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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.

70 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

70 questions

Question 1 of 10 70 total questions

Question 31

jamb 2015

The source of all economic problems arises from

Awants

BScarcity

COpportunity Cost

DScale of Preference

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Question 32

jamb 2015

A commercial bank can create money by

Aissuing currency

Bincreasing cash ratio

Cissuing cheque

Dlending to borrowers

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Question 33

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 34

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 35

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 36

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 37

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 38

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 39

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 40

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

View Explanation & Discuss

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