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.

99 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
Download PHP app Ask a Question Check Syllabus Past Question Videos Topic Video Lessons

Take a test

Past Questions

99 questions
Question 1 of 20 99 total questions
Question 31
jamb 2016

Public ownership of productive factors is a feature of_______?

ASocialism
BCapitalism
CFeudalism
DMixed economy
View Explanation & Discuss
Question 32
jamb 2016

One of the factors affecting change in demand for a commodity is the _______?

ASupply of the commodity
BAvailability of the substitutes
CPrice of the commodity
DTechnical know-how
View Explanation & Discuss
Question 33
jamb 2016
The supply curve above is
AFairly inelastic
BPerfectly inelastic
CUnitary elastic
DPerfectly elastic
View Explanation & Discuss
Question 34
jamb 2016

The demand for two or more commodities to satisfy a particular want is _____?

ADerived
BComposite
CCompetitive
DJoint
View Explanation & Discuss
Question 35
jamb 2016

In Nigeria, unemployment can be minimized through______?

ADiversification of the economy
BStrict immigration law
CPaying unemployment benefits
DRestrictive fiscal policy
View Explanation & Discuss
Question 36
jamb 2016

The concept of marginal utility indicates the relationship between utility and _________?

APrice
BSatisfaction
CCost
DRevenue
View Explanation & Discuss
Question 37
jamb 2016

One of the characteristics of private enterprises is ______?

AProvision of welfare to the citizens
BThat tax payers bear all the risks
CPublic ownership of shares
DIndividual funding of business activities
View Explanation & Discuss
Question 38
jamb 2016

One major problem encountered by ECOWAS is_______?

AConflict of interest among members
BIncreasing population
CWeakness in the trade relationship
DLanguage barrier
View Explanation & Discuss
Question 39
jamb 2016
In Nigeria, most agricultural policies are aimed at______?
AEnsuring equitable distribution of income
BLiberalizing all sectors of the nation's economy
CEncouraging the development of manufacturing sector
DAchieving self-sufficiency in food production
View Explanation & Discuss
Question 40
jamb 2016

The price elasticity of supply of perishable goods is_________?

AElastic
BUnitary
CInelastic
DZero
View Explanation & Discuss
Question 41
jamb 2016

The type of inflation that emanates from excess demand overs supply is___________?

AGalloping inflation
BImported inflation
CDemand-pull inflation
DCost-push inflation
View Explanation & Discuss
Question 42
jamb 2016

Public limited liability companies are owned by__________?

AThe federal government
BPrivate and individual organizations
CThe state government
DThe federal and state governments
View Explanation & Discuss
Question 43
jamb 2016

Which of the following is NOT a source of government revenue?

ATaxes, Fees, licenses and fines
BPersonal income, disposable income and transfer earnings
CInterest, dividends, profits and earnings
DGrants, aids and borrowing
View Explanation & Discuss
Question 44
jamb 2016

If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply?

A2.00
B0.50
C1.50
D1.00
View Explanation & Discuss
Question 45
jamb 2016

The study of economics is necessary mainly because of

AUnemployment
BUnlimited resources
CScarcity of resources
DOverpopulation
View Explanation & Discuss
Question 46
jamb 2016

One of the ways of improving the marketing of agricultural produce is by

AReviewing the land tenure system
BEnsuring even distribution of farm inputs
CEmbarking on irrigation farming
DEstablishing agricultural marketing boards
View Explanation & Discuss
Question 47
jamb 2016

If Nigeria has comparative advantage over Ghana in producing cocoa, this means_________?

ANigeria produces cocoa more cheaply than Ghana
BNigeria and Ghana produce at the same level
CGhana produces cocoa more than Nigeria
DNigeria produces more cocoa than Ghana
View Explanation & Discuss
Question 48
jamb 2016

Which of the following is a major determinant of price elasticity of demand?

AThe price of the commodity
BAvailability of factors of production
CThe prices of factors of production
DIncome of the consumers
View Explanation & Discuss
Question 49
jamb 2016

All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________?

AAn indifference curve
BAn exceptional demand curve
CA budget line
DAn isoquant map
View Explanation & Discuss
Question 50
jamb 2016

What effect would a change in price of a commodity have on its supply?

AAn increase in supply
BNo change in supply
CA decrease in supply
DA change in the quantity supplied
View Explanation & Discuss
Question Navigator
Current
MathsFaculty