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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.

98 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

98 questions

Question 1 of 20 98 total questions

Question 31

jamb 2012

A policy aimed at enhancing globalization of the Nigerian economy is

Aindigenization

Bdereglation

Ccommercialization

Dprivatization

View Explanation & Discuss

Question 32

jamb 2012

Long-term funds for investment projects are sourced from the

Amoney market

Bcommodity market

Cforeign exchange market

Dcapital market

View Explanation & Discuss

Question 33

jamb 2012

A change in the pump price of petrol in Nigeria has a direct effect on the

Aprices of consumer goods

Bprices of essential goods

Ccost of raw materials

Dcost of transportation

View Explanation & Discuss

Question 34

jamb 2012

An important contribution of small-scale industries to the Nigerian economy is in the area of

Atechnological development

Bforegin exchange earnings

Craw materials processing

Dlabour employment

View Explanation & Discuss

Question 35

jamb 2012

A sugar industry is best located near the source of

Alabour

Braw materials

Cpower

Dcapital

View Explanation & Discuss

Question 36

jamb 2012

A strategy for improving agriculture in Nigeria will involve

Acontrolling the prices of agricultural products

Bensuring self-sufficiency in food production

Creducing agricultural exports

Destablishing commondity boards

View Explanation & Discuss

Question 37

jamb 2012

An emerging agricultural export crop in Nigeria is

Acassava

Bcotton

Ccocoa

Dsoya beans

View Explanation & Discuss

Question 38

jamb 2012

The primary reason for desiring economic growth is to

Acontrol inflation

Breduce poverty

Credistribute income

Draise standard of living

View Explanation & Discuss

Question 39

jamb 2012

Rapid economic development in Nigeria is realizable by

Acontinuous dependence on oil

Bconcentrating more on agriculture

Cdeveloping the tourism industry

Ddiversifying the economy

View Explanation & Discuss

Question 40

jamb 2012

A huge national debt is an indication that the gold reserves of a nation has

Aappreciated

Bdecreased

Cdepreciated

Dstagnated

View Explanation & Discuss

Question 41

jamb 2012

An ad valorem tax is imposed on

Aspecial commodities

Bexports

Cimports

Dthe value of a commodity

View Explanation & Discuss

Question 42

jamb 2012

The major function of money market is to

Aprovide funds for long-term financing

Bprovide funds short-term financing

Cstabilize the value of the local currency

Dstabilize domestic prices

View Explanation & Discuss

Question 43

jamb 2012

The minimum amount which banks are required to deposit with the central bank is determined by the

Aliquidity ratio

Bcash reserve ratio

Cminimum lending rate

Daggregate credit ceiling

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Question 44

jamb 2012

The money that commands a higher market value than its face value is called

Apaper money

Bstandard money

Ccommodity money

Dfiat money

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Question 45

jamb 2012

If a basket of commodities cost N120 in the base year and N240 in the current year, calculate the price index

A100

B200

C240

D300

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Question 46

jamb 2012

The investment expenditure of an economy changes by N2 million and MPC is 0.75
What is the change in income?

AN0.5m

BN1.5m

CN2.6m

DN8.0m

View Explanation & Discuss

Question 47

jamb 2012

The investment expenditure of an economy changes by N2 million and MPC is 0.75
The multiplier is

View Explanation & Discuss

Question 48

jamb 2012

Net National Product is derived by deducting

Anet exports from GNP

Bsubsidies from GDP

Ctaxes from GDP

Ddepreciation from GNP

View Explanation & Discuss

Question 49

jamb 2012

A discriminatory monopoly is characterized by

Aa common elasticity in different markets

Bdifferent elasticities in different markets

Ca finite elasticity in all markets

Dzero elasticity in all markets

View Explanation & Discuss

Question 50

jamb 2012

Patents and copyrights enable monopolists to

Adetermine the quality of their products

Bdetermine the scale of their products

Crestrict information flow to new firms

Drestrict entry of new firms

View Explanation & Discuss

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