressive tax

DDigressive tax

View Explanation & Discuss

Question 36

jamb 2019

The use of government income and expenditure instrument to regulate the economy is termed______

Amonetary policy

Bphysical policy

Cfiscal policy

Dpublic finance

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Question 37

jamb 2019

The demand for labour is a________

ADerived demand

BJoint demand

CComplementary demand

DComposite demand

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Question 38

jamb 2019

Which of the following is not a cause of unemployment_______

Apoor education

Black of skills

Cgood government planning

Dcorruption

View Explanation & Discuss

Question 39

jamb 2019

As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________

AInput

BCommodities

COutput

DFactors

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Question 40

jamb 2019

The shape of the production possibility frontier is determined by the_________

Alaw of returns to scale

Blaw of diminishing returns

Cfactors of productions

Dtechnology

View Explanation & Discuss

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