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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

Question 1 of 20 2,540 total questions

Question 571

jamb 2007

A firm operating at full capacity will have a

Aperfectly inelastic supply curve

Bperfectly elastic supply curve

Cfairly elastic supply curve

Dfairly inelastic supply curve

View Explanation & Discuss

Question 572

jamb 2007

When the demand for a good increases owing to an increase in income, it means that

Athere is an increase in quantity demanded

Binflation has taken place

Cdemand has exceeded supply

Dthere is an increase in demand

View Explanation & Discuss

Question 573

jamb 2007

The range is used to

Aestimate the mean from grouped data

Bcalculate the standard deviation

Cdetermine the spread of a set of data

Dmeasure the difference between the mean and the mode

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Question 574

jamb 2007

The choice of what to produce in a command economy is determined by

Aindustrial establishments

Blabour unions

Cthe government and labour unions

Dthe central government

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Question 575

jamb 2007

An economic system in which the producer and the consumer are the same is referred to as a

Amixed economy

Bsubsistence economy

Ccapitalist economy

Dsocialist economy

View Explanation & Discuss

Question 576

jamb 2006

A constraint on the expansion of a firm is the

ARate of advertisement

BLevel of producers income

CTastes of the consumers

DSize of the market

View Explanation & Discuss

Question 577

jamb 2006

The law of demand can be expressed as

AP = f(Q _d)

BQ _d = f(\(\frac{1}{p}\)

CP = f(\(\frac{1}{Q_d}\)

DQd = f(P)

View Explanation & Discuss

Question 578

jamb 2006

The price index is calculated as

A\(\frac{\text{weighted price}}{\text{current price}}\) x \(\frac{100}{1}\)

B\(\frac{\text{base year price}}{\text{current price}}\) x \(\frac{100}{1}\)

C\(\frac{\text{current price}}{\text{weighted price}}\) x \(\frac{100}{1}\)

D\(\frac{\text{current price}}{\text{base year price}}\) x \(\frac{100}{1}\)

View Explanation & Discuss

Question 579

jamb 2006

\(\begin{array}{c|c}
\text{Number of Men} & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 \\
\hline
\text{Total product(Unit)} & 200 & 440 & 540 & 600 & 640 & 660 & 660 & 640 \\
\hline
\end{array}\)

What is the average product when 3 men are employed?

A120 units

B540 units

C100 units

D180 units

View Explanation & Discuss

Question 580

jamb 2006

A point P, the marginal rate of substitution is

Aless than one

Bgreater than one

Czero

Dunity

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Question 581

jamb 2006

A movement from K to M will

Adecrease the consumer's utility

Bincrease the price of the commodity

Cincrease the consumer's utility

Dleave consumer's utility unchanged

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Question 582

jamb 2006

The diagram above shows the effect of

Aexcess demand over supply at q₃

Bexcess supply over demand at q₂

Cminimum price legislation at P₂

Dmaximum price legislation at P₂

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Question 583

jamb 2006

If the price per unit is N2, what is the average revenue when 6 men are employed?

AN220

BN120

C110

DN330

View Explanation & Discuss

Question 584

jamb 2006

Product differentiation in monopolistic competition implies that

Adifferent buyers pay different prices for the same product

Bdifferent products are sold to the same buyer

Csellers determine whom to sell their products to

Dthe same product is available in different forms

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Question 585

jamb 2006

A perfectly competitive firm is advised to close down when the

Aprice is below the marginal cost

Bprice is equal to the marginal revenue

Cmarginal revenue is equal to the marginal cost

Dprice is below the average variable cost

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Question 586

jamb 2006

If the short-run cost curve of a firm is U-shaped, the marginal and average cost are equal where the

Aaverage variable cost is minimum

Bmarginal cost is falling

Caverage cost is minimum

Daverage fixed cost is falling

View Explanation & Discuss

Question 587

jamb 2006

The market structure in which there is interdependence of price-output policies is

Aa pure monopoly

Ban oligopoly

Ca pure competition

Da monopolistic competition

View Explanation & Discuss

Question 588

jamb 2006

The only factor of production that plays an active role in the production process is

Aland

Bcapital

Centrepreneur

Dlabour

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Question 589

jamb 2006

A rising short-run average cost is a result of

Aeconomies of scale

Bfalling marginal costs

Cdiminishing returns

Drising fixed costs

View Explanation & Discuss

Question 590

jamb 2006

The marginal productivity theory applies in a

Aunionized labour market

Bperfectly competitive market

Cmonopsonistic market only

Dmonopolistic market only

View Explanation & Discuss

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