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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.

2,540 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

2,540 questions
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Question 1 of 20 2,540 total questions
Question 541
jamb 2008
In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour?
AN396
BN323
CN250
DN146
View Explanation & Discuss
Question 542
jamb 2008

The use of modern weaving machines in the production of local fabric will result in

Aan increase in the demand for labour
Ba decrease in the demand for labour
Can increase in wages
Da decrease in wages
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Question 543
jamb 2008

To protect farmers during a bumper harvest,. the government usually

Aset a maximum price
Brelease products from the buffer stock
Csell the excess to consumers
Dset a minimum price
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Question 544
jamb 2008

An upward movement along the same supply curve results in

Aan increase in supply
Ba decrease in price
Ca decrease in quantity supplied
Dan increase in quantity supplied
View Explanation & Discuss
Question 545
jamb 2008

The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer

Arationality
Bsurplus
Csovereignty
Dcredit
View Explanation & Discuss
Question 546
jamb 2008

Diminishing marginal utility implies that

Atotal utility decreases as consumption increases
Bmarginal utility increases as consumption increases
Cmarginal utility deceases as consumption increase
Dmarginal utility decreases as consumption decreases
View Explanation & Discuss
Question 547
jamb 2008

As long as marginal utility is positive, total utility must be

Anegative
Bincreasing
Czero
Ddecreasing
View Explanation & Discuss
Question 548
jamb 2008

If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is

Aelastic
Bperfectliy inelastic
Cinelastic
Dperfect elastic
View Explanation & Discuss
Question 549
jamb 2008

If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand

A0.5
B1.2
C2.5
D4.0
View Explanation & Discuss
Question 550
jamb 2008

A major determinant of the demand for a luxury goods is

Athe price of the goods
Bthe price of other goods
Cthe income of consumers
Dtastes and fashion
View Explanation & Discuss
Question 551
jamb 2008

If 100 units and 120 units of commodity X are supplied at N80 at different times, it means that there is

Aa change in supply
Ba change in the quantity supplied
Can increase in the quantity supplied
Da increase in the quantity supplied
View Explanation & Discuss
Question 552
jamb 2008

If the standard deviation of a given data is 8.2, find its variance

A4.1
B67.2
C82.0
D91.8
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Question 553
jamb 2008

If the increase in the price of yams is used to estimate the inflation rate, this is an example of

Adeductive reasoning
Binductive reasoning
Cnormative reasoning
Dpositive reasoning
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Question 554
jamb 2008

The production possibility curve can be used to explain the underlying concepts of

Ascale of preference and choice
Bopportunity cost and choice
Cwants and means
Dopportunity cost and scale of preference
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Question 555
jamb 2008

The deregulation of telecommunication services in Nigeria is a characteristic of

Acommand economy
Btraditional economy
Cmarket economy
Dfeudal economy
View Explanation & Discuss
Question 556
jamb 2007

One way of solving the problem of double counting is by

AValue-added method
BIncome method
COutput method
DExpenditure method
View Explanation & Discuss
Question 557
jamb 2007

Life insurance companies contribute to economic development by holding a part of their assets in

ALong-term financial instruments
BEquipment
CCash and near money
DMoney-market instruments
View Explanation & Discuss
Question 558
jamb 2007

In the circular flow of income model, the outflow variables represent

AIncome
BExpenditure
CInjections
DLeakages
View Explanation & Discuss
Question 559
jamb 2007
Corrections in the GNP figures for price changes require the use of a
ARetail price index
BProducer price index
CPrice index
DPrice deflator
View Explanation & Discuss
Question 560
jamb 2007
A reduction in the bank rate encourages commercial banks to create money by
ADecreasing the interest rate
Bmaintaining the interest rate
CDoubling the interest rate
DRaising the interest
View Explanation & Discuss
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