Economics Past Questions

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

141 questions
Question 1 of 20 141 total questions
Question 21
waec 2022

Which of the following industries will add more value to primary products?

AConstruction industry
BProcessing industry
CMining industry
DService industry
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Question 22
waec 2022

An example of transfer payments in national income accounting is

Amoney transferred to another country
Btransfer of funds from one bank to another
Cunemployment allowance paid to the citizens
Dthe amount paid to a worker on transfer
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Question 23
waec 2022

In perfectly elastic supply, the supply curve

Ais vertical
Bis horizontal
Cslopes downward
Dslopes upward
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Question 24
waec 2022

Which of the following factors is not a cause of diminishing returns?

AIncrease in variable inputs
Bconstant technology
CLand fragmentation
DTechnological innovations
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Question 25
waec 2022

Gross National Product (GNP) less the provision for the wear and tear of assets is the

Anet factor income
Bnet indirect taxes
Cnet national product
Dnet present value
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Question 26
waec 2022

Scale of preference shows

Aopportunity cost of goods consumed
Bincomes of consumers in order of size
Cutilities enjoyed by consumers
Dconsumer's wants in order of priority
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Question 27
waec 2022

The use of the bank rate, cash ratio and open market operations constitute

Amonetary policy
Bexport policy
Cfiscal policy
Dimport policy
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Question 28
waec 2022

If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is

A2.00
B0.50
C0.65
D2.50
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Question 29
waec 2022

Cooperative societies are formed mainly to

Abreak the monopolies of private companies
Bencourage thrift and credit among members
Cassist producers to maximize their profits
Dpromote and maintain the welfare of members
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Question 30
waec 2022

Which of the following factors is not a cause of change in demand? Changes in

Athe size of the population
Bprice of the commodity
Cincome distribution
Dtaste and fashion
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Question 31
waec 2022

A minimum price legislation is also called

Aprice ceiling
Bprice mechanism
Cprice control
Dprice floor
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Question 32
waec 2022

The sufficient condition for a firm to be in equilibrium is that the

Amarginal revenue curve is above the average revenue curve
Bmarginal cost curve cuts the marginal revenue curve from below
Cfirm must show that it is profitable
Dmarginal cost must be equal to average revenue
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Question 33
jamb 2022

Which of the following cannot be classified as a natural resource?

AIron rod
BWild life
CSolar energy
DGold
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Question 34
jamb 2022

One benefit a country can derive from the extraction of crude oil is increase in

Apopulation
Bemployment
Cmoney supply
Ddemand for imports
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Question 35
jamb 2022

An electrical engineer who is teaching physics in a secondary school is said to be

Aunder-employed
Bunemployed
Cfully employed
Dtechnologically unemployed
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Question 36
jamb 2022

The International Bank for Reconstruction and Development(IBRD) performs the following functions except-------

Agranting long-term loans
Bassisting with technical expertise
Creducing tariff among members
Ddeveloping human resource
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Question 37
jamb 2022

The line labelled M in the diagram above represent

 

Atotal cost
Bfixed cost
Cvariable cost
Daverage cost
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Question 38
jamb 2022

The curve labelled x is the

Atotal revenue curve
Btotal product curve
Cmarginal product curve
Dmarginal revenue curve
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Question 39
jamb 2022

What type of price elasticity of demand is the diagram above representing?

 

Aperfectly inelastic demand
Bperfectly elastic demand
Cfairly elastic demand
Dcomposite demand
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Question 40
jamb 2022

The pie chart above represents the total population of a school of 1,200. The shaded area of 60º shows the population of the underaged pupils.

What is the population of the matured students?
 

A600
B800
C1000
D1200
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