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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.

91 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

91 questions
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Question 1 of 11 91 total questions
Question 41
jamb 1989
Which of the following factors is an important determinant of the magnitude of price elasticity of demand?
AThe production period
BCost of storage
CDurability of the product
DAvailability of factors of production
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Question 42
jamb 1989
If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is?
Astatic
Binfinitely elastic
Cexternally determined
Dperfectly inelastic
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Question 43
jamb 1989
If a 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1,500kg were purchased, the resultant point elasticity of demand is?
A0.33
B0.0001
C1
D10,000
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Question 44
jamb 1989
Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the?
Ainterest rate
Breturns on capital
Calternative capital foregone
Dshadow price of foreign exchange
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Question 45
jamb 1989
If the cost of production for a firm continues to increase as it output rises, the firm is said to be experiencing?
Alarge-scale production
Bprofit maximization
Ceconomies of scale
Ddiseconomies of scale
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Question 46
jamb 1989
if X represent the factors of production and Y represent the factor price, which of the following sets of association is correct?
A(land, rent) (capital, wage), (labour, profit)
B(land, interest) (capital,profit), (labour, wage),
C(land, wage), (capital, interest), (labour,rent),
D(land,rent), (capital, interest), (labour, wage),
View Explanation & Discuss
Question 47
jamb 1989
Efficiency in production involves?
Areducing the size of the workforce
Bproducing a given output with the lowest cost combination of factors of production
Cadoption of capital-intensive technology
Dincreasing the quantity of the fixed factor of production
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Question 48
jamb 1989
The primary problem of Economics is?
Ato obtain a more equitable distribution of money income
Bthe scarcity of productive resources relative to material needs
Chow to reach prices which correctly depict that products and resources are not in abundance
Dto teach people how to save so as to make more money
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Question 49
jamb 1989
A shift in the production possibility frontier could result from?
Aunemployment
Bchanges in the combination of goods produced
Cinflation
Dchanges in production techniques
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Question 50
jamb 1989
The need to construct a scale of preference is necessitated by?
Athe need to satisfy wants
Bscarcity and the need for choice
Cscarcity of resources
Dnon-availability of factors of production
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Question 51
jamb 1989
In its simplified form, the circular flow of income concept refers to the?
Areal flow in goods and services between the product and factor markets
Bmonetary payment for goods and services produced by individual firms
Ctransactions in goods and services and payment for such transactions between individual firms and households.
Dmoney flows associated with transactions between individual firms and households
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