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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.

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

97 questions
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Question 1 of 17 97 total questions
Question 41
jamb 2001
In the long-run, a monopolist maximized his profit when the marginal cost equals?
Atotal revenue
Bmarginal revenue
Caverage revenue
Dprice
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Question 42
jamb 2001

Internal economies of scale are expected to bring about?

Aan increase in short-run average cost
Ban increase in long-run average cost
Ca decrease in long-run average cost
Da decrease in short-run average cost
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Question 43
jamb 2001
A firm's shut-down point is reach when the average revenue fails to cover the?
Aaverage variable cost
Bmarginal cost
Caverage total cost
Daverage fixed cost
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Question 44
jamb 2001
A consumer's scale of preference is an arrangement of his?
Ascarce resources in order of importance
Bneeds in order of importance
Csources of income and their importances
Drequirements and how to satisfy them
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Question 45
jamb 2001

The fixing of the price of an item above or below the equilibrium price is most likely to take place in a?

Acentrally planned economy
Bfree market economy
Cdeveloped economy
Dmixed economy
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Question 46
jamb 2001

If the arithmetic mean of 1,2,3,4,5,6,x, 16 and 18 is 8.0, find the value of x?

A7.0
B6.0
C8.5
D17.0
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Question 47
jamb 2001

In a demand curve, the relationship between price and quantity is?

Aindeterminate
Bdirect
Cnil
Dinverse
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Question 48
jamb 2001
A vertical supply curve indicates that?
Athe quantity supplied is responsive to price
Bthe same fixed quantity will be supplied no matter the price
Can increase in price will result in an increase in the quantity supplied
Dthere is a fixed price for the commodity below which no supply will be made
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Question 49
jamb 2001
A major problem facing all economies is how to?
Aincrease consumption of imported goods
Bimprove trade among nations
Ctransform from a developing to a developed economy
Dallocate scarce resources
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Question 50
jamb 2001

When a generalization is made based on observed facts, it is known as?

Adeductive reasoning
Binductive reasoning
Ctheoretical reasoning
Dnormative reasoning
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Question 51
jamb 2001
A change in supply is best described as a?
Amovement along the supply curve
Bshift of the supply curve to the left or to the right
Cshift of the supply curve to the left
Dshift of the supply curve to the left
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Question 52
jamb 2001
Economics is regarded as a social science because it?
Aadopts the scientific method in production
Bis an agent of socialization
Cadopts the scientific method in the study of human behaviour
Dadopts the scientific method with social problems
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Question 53
jamb 2001
A normal good with close substitutes is likely to have its price elasticity of demand?
Abetween zero and one
Bequal to unity
Cless than unity
Dgreater than unity
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Question 54
jamb 2001
For a supply curve, an increase in the price of a commodity will result in?
Aa decrease in supply
Ba decrease in the quantity supplied
Can increase in supply
Dan increase in the quantity supplied
View Explanation & Discuss
Question 55
jamb 2001
At the consumer equilibrium, the slope of the indifference curve is?
Ahalf the slope of the budget constraint line
Bequal to the slope of the budget constraint line
Cgreater than the slope of the budget constraint line
Dless than the slope of the budget constraint line
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Question 56
jamb 2001
In a free market economy, the price system allocates resources?
Aunder government's directives
Bto ensure general welfare
Cto their best alternatives
Dto reduce poverty
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Question 57
jamb 2001
If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in?
Aan increase in profit by 43%
Ba net gain
Ca decrease in profit 43%
Da net loss
View Explanation & Discuss
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