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 471
jamb 2011

If demand increases without a change in supply, equilibrium price and quantity will

Aremain unchanged
Bshift inward
Cfall
Drise
View Explanation & Discuss
Question 472
jamb 2011

If the demand for one commodity excludes another, it is said to be

Acomplementary demand
Bcompetitive demand
Ccomposite demand
Dderived demand
View Explanation & Discuss
Question 473
jamb 2011

A consumer surplus measures the

Abenefits derived from consuming a cheap commodity
Bexcess of total expenditure over total uility
Cdifference between marginal utility and marginal cost
Dexcess of marginal utility over price
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Question 474
jamb 2011

Demand patterns are determined by the market on the basis of

Ascale of preference
Bconsumer sovereignty
Ccosumer rationality
Dprice of the commodity
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Question 475
jamb 2011

A major disadvantage of the arithmetic means is that it is

Anot useful for large data
Bnot suitable for further statistical analysis
Ccumbersome to determine the actual value
Daffected by extreme data
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Question 476
jamb 2011
One`of the limitations PPC assumption is that there is
Ano indication of technological development
Bno recognition of preferred goods for countries
Ctechnical inefficiency
Dabundant resources
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Question 477
jamb 2011
An effective way of controlling inflation in a mixed economy is to
Aincrease productivity
Breduce income tax
Cration available output
Dincrease imports
View Explanation & Discuss
Question 478
jamb 2010

The velocity of money is represented as

A\(\frac{\text{Money supply}}{\text{Real GDP}}\)
B\(\frac{\text{Real GDP}}{\text{Money supply}}\)
C\(\frac{\text{Nominal GDP}}{\text{Money supply}}\)
D\(\frac{\text{Real GDP}}{\text{Nominal GDP}}\)
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Question 479
jamb 2010

if \(\bar{x}\) = 6 and N = 6, determine the value of ∑fx

A36
B12
C1
D72
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Question 480
jamb 2010

The percentage of working population in 2002 is?

A50%
B25%
C8%
D80%
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Question 481
jamb 2010

What is the population growth rate in 2003?

A33.3%
B20.0%
C11.0%
D50%
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Question 482
jamb 2010

The amount of labour hired depends on the

Anumber of skilled labour available
Bskill of labour
Cmarginal productivity of labour
Dprice of the inputs
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Question 483
jamb 2010

The choice of the method of production in an economy is determined by the

Alevel of technical know-how
Brate of propulation growth
Cavailability of natural resources
Dlevel of income
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Question 484
jamb 2010

One of the objectives of ADB is to

Aprovide subsidies on imported goods to member countries
Bmobilize short-term loans for member countries
Cpromote economic and social development of member countries
Dprovide technical assistance to only poor member countries
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Question 485
jamb 2010

If Nigeria imports vehicles from Japan the transaction will appear as a

Adebit on Japan's balance of payments
Bcredit on Japan's balance of payments
Ccredit on Nigeria's balance of trade
Dcredit on Nigeria's balance of payment
View Explanation & Discuss
Question 486
jamb 2010

The primary motive for an individual engaging in production is to

Amake profit
Bsatisfy basic human wants
Credistribute wealth
Dput inputs into use
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Question 487
jamb 2010

One of the characteristics of free trade zone is

Acommon tariff against non-member countries
Bdifferent trade policies of non-member countries
Cfree factor mobility within the zone
Dharmonized trade among member countries
View Explanation & Discuss
Question 488
jamb 2010

The maximum number of shareholders for a limited liability company is

Atwenty
Bfive
Cseven
Dinfinite
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Question 489
jamb 2010
A disadvantage of Nigeria's dependence on imported petroleum products is the
Ainstability in the demand for the products
Bdominance of multinational firms
Cinstability in the supply of the product
Dpoor maintenance of the refineries
View Explanation & Discuss
Question 490
jamb 2010

In developing countries, governments influence the location of industries in order to

Aspread development
Bredistribute wealth
Cencourage enterpreneurs
Dencourage industries to earn high profits
View Explanation & Discuss
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