Economics Past Questions

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

2,540 questions
Question 1 of 20 2,540 total questions
Question 331
jamb 2016

All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________?

AAn indifference curve
BAn exceptional demand curve
CA budget line
DAn isoquant map
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Question 332
jamb 2016

What effect would a change in price of a commodity have on its supply?

AAn increase in supply
BNo change in supply
CA decrease in supply
DA change in the quantity supplied
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Question 333
jamb 2016

One of the important features of perfect competition is_____?

AAdequate knowledge of existing prices
BThe influence on prices by individual economic units
CThe restriction in terms of movement of goods and services
DThe administration of a centralized price system
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Question 334
jamb 2016

One of the factors limiting the effectiveness of division of labour in the production process is the

APrevailing wage rate
BLevel of technology
CUnemployment rate
DPopulation size
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Question 335
jamb 2016

The overall demand for crude oil for various uses is an example of __________?

Aderived demand
Bcompetitive demand
Ccomposite demand
Dcomplementary demand
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Question 336
jamb 2016

If Mr Wale took a loan for the purpose of investment, the demand for money is________________?

APrecautionary motive
BTransactionary and Precautionary motive
CSpeculative motive
DSpeculative and Transactionary motives
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Question 337
jamb 2016

In the theory of the consumer behavior, a consumer is said to maximize utility when

AMarginal utility of a commodity is equal to the price paid for it
BMarginal utility of a commodity X is equal to the price of commodity Y
CAverage utility of a commodity is equal to the price paid for it
DTotal utility of a commodity is equal to the price paid for it
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Question 338
jamb 2016
From the graph above, fixing maximum price of garri below equilibrium prices at P1 will
AEncourage the production of garri
BCreate an excess supply of garri
CIncrease the consumption of garri
DDecrease the consumption of garri
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Question 339
jamb 2016

One of the factors that determine the supply of agricultural produce in Nigeria is

APrice of substitutes
BTechnological development
CConsumers choice
DConsumers income
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Question 340
jamb 2016

The additional cost incurred by producing an additional unit of output is known as

AFixed cost
BTotal cost
CAverage cost
DMarginal cost
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Question 341
jamb 2016

From the graph above P2 in price control situation is referred

AMinimum price
BShut-down price
CMaximum price
DMark-up price
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Question 342
jamb 2016

If additional unit of a variable factor input causes a fall in the marginal product, this implies that

ATotal product starts declining
BAverage product has become zero
CDiminishing returns has set in
DIncreasing returns is operating
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Question 343
jamb 2016
A country that is over-populated will face the problem of
ALow birth rate
BLow per capita income
CHigh wage rate
DFull employment
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Question 344
jamb 2016

The interest charged on loans is determined by the __________?

AExchange rate
BFiscal policy
CRisk associated with the loan
DRate of production in the country
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Question 345
jamb 2016

The demand curve faced by a monopolist is_____?

APositively sloped
BVertical
Cdownward sloping
DNegatively Sloped
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Question 346
jamb 2016
One of the problems facing the Nigerian oil and gas industry is____________________?
AOver-capacity utilization
BThe discovery of alternative oil sources
CShortage of indigenous manpower
DThe excess supply of petroleum products
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Question 347
jamb 2016

Given 0.25, 1.25, 1.80, 1.110, 10.20, 10.15 and 1.55.
Determine the range?

A0.25
B10.00
C1.55
D9.95
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Question 348
jamb 2016

Which of the following is NOT among the financial institutions in Nigeria?

AFederal Mortgage Bank
BMicrofinance Banks
CInsurance Banks
DFederal Ministry of Finance
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Question 349
jamb 2016

The major characteristics of an undeveloped nation is

AOver-dependence on foreign products
BDominance of the industrial sector
CHigh per capita income
DEfficient and sensitive financial sector
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Question 350
jamb 2016

One of the major uses of national income statistics in Nigeria is to

AEqually distribute national income among citizens
BDetermine the total population
CCompare population growth among nations
DEstimate per capita income
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