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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.

100 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

100 questions

Question 1 of 20 100 total questions

Question 41

jamb 2000

The slow pace of industrial growth in Nigeria can be attributed to?

Aoverdependence on the oil sector

Binadequate number of unskilled labour

Clack of raw materials

Dinadequate infrastructural facilities

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Question 42

jamb 2000

A primary industry is concerned with?

Aextraction of resources in their raw states

Bthe operation of small scale enterprises

Cthe economic activities of primary producers

Dclearing and cultivation of land only

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Question 43

jamb 2000

Increased output will cause farmers' revenue to decrease when market demand is?

Aelastic

Binelastic

Cunitary elastic

Dperfectly elastic

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Question 44

jamb 2000

One problem in the marketing of agricultural products in Nigeria is?

Athe seasonal nature of the commodities

Bhigh price of the commodities

Cthe changing tastes of consumers

Dinadequate storage facilities

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Question 45

jamb 2000

The concept of privatization presupposes?

Aefficiency

Bmarketing trade

Cindigenization

Dforeign trade

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Question 46

jamb 2000

A distinguishing characteristic of cooperative societies is that voting power depends on the?

Anumber of shares held

Bstatus of the member

Cequality of members

Dmanagement's decision

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Question 47

jamb 2000

At the point where the marginal revenue of a monopolist is equal to zero, its total revenue will be?

Afalling

Brising

Cequal to zero

Dmaximum

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Question 48

jamb 2000

The short-run equilibrium in a perfectly competitive market requires that?

Amarginal cost be equal to total revenue

Bmarginal cost and marginal revenue be equal

Ccosts are mutually determined by buyers and sellers

Dthe marginal cost curve cuts the total cost curve

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Question 49

jamb 2000

If a total cost curve is plotted, marginal cost can be illustrated by the?

Aslope of the tangent to the curve at any given output

BU-shaped curve cutting the total cost curve at its lowest point

Cstraight line from the origin to the mid-point of the curve

Dstraight line cutting the curve at its highest point

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Question 50

jamb 2000

External dis-economies of scale result from excessive growth of?

Athe whole industry

Bsome sectors of the industry

Cexternal factors

Dinternal factors

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Question 51

jamb 2000

In a small scale business, the fixed cost is N5,000, variable cost is N15,000 and the output is 500 units. What will be the unit cost of the goods?

AN400.00

BN80.00

CN40.00

DN20.00

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Question 52

jamb 2000

The condition for equilibrium price and quantity under perfect competition is?

AMC = AR = TR

BTC =AR = P

CMC = AR = P

DMC = AR = TC

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Question 53

jamb 2000

In a free market system, trading can only take place when the?

Amarket is not working effectively

Bequilibrium price is attained

Cprice of a commodity tends to attract consumers

Dconsumers sovereignty is lacking

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Question 54

jamb 2000

A central argument of cardinal utility is that utility is?

Ameasurable

Bpsychological

Cranked

Dintangible

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Question 55

jamb 2000

Use the information below to answer questions.
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.

The two commodities can be classified as?

ASubstitutes

Bdurable and non-durable

Cintermediate and final

Dcomplements

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Question 56

jamb 2000

Use the information below to answer the question that follows.

When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.

Determined the cross elasticity of demand?

A1.7

B0.6

C-0.6

D-1.7

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Question 57

jamb 2000

Which of the following is an example of derived demand?

ATax relief

BLabour

CWage increase

DEntertainment

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Question 58

jamb 2000

In a capitalist economy, the economic problem of what goods to produce is decided mainly by?

Ashadow prices

Bprofit level

Crelative prices

Da central planner

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Question 59

jamb 2000

(i) What and how much will be produced
(ii) How will it be produced
(iii) For whom will it be produced
(iv) How much will be exported and consumed?

From the above, identify the combination of basic resource allocation questions in economic analysis.

Ai, ii and iii

Bi, ii and iv

Ci, iii and iv

Dii, iii and iv

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Question 60

jamb 2000

Economic can be defined as?

Areduction in spending in the face of competing alternative

Ballocation of resources to alternative uses

Ceconomic behaviour of small units like the household and the firm

Dthe study of economic aggregates like inflation and national income

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