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Economics Past Questions

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50 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

50 questions

Question 1 of 10 50 total questions

Question 21

jamb 1982

Who controls a limited liability company ?

AThe general manager

BThe managing director

CThe owner of 51% of shares

DThe board of directors

EThe government

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Question 22

jamb 1982

A firm whose cost of production decrease as it continues to increase its output is said to be enjoying?

Aprofit maximization

Blarge-scale production

Ca wind fall

Dgovernment subsidies

Eeconomies of scale

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Question 23

jamb 1982

Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ?

Adebentures

Bpreference shares

Cordinary shares

Dparticipating preference shares

Eold shares

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Question 24

jamb 1982

The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that?

Athere is a Government ban on the importation of beer

Bbeer distributors want more profit

CNigeria is a large country

Dmiddlemen hoard beer

Ethe demand for beer exceeds the supply

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Question 25

jamb 1982

The supply of and demand for goods and services are influenced by the?

Asupermarkets

Bentrepreneurs

Cmechanism of the law

Dmechanism of equilibrium

Eprice mechanism

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Question 26

jamb 1982

In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are?

Aprofitable to the production process

Bpurchased for the purpose of production

Ccombined in the production process

Dprovided adequately for the production process

Ebrought into the factory

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Question 27

jamb 1982

We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because

Ait is the dependent population of Nigeria, economically

Ball student in Nigeria are in this group

Cmore than 50% of all Nigerians are in this group

Dit is the most expensive group of the economy

Eit is the productive group of the economy

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Question 28

jamb 1982

To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and

Athe size of that country

Bthe rate of immigration into that country

Cthe population census of that country

Dthe annual death rate

Ethe gross domestic product annual(GDP) of that country

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Question 29

jamb 1982

Economist speak about 'opportunity cost' when a person

Ahas the opporunity to attain a high degree of cost minimization

Bhas to forego one thing in order to have another

Ccan equate his fixed costs with his variable costs

Dis able to run his business without much expenditure

Ehas to maximize utility in order to maintain a high standard of living

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Question 30

jamb 1982

Economics is a science which deals basically with

Athe factors of production

Ballocation of scarce resources

Coil exportation

Dthe gross domestic product (GDP)

Enational income

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