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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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2,540 questions

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Question 371

jamb 2015

The quantity theory of money states that a reduction in the quantity of money in circulation would bring about

AA constant change in price

BA rise in prices

CAn unequal fall in prices

DA proportionate fall in price

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Question 372

jamb 2015

The source of all economic problems arises from

Awants

BScarcity

COpportunity Cost

DScale of Preference

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Question 373

jamb 2015

A commercial bank can create money by

Aissuing currency

Bincreasing cash ratio

Cissuing cheque

Dlending to borrowers

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Question 374

jamb 2015

What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit?

AThe industry has many differentiated products

BThe industry is characterized by rapid technological change

CThe industry consist of large number of producers

DThere are significant barriers to prevent firms entering the market

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Question 375

jamb 2015

The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in

AParis, France

BGeneva, Switzerland

CLagos, Nigeria

DVienna, Austria

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Question 376

jamb 2015

In which situation is it likely that the demand for labour would be inelastic?

ALabour and capital are close substitutes

BLabour costs are only a small proportion of total costs

CDemand for the final product that the labour produces is elastic

DA large quantity of unemployed labour is available in the economy

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Question 377

jamb 2015

The combination of two commodities each yielding the same level of satisfaction to the consumer is

Aconsumer surplus

Bindifference curve

Cbudget constant

Dgoods of necessity

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Question 378

jamb 2015

All the following are factors that would bring about a change in supply except

Alevel of technology

Bgovernment policy

CEntry of new firms

DPrice of the commodity

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Question 379

jamb 2015

Revenue can be expressed as

Atotal Profit made after sales

Bamount of goods produced

Ctotal money realized from sales

Damount spent on purchases

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Question 380

jamb 2015

All the following are problems identified with agriculture in West Africa except

Aland tenure system

Bignorance of the farmers

Cuse of crude implement

Dprovision of food for the teeming population

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Question 381

jamb 2015

The law of variable proportions is also known as

Alaw of demand

Blaw of diminishing returns

Claw of diminishing marginal utility

Dlaw of returns to scale

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Question 382

jamb 2014

Given that Qd = 40-2P and Qs = 6P+24. Calculate the equilibrium price.

A34

B32

C36

D16

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Question 383

jamb 2014

From the table above, find the values of E and F respectively

A27 and 1

B68 and 12

C28 and 5

D12 and 19

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Question 384

jamb 2014

From the table above, Calculate the price elasticity of supply

A0.50

B0.80

C2.00

D1.25

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Question 385

jamb 2014

From the graph above, the consumer will attain equilibrium at point

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Question 386

jamb 2014

A combination of factors responsible for a shift from D_oD_o to D₁D₁ are

Aconsumers income and change in technology

Bprice of the commodity and weather conditions

Cconsumers income and population size

Dconsumers taste and change in price

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Question 387

jamb 2014

If the national income is 60m, the contribution of the manufacturing sector is

A18m

B17m

C12m

D9m

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Question 388

jamb 2014

What is the percentage contribution of services to the national income?

A15%

B10%

C54%

D24%

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Question 389

jamb 2014

The labour force of a country is determined by the

Aage structure of the population

Bgeographical distribution of the population

Csex distribution of the population

Dnumber of people available for work

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Question 390

jamb 2014

The major determinant of the total volume of output in an economy is the

Alevel of total expenditure

Bcomposition of consumer spending

Cnumber of farmers

Dsize of the labour force

View Explanation & Discuss

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