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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.

1,723 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

1,723 questions
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Question 1 of 20 1,723 total questions
Question 381
waec 2010

Which of the following is obtainable in a perfect market?

AP = MR > AR
BMP = MC > P
CMR < P
DP = MR = MC
View Explanation & Discuss
Question 382
waec 2010

One advantage of the Sole Proprietorship over other forms of business organization is that it can

Amake very high profits
Bemploy many workers
Ckeeps its affair private
Dproduce on a very large high scale
View Explanation & Discuss
Question 383
waec 2010

The public sector of an economy includes

Acooperative societies
Bnationalized industries
Cjoint stock companies
Dpressure groups
View Explanation & Discuss
Question 384
waec 2010

All the following are source of finance to a joint stock company except

Adebentures
Bcooperative loans
Cshares
Dbank loans
View Explanation & Discuss
Question 385
waec 2010

A firm is said to be a public joint stock company when it

Ais owned by the government
Bsells its shares to members of the public
Coperates as a government corporation
Dis not legally recognized as a firm
View Explanation & Discuss
Question 386
waec 2010
The reward to land as a factor of production is
Aprofit
Brent
Cinterest
Dwage
View Explanation & Discuss
Question 387
waec 2010
If TC, FC and VC represent total cost, fixed cost and variable cost respectively, which of the following is correct?
ATC = FC - VC
BFC = TC + VC
CTC > FC + VC
DTC = FC + VC
View Explanation & Discuss
Question 388
waec 2010
Greater inter-dependence among workers in production is associated with
Autility
Bmanufacturing
Cdivision of labour
Dfactory workers
View Explanation & Discuss
Question 389
waec 2010
The law of diminishing marginal utility state that, the more a commodity is consumed the
Ahigher the satisfaction derived from an additional unit
Bhigher the price to be paid
Clower the quantity supplied
Dlower the rate of increase in the total utility derived
View Explanation & Discuss
Question 390
waec 2010
At the highest level of total utility, marginal utility is
Anegative
Bpositive and falling
Cpositive and rising
Dzero
View Explanation & Discuss
Question 391
waec 2010
A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to
Abe unchanged
Bremain elastic
Cremain inelastic
Drise
View Explanation & Discuss
Question 392
waec 2010
Equilibrium price is the price at which quantity
Ademand greater than quantity supplied
Bsupplied is greater than quantity demanded
Cdemand is equal to quantity supplied
Dsupplied equals quantity produced
View Explanation & Discuss
Question 393
waec 2010
The slope of a supply curve is
Ahorizontal
Buniform
Cpositive
Dvertical
View Explanation & Discuss
Question 394
waec 2010
Goods for which demands rises as income rises are
Acomplementary goods
Binferior goods
Cnormal goods
Dsubstitutes
View Explanation & Discuss
Question 395
waec 2010
Which of the following causes the demand curve to shift to the right?
Aa reduction in size of population
Ban increase in the income of the buyer
Cthe availability of substitutes
Da decrease in price of goods
View Explanation & Discuss
Question 396
waec 2010

Find the median of the following set of scores 8,9,6,5,10

A9
B8
C6
D5
View Explanation & Discuss
Question 397
waec 2010
The sum of items divided by the number of items is the
Afrequency
Bmean
Cmedian
Dmode
View Explanation & Discuss
Question 398
waec 2010
In which of the following economic system do we have mostly private ownership of resources and individual decision making?
ACapitalist system
BSocialist system
CMixed system
DTraditional system
View Explanation & Discuss
Question 399
waec 2010

A tent-making factory offers

Apersonal services
Bindirect services
Csocial services
Dreflex services
View Explanation & Discuss
Question 400
waec 2010

The following are examples of economic goods except

Abottled water
Bair
Chousehold utensils
Dshelter
View Explanation & Discuss
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