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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.

2,540 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

2,540 questions
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Question 1 of 20 2,540 total questions
Question 311
jamb 2017
The population theory that is concerned with the cases of over population and shortage of food production is ______
Apopulation density
BMalthusian population theory
Cnational population theory
Ddemographical transition theory
View Explanation & Discuss
Question 312
jamb 2017

Which of the following is not a function of the money market?

AProvision of finance
Benhance loan savings
Ccreation of long term loans
DProvision of finance
View Explanation & Discuss
Question 313
jamb 2017
The law of diminishing marginal utility states:
AThe supply curve slopes downward
BYour utility grows at a slower and slower rate as you consume more and more unit of a good.
CThe elasticity of demand is infinite
DNone of the above
View Explanation & Discuss
Question 314
jamb 2017
The graph above represents _______
Aa decrease in quantity supplied
Ban increase in supply
Ca decrease in supply
Dan increase in quantity supplied
View Explanation & Discuss
Question 315
jamb 2017

Which of the following is an indicator of economic growth?

AHigh tax rate
BTechnology development
CHigh gross domestic product
DHigh interest rate
View Explanation & Discuss
Question 316
jamb 2017
The bowed shape of the Production possibilities curve illustrates _________
Athat production is inefficient
Bthat demand is relatively inelastic
Cthat production is unattainable
Dthe law of increasing marginal cost
View Explanation & Discuss
Question 317
jamb 2017
Petro-chemical industries are located in the Rivers State of Nigeria because of ________?
Afavourable soil
Bcoal deposit
Ccrude oil deposit
Dfavourable climate
View Explanation & Discuss
Question 318
jamb 2017
The following are Methods of measuring National Income of a country EXCEPT; ?
AExpenditure method
BConsumption method
CInput Method
DOutput method
View Explanation & Discuss
Question 319
jamb 2017
The economic questions about what and how to produce in an economy is solely answered by the _______?
Agovernment
Blabour union
Cprivate and public enterpriser
Dsystem of economy practised
View Explanation & Discuss
Question 320
jamb 2017
Which of the following budgets will increase government expenditure?
Azero base budget
Bsurplus budget
Cdeficit budget
Dbalanced policy
View Explanation & Discuss
Question 321
jamb 2017

Which modal of the factor is inelastic?

AWages
Bcapital
Clabour
Dland
View Explanation & Discuss
Question 322
jamb 2017
A firm owned and managed by a family is an example of ______?
Ajoint stock exchange
Bcooperative society
Csole proprietorship
Dpartnership
View Explanation & Discuss
Question 323
jamb 2016

A company's expenditure on raw materials is termed as_______?

APrime cost
BExplicit cost
CAverage cost
DImplicit cost
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Question 324
jamb 2016

Localization of industry is encouraged because of

ALow interest charges on loans
BHigh standard of living
CLow foreign exchange rate
DImprovements in infrastructure
View Explanation & Discuss
Question 325
jamb 2016
\(\begin{array}{c|c}
Price (N) & 20 & 16 \\
\hline
\text{Quantity demanded} & 100 & 58
\end{array}\)

From the table above, the elasticity of supply is_____?
AInelastic supply
BPerfectly elastic
CElastic supply
DUnitary elastic
View Explanation & Discuss
Question 326
jamb 2016

Which of the following can cause oil glut in the International market?

AExcess demand over supply
BUnder- capacity utilization
CExcess supply over demand
DEconomic boom
View Explanation & Discuss
Question 327
jamb 2016

Population growth is determined by_______?

ADependency ratio
BLabour force
CPer capita
DNet migration
View Explanation & Discuss
Question 328
jamb 2016

A government budget proposing to spend more than its expected revenue in a year will create_______?

AOpportunity for combating inflation
BDepression in the economy
CShortage in money supply
DOpportunity for full employment
View Explanation & Discuss
Question 329
jamb 2016

A country's terms of trade can be improved by________?

ARevaluation of currency
BCollective bargaining
CReducing demand for imported goods
DImposing lower export duties
View Explanation & Discuss
Question 330
jamb 2016

Consumers allocate their resources based on the ______?

ALaw of diminishing marginal utility
BValue in use and value in exchange principle
CLaw of returns to scale
DDiamond and water paradox
View Explanation & Discuss
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