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.

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

93 questions
Question 1 of 13 93 total questions
Question 41
jamb 2011

A firm will experience diseconomies of scale when

Athere are difficulties in coordinating production
Bthere is shortage in labour supply
Cthe size of market is small
Dthere is an increase in the price of raw materials
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Question 42
jamb 2011
If a firm is faced with an elastic supply curve, its revenue will
Abe supplied at a higher price
Bdouble at a higher price
Cincrease by more than the percentage increase in price
Dequal percentage change in price
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Question 43
jamb 2011

Ranking is the method use in measuring

Amarginal utility
Bordinal utility
Ccardinal utility
Dtotal utility
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Question 44
jamb 2011

Minimum price legislation by government will

Areduce supply
Bincrease supply
Creduce demand and create surplus
Dincrease demand and create scarcity
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Question 45
jamb 2011
When a consumer is at equilibrium, the MRSxy is equal to the
Asum of the prices
Bproduct of the two prices
Cratio of the two prices
Ddifference of the two prices
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Question 46
jamb 2011

In the process of production, total output is at maximum when

AMP=0
BMP > 0
CAP = 0
DAP > 0
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Question 47
jamb 2011

If demand increases without a change in supply, equilibrium price and quantity will

Aremain unchanged
Bshift inward
Cfall
Drise
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Question 48
jamb 2011

If the demand for one commodity excludes another, it is said to be

Acomplementary demand
Bcompetitive demand
Ccomposite demand
Dderived demand
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Question 49
jamb 2011

A consumer surplus measures the

Abenefits derived from consuming a cheap commodity
Bexcess of total expenditure over total uility
Cdifference between marginal utility and marginal cost
Dexcess of marginal utility over price
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Question 50
jamb 2011

Demand patterns are determined by the market on the basis of

Ascale of preference
Bconsumer sovereignty
Ccosumer rationality
Dprice of the commodity
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Question 51
jamb 2011

A major disadvantage of the arithmetic means is that it is

Anot useful for large data
Bnot suitable for further statistical analysis
Ccumbersome to determine the actual value
Daffected by extreme data
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Question 52
jamb 2011
One`of the limitations PPC assumption is that there is
Ano indication of technological development
Bno recognition of preferred goods for countries
Ctechnical inefficiency
Dabundant resources
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Question 53
jamb 2011
An effective way of controlling inflation in a mixed economy is to
Aincrease productivity
Breduce income tax
Cration available output
Dincrease imports
View Explanation & Discuss
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