Economics Past Questions

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

118 questions
Question 1 of 20 118 total questions
Question 21
waec 2015

which of the following is not a reason for abnormal demand

Aprice of the commodity
Bgoods of ostentation
Cgiffen goods
Drare commodity
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Question 22
waec 2015

If the price of floor rises, then bread

Ademand curve will shift to the left while supply curve will shift to the right
Bsupply curve will shift to the left
Csupply curve will shift to the right
Ddemand curve will shift to the right while supply curve remains unchanged
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Question 23
waec 2015

which of the following is not an effect of many middlemen in the chain of production

Ashortage of commodities
Blow retail prices
Choarding of goods
Dhigh retail prices
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Question 24
waec 2015

A disadvantage of the mean as measure of central tendency is that?

Ais affected by extreme values
Bcan only be used for continuous data
Ccannot be used to measure the qualities of a population
Dcannot be determined in group data
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Question 25
waec 2015

The following constitute the criteria for identifying an economic system except?

Aownership of resources
Bscarcity of resources
Cmethod of decision making
Dmotivation for production
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Question 26
waec 2015

An outward shift of the production possibility curve shows that?

Aproduction is shifting to the left
Bresources are under-utilized
Ceconomic growth has taken place
Dfactors of production are moving outward
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Question 27
waec 2015

which of the following can be described as land

Aforest
Bdiamond
Croads
Dcrude oil
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Question 28
waec 2015

Economics is regarded as a science because it?

Astudies laws that govern human behaviour
Buses scientific method to explain human behaviour
Cmakes use of controlled experiments to explain human behaviour
Dmakes use of machines to study human behaviour
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Question 29
jamb 2015

Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0.25P. Qs is the quantity supplied and P is the price. Determine the quantity supplied when the price per liter is N30

A50litres
B32.5litres
C30litres
D35litres
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Question 30
jamb 2015

From the diagram, determine the profit-maximizing output

A600
B800
C900
D1000
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Question 31
jamb 2015
If the quantity supplied of a commodity increases from 20 to 30 units when there is an increase in price from N4 to N5, the elasticity of supply is
A4
B1
C2
D5
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Question 32
jamb 2015

The theory of comparative cost advantage is associated with

AAdam Smith
BReverend Thomas Malthus
CProfessor trum fisher
DDavid Ricardo
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Question 33
jamb 2015
In a situation when a firm is operating in a perfectly competitive firm and the total cost is given perfectly competitive firm and the total cost is given as N75.00. If the market price is N7.00 determine the profit. When 25 units are produced
AN75.00
BN100
CN175.00
DN125.00
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Question 34
jamb 2015
The practice of selling goods overseas and often below the cost of production is known as
Aretailing
Bdumping
Cinternal trade
Dadvertising
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Question 35
jamb 2015
The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price
AN4
BN8
CN2
DN10
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Question 36
jamb 2015
What would encourage the growth of international division of labour?
AImprovement in transport system
BInstability in international exchange rate
CRestrictions on the movement of resources
Dincrease in tariff
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Question 37
jamb 2015
In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?
AThere has been an increase in the consumer’s money income
BThere has been a reduction in the price of both A and B
CThere has been no change in the price of A or B
DThere has been no change in the price of A relative to the price of B
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Question 38
jamb 2015

A smaller industry that grows to cater for the need of the major industry is

Asubsidiary industry
Bconstructive industry
Cmanufacturing industry
Dinfant industry
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Question 39
jamb 2015
How can a firm benefit from external economies?
AIncreasing its expenditure on advertising
BIncreasing the workforce
CLocating in an area in which the industry is already established
DMerging with another domestic firm engaged in the same industry
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Question 40
jamb 2015
Which of the following could be used to measure the efficiency of labour?
Arate of inflation
Binput-output ratio
Cbuying more machines
Dunemployment rate
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