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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.

130 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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130 questions

Question 1 of 20 130 total questions

Question 31

jamb 2019

Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number)

A208

B104

C54

View Explanation & Discuss

Question 32

jamb 2019

The birth rate in 1976 for a certain country with a population of 10m was 8.0. This means that in 1976,___________

Athere were 80,000 live births in the country

Bthere were 6,400 live births in the country

Cthere were 8 live births to every 100 women in working-class families

D8 in every 1000 women of 21 - 45 gave birth to a live child

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Question 33

jamb 2019

External economies arises essentially from__________

Aa firm's individual policies

Blocalisation of industry

Cgovernment economic policy

Dfree transferability of shares

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Question 34

jamb 2019

The basic principle underlying location of industry is the tendency for production of a commodity to be located on the basis of______

Adivision of labour

Bemployment trends

Crelative costs and benefits

Dimmobility of skilled labour

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Question 35

jamb 2019

Most of the National debts is "dead weight" in the sense that is____

Abound to increase from year to year

Baccumulated as the result of past capital investment

Cthe responsibility of the treasury

Dnot covered by any real asset

View Explanation & Discuss

Question 36

jamb 2019

If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______

Abuyer

Bseller

Cgovernment

Dlocal authority

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Question 37

jamb 2019

The determination of wages in a labour market depends on the_______

AGovernment

BPeople

CInteraction between demand and supply of labour

DEconomy

View Explanation & Discuss

Question 38

jamb 2019

If wage rate is less than the average revenue product, the firms would be earning________

Aloss

Bsuper normal profit

Cnormal profit

Dhigher revenue

View Explanation & Discuss

Question 39

jamb 2019

Let capital formation = CF, Production = P, C = consumption. Then CF =_______

AP - C

BP + C

CPC

DP/C

View Explanation & Discuss

Question 40

jamb 2019

Which of the following persons is engaged in "Secondary Production"?

I - a bricklayer
II - an automobile assembly-line worker
III - an accountant
IV - a cinema projectionist

AI only

BI, II

CII, III

DI, II, III, IV

View Explanation & Discuss

Question 41

jamb 2019

Adam Smith's Theory of value stated that the value of a commodity depended on________

AThe market price in a free market over a long period

BThe over-all cost of production of the commodity

CThe amount of labour expended on its production

DIts relative scarcity at any given time

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Question 42

jamb 2019

Consider the diagram below which shows a demand curve (d).

Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by___________

AThe area VWX

BThe area XTUV

C\(\frac {XW} {XT}\)

D\(\frac {TU} {UV}\)

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Question 43

jamb 2019

If AC and MC are represented on a graph, the MC curve will cut the AC curve_______

Aat the maximum point on the AC curve

Bat the highest point on the AC curve

Cat the minimum point on the AC curve

Dat the peak

View Explanation & Discuss

Question 44

jamb 2019

Consider the following figures which refer to a firm's production department during one week:

Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.
Total variable costs incurred during the week are

A₦7,300

B₦7,100

C₦1,300

D₦1,100

View Explanation & Discuss

Question 45

jamb 2019

A contractionary monetary policy is used to control__________

ADeflation

BInflation

CRecession

DBalance of Payment deficit

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Question 46

jamb 2019

The term "Money at call and short notice" in a bank's assets represents the bank's loans to______

Aindustry and commerce

Boverseas central banks

Cthe capital market

Dthe money markets

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Question 47

jamb 2019

The second equation of exchange is__________

AMV = PT

BP = \(\frac {M}{KR}\)

CP = \(\frac {MV}{T}\)

DP=MV

View Explanation & Discuss

Question 48

jamb 2019

The term M \(^3\) comprises M \(^1\) together with deposits on deposit account held by_______

Abanks only

Bdiscount houses only

Cbanks and discount houses

Dbanks, discount houses and stock, exchanges

View Explanation & Discuss

Question 49

jamb 2019

The following are measures of location except________

AArithmetic mean

BHarmonic mean

CRange

DGeometric mean

View Explanation & Discuss

Question 50

jamb 2019

Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.

A70

B47

C74

D40

View Explanation & Discuss

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