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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 21

jamb 1978

If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing

AIncreasing Marginal utility

BDiseconomies of scale

CIncreasing costs

DConstant returns to scale

EIncreasing returns to scale

View Explanation & Discuss

Question 22

jamb 1978

Which is NOT a direct effort to increase Agricultural production in Nigeria?

AOperation feed the Nation

BNigerian Youth Service Corps

CIncreased loans to farmers and cooperatives

DResearch in Agric & Extension services

EMechanization of Agriculture

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Question 23

jamb 1978

Which is an example of an invisible item in the trade Account of Ghana?

AExport of Cocoa from Ghana

BImport of oil from Nigeria

CA gift of a Peugout 504 by a firm in Nigeria to a firm in Ghana

DPayment for shipping and insurance by a Ghanaian company to companies outside Ghana

ENone of the above

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Question 24

jamb 1978

A commercial bank is unique in that it is the only institution that

Amakes loans to private people and businessmen

Baccept deposits

Ccan store peoples' valuables

Dcan transfer money from one place to another for its customers

Esaves money through the granting of credits

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Question 25

jamb 1978

Malthus became famous through his theory which may be stated simply

Athe death rate may become so high that people may not be able to produce

Bpopulation may outgrow the means of subsistence

Cpeople will eventually decide not to have children

Dmigration of people from one place to another may leave some parts of the world barren

Eall of the above

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Question 26

jamb 1978

Inferior goods are referred to in Economics as goods

AWhose quality is low

BConsumed by very poor people

CWhose consumption falls when cunsumers' income rises

DWhich satisfy only the basic needs

ENone of the above

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Question 27

jamb 1978

The following is NOT a reason for the existence of small firms

AScale of production is limited by size of the market

BExpansion brings diminishing returns

CLarge firms can carter for wide markets

DSmall firms can provide personal services

EAll of the above

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Question 28

jamb 1978

When elasticity is zero, the demand curve is

APerfectly elastic

BPerfectly inelastic

CConcave

DDownward slopping

ECircular

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Question 29

jamb 1978

A budget deficit means

AThat a country is buying more than is selling

BThat a country is selling more than is buying

CThat a government is spending more than in takes in taxation

DThat a government is spending less than it takes in taxation

EThat a government is spending as much as it takes in taxation

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Question 30

jamb 1978

Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

AThe same as equilibrium supply

BGreater than equilibrium supply

CLess than the equilibrium supply

DDetermined later by government

ENone of these

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