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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.

130 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

130 questions

Question 1 of 20 130 total questions

Question 41

jamb 2019

Use the following information given to answer this question

Total of all expenditure incurred during the year ₤80,000 m
Indirect taxes on goods and services ₤8,000m
Capital consumption ₤6,000m

Gross national expenditure at factor cost is_________

A₤ 88,000μ

B₤ 82,000μ

C₤ 74,000μ

D₤ 72,000μ

View Explanation & Discuss

Question 42

jamb 2019

Use the following information given to answer this question

Total of all expenditure incurred during the year ₤ 80,000m
Indirect taxes on goods and services ₤ 8,000m
Capital consumption ₤ 6,000m

National income is__________

A₤ 74,000m

B₤ 66,000m

C₤ 60,000m

D₤ 14,000m

View Explanation & Discuss

Question 43

jamb 2019

A supply curve slopes upwards from the left to the right indicating__________

Aa negative slope

Ba positive slope

Ca backward sloping supply curve

Dshort-run supply curve

View Explanation & Discuss

Question 44

jamb 2019

When of the following matters may account for changes in supply?

I - technological advances in an industry
II - changes in labour costs
III - changes in source of supply
IV - changes in levels of taxation

AI, II

BI, III

CII, III, IV

DI, II, III, IV

View Explanation & Discuss

Question 45

jamb 2019

An example of a vertical combination is the merger of_________

Aa spinning firm and a wearing firm

Btwo meat retailing firms

Ctwo very large wholesale textile distributors

Dthree secretarial employment agencies in one town

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Question 46

jamb 2019

Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

Amarginal product

Bmarginal cost curve

Cdemand curve

Daverage cost curve

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Question 47

jamb 2019

An example of a market which approaches fairly near to perfection is____________

Athe retail market

Bthe house market

Cthe labour market

Dthe foreign exchange market

View Explanation & Discuss

Question 48

jamb 2019

Which of the following matters may account for changes in demand?

I - changes in consumer preferences
II - changes in real income
III - changes in distribution of incomes
IV - changes in levels of taxation

AI, II

BII, III

CI, III, IV

DI, II, III, IV

View Explanation & Discuss

Question 49

jamb 2019

A commodity is defined as normal when its demand changes in the same direction as______

Aincome

Bprice

Ctaste

Dpreferences

View Explanation & Discuss

Question 50

jamb 2019

Effective demand for a commodity is desire for that commodity backed by_______

Aa wish for the lowest possible price

Bability and willingness to pay

Ccash in one's pocket

Da promise to make payment

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Question 51

jamb 2019

John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

Amarginal physical productivity

Bmarginal income productivity

Cconsumer's surplus

Deconomic rent

View Explanation & Discuss

Question 52

jamb 2019

The last link in the channel of distribution is____________

AProducer

BRetailer

CConsumer

DWholesaler

View Explanation & Discuss

Question 53

jamb 2019

An economy system that uses what is regarded as the "Market mechanism" is called_______

AMixed economy

BSocialism

CCommand economy

DCapitalism

View Explanation & Discuss

Question 54

jamb 2019

The determination of price by bargaining between buyers and sellers is________

ASales by Auction

BTender

CHiggling and Haggling

DPrice Control

View Explanation & Discuss

Question 55

jamb 2019

Economics is a social science concerned with the proper use and______

Aproduction of goods and services

Bdistribution of wealth

Callocation of resources for growth

Dcreation of utility

View Explanation & Discuss

Question 56

jamb 2019

ECOWAS was formed for the purpose of________

Apromoting co-operation and integration

Bto facilitate the expansion of international trade

Cto provide insurance

Dto insure new investment

View Explanation & Discuss

Question 57

jamb 2019

The release of a liquid petroleum hydrocarbon into the environment is_______

AOil glut

BOil spill

COil shock

DOil wastage

View Explanation & Discuss

Question 58

jamb 2019

The most reliable and acceptable index of economic growth is the__________

AWholesale Price Index

BConsumer Price Index

CNational Income

DRetailer's Price Index

View Explanation & Discuss

Question 59

jamb 2019

Among the disadvantages of the one-man business is the fact that______

Aits capital may not be increased without government permission

Bthe proprietor is personally liable for the firm's debts

Cthe proprietor is not able to obtain credit

Dthe proprietor may not sue for bad debts

View Explanation & Discuss

Question 60

jamb 2019

The lands that belong to the community is referred to as__________

Asacred land

Bindividual land

Ccommunal land

Drent land

View Explanation & Discuss

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