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.

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

90 questions
Question 1 of 10 90 total questions
Question 41
jamb 2021

In a sole proprietorship, the decisions are made by the ______

AGovernment
BManagement
COwner
DBoard of Directors
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Question 42
jamb 2021

Retailers in an economy perform the function of ______

ADistribution.
BExchange
CInvestment
DProduction
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Question 43
jamb 2021

Petroleum 'glut' in international trade means______

AHigher prices for the Consumption of petroleum.
BAn Oversupply of petroleum.
CA fall in in petroleum production.
DA higher petroleum price offered by the buyer.
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Question 44
jamb 2021

Mono production economies are those that____

AProduce one main commodities
BHave a rich cultural heritage.
CSpecialize in agricultural industries.
DProduce only raw materials.
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Question 45
jamb 2021

Full employment is a situation in which _______

AEvery adult is employed.
BOnly the disable are not employed.
CAll adults who can work are employed.
DAll those who are able and eligible can find employment
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Question 46
jamb 2021

Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

AMonopoly
BOligopoly
CMonopolistic competition
DPerfect competition
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Question 47
jamb 2021
Units of Quality Consumes Total Utility Marginal Utility

0

1

2

3

4

5

-

10

15

17

18

18

-

10

5

2

1

0

This table illustrates the law of _________

AIncreasing returns
BDiminishing returns
CDiminishing marginal utility
DIncreasing total utility
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Question 48
jamb 2021

The petro-chemical industries are located in Rivers State of Nigeria due to ________

ACoal deposit
BPalm oil products
CFavourable soil
DOil deposits
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Question 49
jamb 2021

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________

A100 days
B30 days
C90 days
D14 days
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Question 50
jamb 2021

A firm is at its optimum size when ___________

AIt has a motive to increase output
BIt produces the greatest output at a minimum cost
CMarginal cost equals marginal revenue
DMarginal cost is less than marginal revenue
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