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.

89 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

89 questions
Question 1 of 20 89 total questions
Question 31
jamb 2020

The most important goal of OPEC is to?

Apresent a united front for the purpose of raise prices of crude oil
Bbring unity among the petroleum exporting countries
Censure political stability among member states
Densure that rules on quota production are strictly followed
View Explanation & Discuss
Question 32
jamb 2020

In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of?

Alack of an effective agricultural policy
Bemployment opportunities in the agricultural sector
Crural-urban drift
Dlow prices of agricultural products
View Explanation & Discuss
Question 33
jamb 2020

The factor of production that has the highest degree of mobility is? 

Aland
Blabour
Ccapital
Dentrepreneur
View Explanation & Discuss
Question 34
jamb 2020

The problem of conducting census include 

Ahigh rate of rural-urban migration
Bpoor geographical distribution of population
Chigh birth rate in the country
Dpoor town planning in urban areas
View Explanation & Discuss
Question 35
jamb 2020

A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

Adumping
Bcounter trade
Ctrade liberalization
D
View Explanation & Discuss
Question 36
jamb 2020

Firms are often set up close to each other in order to take advantage of?

Asupply of skilled labour
Bagglomeration economies
Cinternal economies of scale
Dexternal economies of scale
View Explanation & Discuss
Question 37
jamb 2020

A company's expenditure on raw materials is regarded as?

Aexplicit cost
Bimplicit cost
Cprime cost
Daverage cost
View Explanation & Discuss
Question 38
jamb 2020

The type of business finances that entitles the holder to a fixed rate of dividend is?

Apreference stock
Bcommon stock
Cdebentures
Dbank loan
View Explanation & Discuss
Question 39
jamb 2020

Fiduciary issue is that part of?

Athe issue of notes backed entirely by gold
Ba country's currency that is not negotiable
Cthe issue of notes not backed by gold
Da country's currency officially issued
View Explanation & Discuss
Question 40
jamb 2020

The relationship between tax rate and income which is relevant to a proportional tax is depicted by?

Acurve Z and Y
Bcurve X
Ccurve Z
Dcurve Y
View Explanation & Discuss
Question 41
jamb 2020

The relationship between the tax rate and income which is relevant to progressive tax is shown by?

Acurve X
Bcurve Y
Ccurve Z
Dcurve X and Z
View Explanation & Discuss
Question 42
jamb 2020

Which of the following is likely to be inflationary

Ataxes increase
Bincrease in unemployment
Cbudget surplus
Dwages increase
View Explanation & Discuss
Question 43
jamb 2020

Which of the following rewards is associated with entrepreneurship

Asalaries
Bprofits
Cinterest
Drent
View Explanation & Discuss
Question 44
jamb 2020

The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously

Atotal utility must fall
Bmarginal utility must fall
Cmarginal utility may rise
Dmarginal utility may fall even though his total utility may be rising
View Explanation & Discuss
Question 45
jamb 2020

In economic life, the choice among alternatives depends on the?

Aincome of the decision maker
Bscarcity of resources
Cthe scale of preference of the decision-maker
Dstatus of the decison maker
View Explanation & Discuss
Question 46
jamb 2020

Efficiency in production means?

Areducing the size of the work force
Bproducing a given output with the lowest cost of combination of factors of production
Cadoption of capital intensive technology
Dincreasing the quantity of the fixed factors of production
View Explanation & Discuss
Question 47
jamb 2020

Collectivism refers to the management of state enterprises in a?

Amixed economy
Bco-operative organizations
Ccapitalist economic system
Dsocialist economy
View Explanation & Discuss
Question 48
jamb 2020

The group of unemployed members of a community who are physically handicapped or disable, is generally classified under unemployment as?

Africtional
Bcyclical
Cresidual
Dhidden
View Explanation & Discuss
Question 49
jamb 2020

If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?

A0.20
B0.80
C1.25
D2.00
View Explanation & Discuss
Question 50
jamb 2020

In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demand

Aelastic
Binelastic
Cperfectly elastic
Dunitary elastic
View Explanation & Discuss
Question Navigator
Current
MathsFaculty