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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 2008
Which of the following producer is closest to being a monopolist?
AA baker
BA wheat farmer
CA large chain store
DAn automobile plant
View Explanation & Discuss
Question 42
jamb 2008

The characteristic of entry and exit ensures that firms

Aearn excess profit
Bearn normal profit
Cbreak-even
Dexpand their operations
View Explanation & Discuss
Question 43
jamb 2008
In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour?
AN396
BN323
CN250
DN146
View Explanation & Discuss
Question 44
jamb 2008

The use of modern weaving machines in the production of local fabric will result in

Aan increase in the demand for labour
Ba decrease in the demand for labour
Can increase in wages
Da decrease in wages
View Explanation & Discuss
Question 45
jamb 2008

To protect farmers during a bumper harvest,. the government usually

Aset a maximum price
Brelease products from the buffer stock
Csell the excess to consumers
Dset a minimum price
View Explanation & Discuss
Question 46
jamb 2008

An upward movement along the same supply curve results in

Aan increase in supply
Ba decrease in price
Ca decrease in quantity supplied
Dan increase in quantity supplied
View Explanation & Discuss
Question 47
jamb 2008

The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer

Arationality
Bsurplus
Csovereignty
Dcredit
View Explanation & Discuss
Question 48
jamb 2008

Diminishing marginal utility implies that

Atotal utility decreases as consumption increases
Bmarginal utility increases as consumption increases
Cmarginal utility deceases as consumption increase
Dmarginal utility decreases as consumption decreases
View Explanation & Discuss
Question 49
jamb 2008

As long as marginal utility is positive, total utility must be

Anegative
Bincreasing
Czero
Ddecreasing
View Explanation & Discuss
Question 50
jamb 2008

If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is

Aelastic
Bperfectliy inelastic
Cinelastic
Dperfect elastic
View Explanation & Discuss
Question 51
jamb 2008

If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand

A0.5
B1.2
C2.5
D4.0
View Explanation & Discuss
Question 52
jamb 2008

A major determinant of the demand for a luxury goods is

Athe price of the goods
Bthe price of other goods
Cthe income of consumers
Dtastes and fashion
View Explanation & Discuss
Question 53
jamb 2008

If 100 units and 120 units of commodity X are supplied at N80 at different times, it means that there is

Aa change in supply
Ba change in the quantity supplied
Can increase in the quantity supplied
Da increase in the quantity supplied
View Explanation & Discuss
Question 54
jamb 2008

If the standard deviation of a given data is 8.2, find its variance

A4.1
B67.2
C82.0
D91.8
View Explanation & Discuss
Question 55
jamb 2008

If the increase in the price of yams is used to estimate the inflation rate, this is an example of

Adeductive reasoning
Binductive reasoning
Cnormative reasoning
Dpositive reasoning
View Explanation & Discuss
Question 56
jamb 2008

The production possibility curve can be used to explain the underlying concepts of

Ascale of preference and choice
Bopportunity cost and choice
Cwants and means
Dopportunity cost and scale of preference
View Explanation & Discuss
Question 57
jamb 2008

The deregulation of telecommunication services in Nigeria is a characteristic of

Acommand economy
Btraditional economy
Cmarket economy
Dfeudal economy
View Explanation & Discuss
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