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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.

140 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

140 questions

Question 1 of 20 140 total questions

Question 51

jamb 2024

If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, wha is the price elasticity of demand for the commodity?

B0.8

C0.5

D1.5

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Question 52

jamb 2024

An exceptional demand curve can result from

Aincrease in price of raw materials

Bchange in taste of consumer

Cincrease in the size of the population

Dexpectation of future price increase

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Question 53

jamb 2024

The middle value of an array figure arranged in descending order is referred to as the

AVariance

Bmean

Cmode

Dmedian

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Question 54

jamb 2024

Which of these is NOT associated with the problem of internal trade?

Abargaining

Bmarket trade unions

Clack of specialization

Dnatural barriers

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Question 55

jamb 2024

The diagram belwo, shows the relationship between

Aminimum wage and unemployment

Bequilibrium wage rate and philip curve

CW4 and W3

Dwage rate and unemployment

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Question 56

jamb 2024

The bank established to finances project aimed at promoting economic and social development within the African continent is

AAfrican bank for commerce and industry

Beconomic bank for African

Crecovery fund bank for Africa

DAfrican development bank

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Question 57

jamb 2024

A downward sloping demand curve means that

Aprice must be lowered to sell more

Btotal revenue declines as price is lowered

Cdemand falls as output increases

Ddemand falls as output falls

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Question 58

jamb 2024

Economics problems arise in all societies because

Athe services of economists are not employed

Bresource are not in adequate supply

Cthere is no proper planning

Dresources are mismanaged by leaders

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Question 59

jamb 2024

Wholesalers play an important in the distribution of goods and services because they

Aare located very close to consumers

Bpass information on from retailers to consumers

Csell in small units to consumers

Dfinance both producers and retailers

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Question 60

jamb 2024

One of the function of united nation conference on trade and development (UNTAD) is to

Atransfer technology from developed to less developed countries

Bincrease share of less developed countries in world trade

Cincrease impact of developed countries over less developed countries

Dmake goods available in developed countries

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Question 61

jamb 2024

When an economy is having a balance of payment surplus the best alternative opened to it is to

Adevalue its currency

Bborrow from abroad

Cpromote imports into the country

Dincrease its foreign reserve

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Question 62

jamb 2024

Which of the following is NOT a feature of capitalism?

AFree enterprise

Bprivate ownership of property

Ccompetition

Ddetailed economics planning

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Question 63

jamb 2024

The contribution of petroleum to the economy of Nigerian is most prominent in the area of

Arevenue generation

Binfrastructural development

Cfuel provision

Demployment generation

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Question 64

jamb 2024

From the diagram below, moving from point A to B and from B to c is due to

AEconomic depression

BUnemployment

CEconomic growth

DOpportunity cost

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Question 65

jamb 2024

The following are type of business organization EXCEPT

Aco-operative society

Bpartnership

CEntrepreneurship

Dpublic corporation

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Question 66

jamb 2024

What is the median term in the distribution below; 14, 13 29,15,13,17,12.

A14

B13

C15

D12

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Question 67

jamb 2024

A firm's average cost decreases in the long-run because of

Aincreasing returns to scale

Bdiminishing average returns

Cdecreasing average fixed cost

Ddecreasing marginal returns

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Question 68

jamb 2024

If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

Adeficit budget

Bfavorable budget

Cbalanced budget

Dsurplus budget

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Question 69

jamb 2024

The main disadvantages of deflationary policies is

Afull employment in the country

Bincreasing cost of living

Cunemployment in the country

Dimproved standard of living

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Question 70

jamb 2024

In the event of bankruptcy, owners of joint-stock companies lose

Aboth company and private assets

Bonly the capital invested

Conly their dividends

Dtheir private properties

View Explanation & Discuss

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