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Economics Past Questions

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4,545 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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4,545 questions

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Question 541

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

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Question 542

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 543

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 544

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 545

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 546

jamb 2017

The following are Methods of measuring National Income of a country EXCEPT; ?

AExpenditure method

BConsumption method

CInput Method

DOutput method

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Question 547

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

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Question 548

jamb 2017

Which of the following budgets will increase government expenditure?

Azero base budget

Bsurplus budget

Cdeficit budget

Dbalanced policy

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Question 549

jamb 2017

Which modal of the factor is inelastic?

AWages

Bcapital

Clabour

Dland

View Explanation & Discuss

Question 550

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

Question 551

waec 2016

Which of the following international organizations is concerned with the stabilization of the balance of payments? the

AInternational Monetary Fund (IMF)

BWorld Bank (IBRD)

CUnited Nations Organization (UNO)

DEconomic Commission for Africa (ECA)

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Question 552

waec 2016

When a number of countries agree to remove all trade barriers among themselves and at the same time charge a common tariff against non member countries, it known as

Afree trade area

Bcommon market

Ccustom union

Deconomic community

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Question 553

waec 2016

One of the physical measures that can be used to reduce the volume of imports is the

Areduction of personnel income tax

Bremoval of imports duties

Cuse of foreign exchange control

Dliberalization of credit for importers

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Question 554

waec 2016

When the international value of a country's currency rises, other things being equal, the country's

Anet exports tend to increase

Bimports tend to increase

Cnet exports tend to decrease

Dexport tend to be stable

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Question 555

waec 2016

Balance of payment surplus implies that receipts for exports are

Aat par with payments for imports

Bgreater than payment for imports

Cless than payment for imports

Dproportional to payments for imports

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Question 556

waec 2016

The rate at which a country's export is exchanged for her imports is

Atrade balance

Bbalance of payment

Cterm of trade

Dbalance on current account

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Question 557

waec 2016

The principle of comparative cost advantage was propounded by

ADavid Ricardo

BAlfred Marshal

CJ. S Mill

DAdam Smith

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Question 558

waec 2016

Which of the following is not a major problem of development

Ashortage of skilled manpower

Binadequate data for planning

Cpolitical instability

Dpoor identification of projects

View Explanation & Discuss

Question 559

waec 2016

Which is following is a cause of under-development in West Africa

AAvailability of manpower

Bincreasing population

Chigh rate of capital formation

Dlarge size of market places

View Explanation & Discuss

Question 560

waec 2016

Fiscal policy that can control inflation will include the use of

Abalanced budgeting

Btax holidays

Cbudget deficit

Dbudget surplus

View Explanation & Discuss

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