Economics Past Questions

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2,540 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

2,540 questions
Question 1 of 20 2,540 total questions
Question 461
jamb 2011

The main function of NNPC is to

Aoversee the development of the oil sector
Bdevelop the oil producing area
Cfix the price of products
Densure regular supply of products
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Question 462
jamb 2011
Agricultural production in Nigeria is constrained by
Aineffective use of stabilization measures
Binadequate demand
Cpoor implementation of policies
Dbalance of payments deficits
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Question 463
jamb 2011

Upstream oil activities involve the

Amanagement of pollution
Bmarketing of refined products
Cexploration of crude oil
Drefining of crude oil
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Question 464
jamb 2011
The import-substitution strategy of industrialization is to encourage
Adomestic production
Blarge-scale production
Cimportation
Dexportation
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Question 465
jamb 2011
A country embarks on deficit financing in order to
Aincrease revenue
Breduce aggregate demand
Ccurb inflation
Dstimulate investment
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Question 466
jamb 2011

An indicator of growth in an economy over a period of time is the

AGDP gap
BGDP at factor cost
CGDP at market price
DGDP deflator
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Question 467
jamb 2011

A country achieves economic development when there is

Aan increase in military expenditure
Ban increase in capacity utilization
Ca sustained increase in per capital income
Dan even distribution of goods and services
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Question 468
jamb 2011

During the era of barter, money was generally in the form of

Anotes
Bprecious metals
Ccoins
Dcommodities
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Question 469
jamb 2011

If aggregate demand is lower than total output in an economy national income will

Abe constant
Bbe at equilibrium
Cincrease
Dfall
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Question 470
jamb 2011

In national income accounts, an item counted as part of government spending is

Asalaries and wages
Bpension
Cscholarship
Dsocial welfare
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Question 471
jamb 2011

An increase in the circulation of money without a corresponding increase in output will lead to

Aa rise in income levels
Bstagflation
Cinflation
Ddeflation
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Question 472
jamb 2011

Bank consolidation policy in Nigeria is a measure to increase

Athe capital base of banks
Bemployment opportunities in banks
Cthe number of shareholders
Dthe number of branches
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Question 473
jamb 2011

One of the characteristics of oligopoly is the availability of

Afew sellers
Bfew buyers
Cmany sellers
Da single seller
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Question 474
jamb 2011

The law of variable proportions is applicable only

Ain the long-run period
Bto large-scale enterprises
Cto small-scale enterprises
Din the short-run period
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Question 475
jamb 2011

A firm will experience diseconomies of scale when

Athere are difficulties in coordinating production
Bthere is shortage in labour supply
Cthe size of market is small
Dthere is an increase in the price of raw materials
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Question 476
jamb 2011
If a firm is faced with an elastic supply curve, its revenue will
Abe supplied at a higher price
Bdouble at a higher price
Cincrease by more than the percentage increase in price
Dequal percentage change in price
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Question 477
jamb 2011

Ranking is the method use in measuring

Amarginal utility
Bordinal utility
Ccardinal utility
Dtotal utility
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Question 478
jamb 2011

Minimum price legislation by government will

Areduce supply
Bincrease supply
Creduce demand and create surplus
Dincrease demand and create scarcity
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Question 479
jamb 2011
When a consumer is at equilibrium, the MRSxy is equal to the
Asum of the prices
Bproduct of the two prices
Cratio of the two prices
Ddifference of the two prices
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Question 480
jamb 2011

In the process of production, total output is at maximum when

AMP=0
BMP > 0
CAP = 0
DAP > 0
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