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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.

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

98 questions
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Question 1 of 18 98 total questions
Question 41
jamb 2017

Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively.

Calculate the average product (AP) of the 4th unit of labour.

A20
B13
C15
D10
View Explanation & Discuss
Question 42
jamb 2017
One of the reasons why Nigeria is a mono-economy is because of her _______
Ahuge volume of petroleum activities in the country
Bdiversification system of economic activities
Chigh demand for foreign commodities
Dhigh rate of unemployment
View Explanation & Discuss
Question 43
jamb 2017
Given that ∑fx = 340 and N = 20, find the arithmetic mean.
A20
B17
C32
D9
View Explanation & Discuss
Question 44
jamb 2017
Excess supply over demand will place a price advantage on _____
Agovernment
Bforeign investors
Csuppliers
Dconsumers
View Explanation & Discuss
Question 45
jamb 2017
The production within domestic territory of a country is called the _____
Anet national product
Bgross domestic product
Cnet income
Ddisposable income
View Explanation & Discuss
Question 46
jamb 2017
The basic aim of Economic Community of West African States is the
Adiscouragement of trade among member states
Bencouragement of revolts against former colonial masters
Cestablishment of its headquarters in each members state
Dliberalization of trade among member states
View Explanation & Discuss
Question 47
jamb 2017
The population theory that is concerned with the cases of over population and shortage of food production is ______
Apopulation density
BMalthusian population theory
Cnational population theory
Ddemographical transition theory
View Explanation & Discuss
Question 48
jamb 2017

Which of the following is not a function of the money market?

AProvision of finance
Benhance loan savings
Ccreation of long term loans
DProvision of finance
View Explanation & Discuss
Question 49
jamb 2017
The law of diminishing marginal utility states:
AThe supply curve slopes downward
BYour utility grows at a slower and slower rate as you consume more and more unit of a good.
CThe elasticity of demand is infinite
DNone of the above
View Explanation & Discuss
Question 50
jamb 2017
The graph above represents _______
Aa decrease in quantity supplied
Ban increase in supply
Ca decrease in supply
Dan increase in quantity supplied
View Explanation & Discuss
Question 51
jamb 2017

Which of the following is an indicator of economic growth?

AHigh tax rate
BTechnology development
CHigh gross domestic product
DHigh interest rate
View Explanation & Discuss
Question 52
jamb 2017
The bowed shape of the Production possibilities curve illustrates _________
Athat production is inefficient
Bthat demand is relatively inelastic
Cthat production is unattainable
Dthe law of increasing marginal cost
View Explanation & Discuss
Question 53
jamb 2017
Petro-chemical industries are located in the Rivers State of Nigeria because of ________?
Afavourable soil
Bcoal deposit
Ccrude oil deposit
Dfavourable climate
View Explanation & Discuss
Question 54
jamb 2017
The following are Methods of measuring National Income of a country EXCEPT; ?
AExpenditure method
BConsumption method
CInput Method
DOutput method
View Explanation & Discuss
Question 55
jamb 2017
The economic questions about what and how to produce in an economy is solely answered by the _______?
Agovernment
Blabour union
Cprivate and public enterpriser
Dsystem of economy practised
View Explanation & Discuss
Question 56
jamb 2017
Which of the following budgets will increase government expenditure?
Azero base budget
Bsurplus budget
Cdeficit budget
Dbalanced policy
View Explanation & Discuss
Question 57
jamb 2017

Which modal of the factor is inelastic?

AWages
Bcapital
Clabour
Dland
View Explanation & Discuss
Question 58
jamb 2017
A firm owned and managed by a family is an example of ______?
Ajoint stock exchange
Bcooperative society
Csole proprietorship
Dpartnership
View Explanation & Discuss
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