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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 361

jamb 2015

Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is

ADirect

BProgressive

CRegressive

DProportional

View Explanation & Discuss

Question 362

jamb 2015

The frequent value that occurs most in a data is

Amedian

Bmean

Cmode

Drange

View Explanation & Discuss

Question 363

jamb 2015

The ordinalist approach of utility postulated that utility can be

ARank

BMeasurable

CRise

DFall

View Explanation & Discuss

Question 364

jamb 2015

The relationship between the cost of living and standard of living is

AA rise in cost of living gives a corresponding rise in standard of living

BA lower cost of living give a higher standard of living

CA lower cost of living give a lower standard of living

DNone of the above

View Explanation & Discuss

Question 365

jamb 2015

\(\begin{array}{c|c}
\text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal product} \\
\hline
0 & 10 & - & - & - \\
\hline
1 & 10 & 10 & 10 & 10 \\
\hline
2 & 10 & 25 & ? & 15 \\
\hline
3 & 10 & 50 & 16.7 & 25 \\
\hline
4 & 10 & 80 & 20.0 & 30 \\
\hline
5 & 10 & 106 & 21.2 & 26 \\
\end{array}\)

Calculate the average product when the 2nd labour was employed 12.5

A12.5

B12

C15

D10

View Explanation & Discuss

Question 366

jamb 2015

The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct

AE = C + I + G

BE = C + I + G + M – X

CE = C + I + G + X – M

DE = C + I + G – T + M – X

View Explanation & Discuss

Question 367

jamb 2015

The income elasticity of demand of normal goods is

Anegative

Bpositive

Czero

Dfixed

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Question 368

jamb 2015

The technical relationship between the physical inputs and the physical outputs of a firm is

AUtility

BCost

CDemand

DProduction function

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Question 369

jamb 2015

Which of the following are examples of transfer payment

Agift and donations

Brents and rates

Cprofit and dividends

Dinternal and external debts

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Question 370

jamb 2015

Which of the following business units can issue shares?

APartnership

BPublic limited liability company

CSole proprietorship

DCentral bank

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Question 371

jamb 2015

A monopolist has the power to influence the prices of goods and services. Therefore, he is a

Aprice maker

Bprice taker

Cprice system

Dprice competition

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Question 372

jamb 2015

A firm that charges the maximum price without attracting competition from new entrants is

AOil firms

BMonopolistic competitive firm

CMonopolistic firm

DPerfectly competitive firm

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Question 373

jamb 2015

Census can be classified as

Adefacto and dejure

Bincreasing and decreasing

Cover and under

Doptimum

View Explanation & Discuss

Question 374

jamb 2015

All the following are the canons of taxation given by Adam Smith except

Aobjective

Beconomy

Cconvenience

Dcertainty

View Explanation & Discuss

Question 375

jamb 2015

\(\begin{array}{c|c}
\text{Units of quantity} & \text{Total utility} & \text{Marginal utility} \\
\hline
0 & - & - \\
\hline
1 & 10 & 10 \\
\hline
2 & 15 & 5 \\
\hline
3 & 17 & 2 \\
\hline
4 & 18 & 1 \\
\hline
5 & 18 & 0 \\
\end{array}\)

The table illustrate the law of

Aadmonishing returns

Bincreasing returns

Cdiminishing marginal utility

Dincreasing marginal utility

View Explanation & Discuss

Question 376

jamb 2015

The concentration of industries in a particular geographical area is

Alocalization of industries

Broles of industrialization

Clocation of industry

Dstrategies of industrialization

View Explanation & Discuss

Question 377

jamb 2015

The market in which the operators are many and none of them can influence the price is

Astock exchange market

Bimperfect market

Cperfect market

Dexchange market

View Explanation & Discuss

Question 378

jamb 2015

Petroleum has the following positive contributions to the Nigerian economy except

AGenerate employment

BSource of government revenue

Cdevelopment of mono economy

DInfrastructure development

View Explanation & Discuss

Question 379

jamb 2015

\(\begin{array}{c|c}
\text{Capital consumption allowance} & \text{N20,000} \\
\hline
\text{Gross domestic production} & \text{N60,000} \\
\hline
\text{Factor payment to foreigners} & \text{N10,000} \\
\hline
\text{Factor income from abroad} & \text{N15,000} \\
\end{array}\)

From the above table, calculate the Gross National Product.

AN70,000

BN75,000

CN50,000

DN60,000

View Explanation & Discuss

Question 380

jamb 2015

The tax levied on locally produced goods is

Aimport duty

Bexcise duty

Ccompany tax

Dvalue added tax

View Explanation & Discuss

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