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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.

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

100 questions
All JAMB WAEC NECO CUSTOM
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Question 1 of 20 100 total questions
Question 21
waec 2000
Public enterprises are established mainly to
Aprovide basic amenities for the people
Bmake goods available in the market
Cmake profit for the government
Dcompete with foreigners in the industrial sector
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Question 22
waec 2000
Dividing total variable cost by quantity of output gives
ATotal cost (TC)
BTotal Fixed Cost (TFC)
CVariable cost (VC)
DAverage Variable Cost (AVC)
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Question 23
waec 2000
One of the internal economies of large scale production is
Aadministrative economies
Bmarket economies
Cregional economies
Dhorizontal economies
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Question 24
waec 2000
In production , the formula total product/number of men employed is used to calculate
Atotal product
Baverage product
Cmarginal product
Dfixed product
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Question 25
waec 2000

The quantity supplied of a book per week is represented by the function: Qs + 70 + 1/2 P, At a price of N8.00, the quantity supplied is

A70
B74
C76
D86
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Question 26
waec 2000
Which of the following is a measure of central tendency
APercentage
Bgraph
Cvariance
DMedian
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Question 27
waec 2000
A collective data which has not been processed is referred to as
Adisjointed data
Braw data
Cclass intervals
Dfrequency
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Question 28
waec 2000
The entire satisfaction that a consumer derived from a successive consumption of a particular commodity is known as
Amarginal utility
Btotal utility
Caverage utility
Ddiminishing utility
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Question 29
waec 2000
Basic extractive activities are classified as
Amanufacturing production
Btertiary production
Csecondary production
Dprimary production
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Question 30
waec 2000
economy problems arises mainly as a result of
Ainaccurate statistical data in West Africa
Bexcessive wastage of available resources
Clack of foresight on the part of resource users
Dlimitation in the availability of resouces
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Question 31
waec 2000
Scarcity implies that
Agoods cannot be produced efficiently
Bhuman wants are unlimited
Cgoods and services are limited in supply
Dcommodities are evenly distributed within the economy
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Question 32
jamb 2000
The firm whose sales and total revenue of the commodity as given in the table is
Aa monopolist
Ba monopolistic competitor
Can oligopolist
Da perfect competitor
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Question 33
jamb 2000
How many student took the examination?
A280
B240
C200
D80
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Question 34
jamb 2000
If the pass mark was 40. how many students passed the examination?
A100
B120
C160
D200
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Question 35
jamb 2000
In a price-taking firm, the portion UT above is the firm's
Aaverage revenue curve
BLong-run average cost curve
Cdemand curve
Dsupply curve
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Question 36
jamb 2000
The marginal product X is
A18
B20
C24
D25
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Question 37
jamb 2000
The average product Y is
A15.5
B14.6
C12.0
D8.0
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Question 38
jamb 2000
In the diagram L1L1 and L2L2 are budget lines. 1112 and 1 3 are indifference curves. which points are optimal?
AU and W
BV and W
CU and Z
DY and Z
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Question 39
jamb 2000
Commodities I and II are
Acompetitive supply
BSubstitute supply
CJoint supply
DDerived supply
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Question 40
jamb 2000
The supply of commodity II increasing from S 1 S 1 to S 2 S 2
AMoves the price below OP 2
BLeads to a fall in price from OP 1 to OP 2
CIncreases the price from OP 2 to OP 1
DMoves the price to OP 1
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