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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.

118 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

118 questions

Question 1 of 18 118 total questions

Question 51

jamb 2015

All the following are the canons of taxation given by Adam Smith except

Aobjective

Beconomy

Cconvenience

Dcertainty

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Question 52

jamb 2015

\(\begin{array}{c|c}
\text{Units of quantity} & \text{Total utility} & \text{Marginal utility} \\
\hline
0 & - & - \\
\hline
1 & 10 & 10 \\
\hline
2 & 15 & 5 \\
\hline
3 & 17 & 2 \\
\hline
4 & 18 & 1 \\
\hline
5 & 18 & 0 \\
\end{array}\)

The table illustrate the law of

Aadmonishing returns

Bincreasing returns

Cdiminishing marginal utility

Dincreasing marginal utility

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Question 53

jamb 2015

The concentration of industries in a particular geographical area is

Alocalization of industries

Broles of industrialization

Clocation of industry

Dstrategies of industrialization

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Question 54

jamb 2015

The market in which the operators are many and none of them can influence the price is

Astock exchange market

Bimperfect market

Cperfect market

Dexchange market

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Question 55

jamb 2015

Petroleum has the following positive contributions to the Nigerian economy except

AGenerate employment

BSource of government revenue

Cdevelopment of mono economy

DInfrastructure development

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Question 56

jamb 2015

\(\begin{array}{c|c}
\text{Capital consumption allowance} & \text{N20,000} \\
\hline
\text{Gross domestic production} & \text{N60,000} \\
\hline
\text{Factor payment to foreigners} & \text{N10,000} \\
\hline
\text{Factor income from abroad} & \text{N15,000} \\
\end{array}\)

From the above table, calculate the Gross National Product.

AN70,000

BN75,000

CN50,000

DN60,000

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Question 57

jamb 2015

The tax levied on locally produced goods is

Aimport duty

Bexcise duty

Ccompany tax

Dvalue added tax

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Question 58

jamb 2015

The quantity theory of money states that a reduction in the quantity of money in circulation would bring about

AA constant change in price

BA rise in prices

CAn unequal fall in prices

DA proportionate fall in price

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Question 59

jamb 2015

The source of all economic problems arises from

Awants

BScarcity

COpportunity Cost

DScale of Preference

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Question 60

jamb 2015

A commercial bank can create money by

Aissuing currency

Bincreasing cash ratio

Cissuing cheque

Dlending to borrowers

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Question 61

jamb 2015

What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit?

AThe industry has many differentiated products

BThe industry is characterized by rapid technological change

CThe industry consist of large number of producers

DThere are significant barriers to prevent firms entering the market

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Question 62

jamb 2015

The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in

AParis, France

BGeneva, Switzerland

CLagos, Nigeria

DVienna, Austria

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Question 63

jamb 2015

In which situation is it likely that the demand for labour would be inelastic?

ALabour and capital are close substitutes

BLabour costs are only a small proportion of total costs

CDemand for the final product that the labour produces is elastic

DA large quantity of unemployed labour is available in the economy

View Explanation & Discuss

Question 64

jamb 2015

The combination of two commodities each yielding the same level of satisfaction to the consumer is

Aconsumer surplus

Bindifference curve

Cbudget constant

Dgoods of necessity

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Question 65

jamb 2015

All the following are factors that would bring about a change in supply except

Alevel of technology

Bgovernment policy

CEntry of new firms

DPrice of the commodity

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Question 66

jamb 2015

Revenue can be expressed as

Atotal Profit made after sales

Bamount of goods produced

Ctotal money realized from sales

Damount spent on purchases

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Question 67

jamb 2015

All the following are problems identified with agriculture in West Africa except

Aland tenure system

Bignorance of the farmers

Cuse of crude implement

Dprovision of food for the teeming population

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Question 68

jamb 2015

The law of variable proportions is also known as

Alaw of demand

Blaw of diminishing returns

Claw of diminishing marginal utility

Dlaw of returns to scale

View Explanation & Discuss

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