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.

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

96 questions
Question 1 of 20 96 total questions
Question 31
jamb 2014

An accurate census figure is an important tool for planners in

Aproviding employment
Bsiting industries
Cproviding social amenities
Dallocating resources
View Explanation & Discuss
Question 32
jamb 2014

The voting power in co-operative societies is vested on

Amanagement
Bmembers without loan
Cshareholders
Dmembers with the highest contribution
View Explanation & Discuss
Question 33
jamb 2014

Firms embark on vertical integration in other to

Atake over markets formally controlled by other firms
Bprevent other firms from entering the market
Creduce advertisement and management cost
Denjoy economies of large-scale production
View Explanation & Discuss
Question 34
jamb 2014
The short-run average variable cost of a firm will rise owing to
Athe expansion of factory space
Bthe building of new warehouse
Can increase in the cost of labour
Dan increase in the salaries of directors
View Explanation & Discuss
Question 35
jamb 2014

The loading of crude oil at the terminal is an activity in the

Adownstream sector of the oil industry
Bupstream and downstream sector of the oil industry
Cupstream sector of the oil industry
Dmidstream and upstream sectors of the oil industry
View Explanation & Discuss
Question 36
jamb 2014

The major contribution of OPEC to the Nigerian economy is the

Aprovision of social infrastructures
Bgranting of subsidies on petroleum products
Cstabilization of oil prices
Dbuilding of refineries
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Question 37
jamb 2014

One major factor that determines the location of an industry is

Atax exemption grant
Bits proximity to the market
Cthe capital base
Dthe social responsibility of the firm
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Question 38
jamb 2014

A major disadvantage of localization of industry is

Athe risk of structural unemployment
Bover-utilization of installed industrial capacity
Cthe risk of seasonal unemployment
Dunder-utilization of installed industrial capacity
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Question 39
jamb 2014

An advantage of large-scale farming over peasant farming is in the area of

Aproviding research and massive employment of labour
Bredistributing national income to various regions of the country
Cencouraging the use of traditional implements
Dencouraging urban-rural migration
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Question 40
jamb 2014

An important role of agriculture in Nigeria's economic development is the

Aprocessing of raw materials for industries
Bregulation of price system
Cprovision of infrastructure
Dprovision of employment
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Question 41
jamb 2014

A major feature of an underdeveloped economy is

Aexcess capacity utilization
Blow rate of population growth
Clow level of standard of living
Dlow level of unemployment
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Question 42
jamb 2014

A major obstacle to the development of Nigeria economy is

Alow capital formation
Brural-urban migration
Cover dependence on oil
Dpoor developmental policies
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Question 43
jamb 2014

Wage freeze is a policy measure aimed at

Aencouraging investors
Bcurbing inflation
Cregulating standard of living
Dcurbing deflation
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Question 44
jamb 2014
Given a base year and the price index of 175% the following year, which of the following year will arise?
AThe cost of living decreases of that year
BThe cost of living remains unchanged
CThe value of money rises by 75%
DThe value of money falls by 75%
View Explanation & Discuss
Question 45
jamb 2014

Short-term loans for investment are usually obtained through the

Astock market
Bdevelopment banks
Cmoney market
Dcapital market
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Question 46
jamb 2014

One of the challenges facing the banking industry in Nigeria is

Aensuring technological security
Bproviding employment
Cproviding loans for investment
Dcreating more money
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Question 47
jamb 2014

An inflation that co-exists with high rate of unemployment is

Ahyperinflation
Bstagflation
Cdemand-pull inflation
Dcost-push inflation
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Question 48
jamb 2014
The precautionary demand for money is determined by
Athe rate of interest
Bthe level of savings
Cthe level of income
Dgeneral price level
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Question 49
jamb 2014
If MPC = 2/3 and investment is N100 million, the level of national income is
AN100 million
BN10 million
CN303 million
DN300 million
View Explanation & Discuss
Question 50
jamb 2014

Which of the following can be used to measure the Gross National product in an open economy?

AC+I+G+(X+M)
BC+I+G+X
CC+I+G
DC+I+G+(X-M)
View Explanation & Discuss
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