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.

95 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

95 questions
Question 1 of 20 95 total questions
Question 31
jamb 2013

A distinguishing characteristic of consumer co-operative society is that the

Athe maximum number of shareholders is 20
Bmembers are the owners
Cmembers are the workers
Dthe minimum number of shareholders is 5
View Explanation & Discuss
Question 32
jamb 2013

The deregulation of the petroleum sector in Nigeria will bring about

Aefficiency in pricing and distribution of the products
Ban end to the importation of fuel
Can end to foreign firms' dominance
Dfixing appropriate production quotas
View Explanation & Discuss
Question 33
jamb 2013
Government participation in the oil industry was necessitated by the
Aannual increase in production
Bformation of OPEC
Chigh demand for crude oil
Dhuge investment outlay
View Explanation & Discuss
Question 34
jamb 2013

In Nigeria, efficiency in public corporations can be achieved through

Apublic offer
Bindigenization
Cprivatization
Dnationalization
View Explanation & Discuss
Question 35
jamb 2013

The most important determinant for the location of a brick industry is the availability of

Amarket
Bpower supply
Cwater
Draw materials
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Question 36
jamb 2013

The main reason for low agricultural produce in west Africa is need to

Athe presence of large-scale agro-allied industries
Bhigh dependency ratio
Cover dependence on agriculture for subsistence
Dthe use of crude implements in farming process
View Explanation & Discuss
Question 37
jamb 2013

In order to add value to Nigeria agricultural produce, there is need to

Acultivate high breed crops
Bprocess them into finished goods
Cadopt modern storage methods
Dadvertise them in European markets
View Explanation & Discuss
Question 38
jamb 2013

Life insurance companies contribute to economic development by holding a part of their assets in

Along-term financial instruments
Bmoney market instruments
Ccash and near money
Dshort-term financial instruments
View Explanation & Discuss
Question 39
jamb 2013

One of the goals of development plans in Nigeria is to

Aincrease the profitability of multinational businesses
Bimprove the country's GDP
Cachieve higher standard of living for the citizens
Dderegulate the economy
View Explanation & Discuss
Question 40
jamb 2013

An example of an expansionary fiscal policy action is

Adecrease in the corporate profit tax rates
Bdecrease in welfare payments
Cpurchase of government securities
Ddecrease in the bank rate
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Question 41
jamb 2013

A tax on land will ultimately fall

Apartly on agents and users
Bentirely on users
Centirely on owners
Dpartly on users and owners
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Question 42
jamb 2013

If CBN reduces money supply, the interest rate will

Afluctuate
Brise
Cfall
Dremain unchanged
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Question 43
jamb 2013

Which of the following is used by the Central Bank of Nigeria to control inflation?

ATariff on imports
BTax rate
CExchange rate
DDiscount rate
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Question 44
jamb 2013

If Mr .K obtains a N50.000 loan from a bank for the purpose of providing household needs, the demand for money is said to be

Atransactionary
Bspeculative
Cprecautionary and speculative
Dtransactional and speculative
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Question 45
jamb 2013

The speculative demand for money is inversely related to the

Ainterest rate
Blevel of income
Cexchange rate
Dinflation rate
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Question 46
jamb 2013

A measure of national income used as comparison of standard of living among nations is

Anet national product
Bgross domestic product
Cgross national product
Dper capita income
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Question 47
jamb 2013
An isoquant lying above to the right of another represents
Aa higher output level
Bconstant returns to scale
Cover-capacity utilization
Da lower output level
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Question 48
jamb 2013

If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys

Aeconomies of scale
Bspecialization
Cdivision of labour
Ddiseconomies of scale
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Question 49
jamb 2013

In Nigeria, the government can reduce the cost of accommodation by fixing the rent

Aat the prevailing rate
Bat the equilibrium price
Cabove the equilibrium price
Dbelow the equilibrium price
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Question 50
jamb 2013

One of the criticisms of the price mechanism is that

Aproducers are sovereign
Bit provides low degree of freedom
Cit widens the inequitable gap
Dconsumers are sovereign
View Explanation & Discuss
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