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.

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 481
jamb 2010

Localization of industries refers to the

Aspread of firms producing different products
Bsiting of industries near the market
Cconcentration of firms of an industry
Dsiting of firms producing different products
View Explanation & Discuss
Question 482
jamb 2010

The ultimate aim of agricultural policies in Nigeria is to achieve

Afood sufficiency
Bindustrialization
Cfull employment
Dindustrial capacity utilization
View Explanation & Discuss
Question 483
jamb 2010

Government can boost agricultural output in Nigeria primarily by

Aembarking on buffer stock programmes
Bplacing embargo on food importation
Cgranting subsidies on farm inputs
Dplacing farmers on monthly income
View Explanation & Discuss
Question 484
jamb 2010

The ultimate aim of agricultural policies in Nigeria is to achieve?

Afood sufficiency
Bindustrialization
Cfull employment
Dindustrial capacity utilization
View Explanation & Discuss
Question 485
jamb 2010

National development plans in Nigeria fail mainly because of

Aoverdependence on foreign aids
Binadequate funding of projects
Cpoor implementation strategies
Dshortage of skilled manpower
View Explanation & Discuss
Question 486
jamb 2010

A strategy for curbing unemployment is to

Aimplement government stabilization policy
Bincrease taxes and decrease government expenditure
Cincrease government expenditure and decrease taxes
Densure even distribution of job opportunities
View Explanation & Discuss
Question 487
jamb 2010

In Nigeria, the huge public debt is as a result of

Abalanced budgeting
Bdeficit budgeting
Csurplus budgeting
Dzero budgeting
View Explanation & Discuss
Question 488
jamb 2010

One of the functions of commercial banks is

Amaintaining stable price in the economy
Bregulating monetary policies
Cgranting loans to customers
Dissuing bank notes and coins
View Explanation & Discuss
Question 489
jamb 2010

By buying treasury bills, the Central Bank of Nigeria intends to

Aincrease money supply in the economy
Breduce the cash reserve ratio for banks
Creduce money supply in the economy
Dincrease the capital base of commercial banks
View Explanation & Discuss
Question 490
jamb 2010

The function of money which makes division of labour possible is its

Aunit of account
Bstore of value
Cmedium of exchange
Dstandard of deferred payment
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Question 491
jamb 2010

If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is

AN 214 million
BN 45 million
CN 105 million
DN 500 million
View Explanation & Discuss
Question 492
jamb 2010

A decrease in aggregate spending in an economy will ultimately lead to

Aboom
Binflation
Cdeflation
Drecession
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Question 493
jamb 2010

In national income accounting, tax is determined by the

Alevel of income
Blevel of consumption
Clevel of investment
Drate of savings
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Question 494
jamb 2010

An agreement among firms on price and segmentation is termed

Acartel
Bcollusion
Chaggling
Dspecialization
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Question 495
jamb 2010

The demand curve for factors of production

Ais perfect elastic
Bslopes upwards
Cslopes of downwards
Dis perfectly inelastic
View Explanation & Discuss
Question 496
jamb 2010

One of the characteristics of monopolistic competition is that

Athere is mobility of factors of production
Bno single seller dominates the market
Cthe firms are price-takers
Dconsumers have perfect knowledge of price
View Explanation & Discuss
Question 497
jamb 2010

An industry's supply curve is more likely to be elastic when firms are

Aenjoying free entry and exit
Boperating at full capacity
Coperating below capacity
Dmaximizing profits
View Explanation & Discuss
Question 498
jamb 2010

The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing

Aincreasing efficiency
Beconomies of scale
Cdiseconomies of scale
Dincreasing marginal returns
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Question 499
jamb 2010

A firm enjoying economies of scale is said to be

Areducing average cost as production increases
Bbenefiting from the activities of other firms
Cmaximizing profits as production increases
Dhaving an upward-sloping average cost curve
View Explanation & Discuss
Question 500
jamb 2010
Average product is less than marginal product when
Athere is constant returns to scale
Bthere is increasing returns to scale
Cthere is decreasing returns to scale
Ddiminishing returns set in
View Explanation & Discuss
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