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.

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

140 questions
Question 1 of 20 140 total questions
Question 41
jamb 2024

Which of the following is NOT an objective of Economic planning?

AEquitable allocation of resources
BWidening the income gap
CAchieving economic growth
DCreating employment
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Question 42
jamb 2024

In the equation Q = a - bp + e; Q and P are ... Variables respectively.

Aindependent and dependent
Bdependent and independent
Cindependent and constant
Derror term and independent
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Question 43
jamb 2024

The following can be used to improve a country's balance of payment EXCEPT

Aanti-dumping policies
Bgranting subsidies to export producers
Cdecreasing taxation on personal income
Dincreasing import duties
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Question 44
jamb 2024

The following are the objectives of agricultural policies in Nigeria EXCEPT

A. provision of food
B. provision of agricultural raw materials to industrial sectors
C. increasing prices of agricultural Inputs
D. creation of rural employment

Aprovision of agricultural raw materials to industrial sectors
Bcreation of rural employment
Cprovision of food
Dincreasing prices of agricultural Inputs
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Question 45
jamb 2024

When the total product starts falling, then the marginal product is

Aincreasing
Bmaximum
Czero
Dnegative
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Question 46
jamb 2024

The revolution of Cassava from ordinary food crop to export crop will lead to
 

Aincrease in production of other crops
Bincrease in the prices of cassava products
Cdecrease in production of local starch
Ddecrease In production of cassava
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Question 47
jamb 2024

If the population of a school is 600 and 60% are In JSS, how many students are in SSS?

A244
B240
C224
D204
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Question 48
jamb 2024

The following will occur when maximum price is fixed below the free market price EXCEPT that

Ablack market will be encouraged
Bexcess demand will occur
Cexcess supply will occur
Drationing of commodities will occur
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Question 49
jamb 2024

If the standard deviation of a set of numbers is 3.6, what is the variance?

A12.96
B12.69
C12.9
D12.98
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Question 50
jamb 2024

The formular (N + 1)/2 is used to determine the

Amedian
Bmean
Cstandard deviation
Dmode
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Question 51
jamb 2024

The comparison of the standard of living between Nigeria and Ghana is best down through the use of

Agross National incomes
Bper capita income
CNet National income
DNet disposable income
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Question 52
jamb 2024

When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as

Aopportunity curve
Butility curve
Cdemand curve
Dindifference curve
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Question 53
jamb 2024

From the diagram below, the equilibrium wage rate is

AL3
BL2
CW2
DW1
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Question 54
jamb 2024

If the marginal utility of commodity is equal to its price, then

Athe market is not in equilibrium
Bmore of the commodity can be consumed
Ctotal utility is also equal to its price
Dthe consumer is in equilibrium
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Question 55
jamb 2024

The formular used by the Expenditure approach to calculate National income is

AY=C+I+X-M-G
BY=C+I+G+X-M
CY=C+X-M-I+G
DY=C-I+X-M+G
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Question 56
jamb 2024

The willingness of an individual backed up with purchasing power at a given time is

Aeffective demand
Bdemand
Cdesire
Dutility
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Question 57
jamb 2024

If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are

Ainferior goods
Bsubstitutes
Ccomplements
Dbought together
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Question 58
jamb 2024

A price floor is usually fixed

Aabove the equilibrium and causes surpluses
Bbelow the equilibrium and causes surpluses
Cabove the equilibrium and causes shortage
Dat the equilibrium and causes no shortage
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Question 59
jamb 2024

Which of the following is NOT a factor that brings about changes in demand?

Athe price of the good or service
Ba change in real income
Cgovernment policy
Dincrease in population
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Question 60
jamb 2024

A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to
as

Aduopoly
Bmonopolist
Cmonopsonist
Doligopoly
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