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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.

90 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

90 questions

Question 1 of 20 90 total questions

Question 31

jamb 2018

The effects on the demand for product A caused by a change in the price of product B is Called____________

AJoint demand

Bcross-elasticity of demand

Celasticity of supply

Dcompetitive demand

View Explanation & Discuss

Question 32

jamb 2018

Concentrating industries in one place is advantageous because there are gains in terms of_____________

Acost economies

Beconomies of scale

Cinternal economies

Dexternal economies

View Explanation & Discuss

Question 33

jamb 2018

By utility we mean____________

Abeneficial

Bpower of satisfying a want

Cadvantageous

Dconsumable

View Explanation & Discuss

Question 34

jamb 2018

From the graph above the consumer will attain equilibrium at point_______________

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Question 35

jamb 2018

The money paid per hour for work done is_________

Acost

Bsalary

Cbonus

Dwage rate

View Explanation & Discuss

Question 36

jamb 2018

If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

Aa decrease in profit by 43%

Ban increase in profit by 43%

Ca net loss

Da net gain

View Explanation & Discuss

Question 37

jamb 2018

If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________

A0.50

B0.40

C1.25

D0.80

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Question 38

jamb 2018

A limited liability company is owned by________________

Aa bank

Ban individual

Ctwo or more partners

Dshare holders

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Question 39

jamb 2018

Which of the following is not a direct tax?

Acapital gains tax

Bpurchase tax

Cpersonal income tax

Dcapital tax

View Explanation & Discuss

Question 40

jamb 2018

When elasticity is zero, the demand curve is_____________

Acircular

Bdownward sloping

Cperfectly inelastic

Dconcave

View Explanation & Discuss

Question 41

jamb 2018

The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________

Aan Improvement in capital goods technology but not In consumer goods technology

Ba movement from unemployment to full employment

Cthat the output for the society has declined

Da gain in consumer goods technique and not in capital goods technique

View Explanation & Discuss

Question 42

jamb 2018

No of Men	1	2	3	4	5	6	7	8
Total Product(unit)	200	440	540	600	640	660	660	640

If the price per unit is N2, what is the average revenue when 6 men are employed?

AN110

BN120

CN220

DN330

View Explanation & Discuss

Question 43

jamb 2018

The mean is the best measure of central tendency because it__________

Acan be calculated from incomplete data

Bis a balancing point in an observation

Cis a midpoint value in an array of data

Dis not affected by extreme values in a data

View Explanation & Discuss

Question 44

jamb 2018

The privatization exercise in Nigeria is a move towards a____________

Acommand economy

Bmixed economy

Csubsistence economy

Dmarket economy

View Explanation & Discuss

Question 45

jamb 2018

The need to construct a scale of preference is necessitated by____________

Ascarcity and the need for choice

BThe needs to satisfy wants

CNon - availability of factors of production

DScarcity of resources

View Explanation & Discuss

Question 46

jamb 2018

In a developing economy, productivity is measured by the____________

Aoutput - labour ratio

Bcapital - output ratio

Coutput growth rate

DOutput per capital

View Explanation & Discuss

Question 47

jamb 2018

In an open economy, the GNP is measured as_____________?

AC + 1 + G(X-M)

BC + 1 + G

CC + 1 + G + X

DC + 1 + G + M

View Explanation & Discuss

Question 48

jamb 2018

The basic economic problems of society include___________

Ascarcity, for whom to produce and where

Bscarcity, when to produce and how

Dhow to produce and sell

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Question 49

jamb 2018

If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then____________

Aonly the quantity will increase

BThe prices will remain constant

Cthe equilibrium price and quantity will increase

Donly the price will increase

View Explanation & Discuss

Question 50

jamb 2018

The minimum number of share holders for joint stock companies is_______________

View Explanation & Discuss

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