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.

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

130 questions
Question 1 of 20 130 total questions
Question 51
jamb 2019

A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

AImport monopoly
BImport licence
CImport quota
DEmbargo
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Question 52
jamb 2019

The sector which contribute highly to the economy is___________

APrimary sector
BSecondary sector
CTertiary sector
DEducation sector
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Question 53
jamb 2019

One of these is not a way by which government encourage industrialization?

AProtection of Infant industries
BEstablishment of Nigeria Enterprises Promotion Decree
CLow Productivity and inefficiency
DEstablishment of higher institutions
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Question 54
jamb 2019

Industrialization is the process of___________

Aconcentrating a firm in a place
Btransforming as economy based on extractive to manufacturing
Ctransferring a government industry to individual
Dtransforming finished goods into semi-finished goods
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Question 55
jamb 2019

A form of tax that is mildly progressive and regressive is_______

AProportional tax
BProgressive tax
CRegressive tax
DDigressive tax
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Question 56
jamb 2019

The use of government income and expenditure instrument to regulate the economy is termed______

Amonetary policy
Bphysical policy
Cfiscal policy
Dpublic finance
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Question 57
jamb 2019

The demand for labour is a________

ADerived demand
BJoint demand
CComplementary demand
DComposite demand
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Question 58
jamb 2019

Which of the following is not a cause of unemployment_______

Apoor education
Black of skills
Cgood government planning
Dcorruption
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Question 59
jamb 2019

As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________

AInput
BCommodities
COutput
DFactors
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Question 60
jamb 2019

The shape of the production possibility frontier is determined by the_________

Alaw of returns to scale
Blaw of diminishing returns
Cfactors of productions
Dtechnology
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Question 61
jamb 2019

One of these is not an assumption of the cardinalist theory of utility?

AThe consumer is rational
BDiminishing marginal utility
CThe concept of money utility
DConsistency and transivity of choice
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Question 62
jamb 2019

In the case of highly or close complementary goods, the indifference curve is_______

AA straight line
BA right-angled
CL - shaped
DCurvature
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Question 63
jamb 2019

The most important cost curve for the firm is_________

AMC
BAC
CTC
DFC
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Question 64
jamb 2019

The average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to________

AEconomies of scale
BMoney cost
COpportunity cost
DCost functions
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Question 65
jamb 2019

Restrictive monetary policy is designed to curtail aggregate demand and to overcome________

ADeflation
BReinflation
CDisinflation
DInflationary gap
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Question 66
jamb 2019

An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________

Amonetary policy
Bfiscal policy
Ccredit ceiling
Dopen market operation
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Question 67
jamb 2019

An economic condition in which much reduced economic activity co-exists with inflation is referred to as__________

Astagflation
Binflationary spiral
Cslump inflation
Dinflationary gap
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Question 68
jamb 2019

The money market equilibrium is defined as_________

Awhen the demand and supply of money are equal
Bwhen demand is greater than supply of money
Cwhen demand is less than supply of money
Dwhen supply is greater than demand for money
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Question 69
jamb 2019

A method of analysis that draws conclusions from data rather than general Principles already known is________

ADeductive reasoning
BInductive reasoning
CNormative reasoning
DPositive reasoning
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Question 70
jamb 2019

The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______

A145
B15
C90
D6
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