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Economics Past Questions

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4,545 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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4,545 questions

Question 1 of 20 4,545 total questions

Question 641

jamb 2015

\(\begin{array}{c|c}
\text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal product} \\
\hline
0 & 10 & - & - & - \\
\hline
1 & 10 & 10 & 10 & 10 \\
\hline
2 & 10 & 25 & ? & 15 \\
\hline
3 & 10 & 50 & 16.7 & 25 \\
\hline
4 & 10 & 80 & 20.0 & 30 \\
\hline
5 & 10 & 106 & 21.2 & 26 \\
\end{array}\)

Calculate the average product when the 2nd labour was employed 12.5

A12.5

B12

C15

D10

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Question 642

jamb 2015

The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct

AE = C + I + G

BE = C + I + G + M – X

CE = C + I + G + X – M

DE = C + I + G – T + M – X

View Explanation & Discuss

Question 643

jamb 2015

The income elasticity of demand of normal goods is

Anegative

Bpositive

Czero

Dfixed

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Question 644

jamb 2015

The technical relationship between the physical inputs and the physical outputs of a firm is

AUtility

BCost

CDemand

DProduction function

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Question 645

jamb 2015

Which of the following are examples of transfer payment

Agift and donations

Brents and rates

Cprofit and dividends

Dinternal and external debts

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Question 646

jamb 2015

Which of the following business units can issue shares?

APartnership

BPublic limited liability company

CSole proprietorship

DCentral bank

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Question 647

jamb 2015

A monopolist has the power to influence the prices of goods and services. Therefore, he is a

Aprice maker

Bprice taker

Cprice system

Dprice competition

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Question 648

jamb 2015

A firm that charges the maximum price without attracting competition from new entrants is

AOil firms

BMonopolistic competitive firm

CMonopolistic firm

DPerfectly competitive firm

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Question 649

jamb 2015

Census can be classified as

Adefacto and dejure

Bincreasing and decreasing

Cover and under

Doptimum

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Question 650

jamb 2015

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

Aobjective

Beconomy

Cconvenience

Dcertainty

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Question 651

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

View Explanation & Discuss

Question 652

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 653

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 654

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

View Explanation & Discuss

Question 655

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 656

jamb 2015

The tax levied on locally produced goods is

Aimport duty

Bexcise duty

Ccompany tax

Dvalue added tax

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Question 657

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

View Explanation & Discuss

Question 658

jamb 2015

The source of all economic problems arises from

Awants

BScarcity

COpportunity Cost

DScale of Preference

View Explanation & Discuss

Question 659

jamb 2015

A commercial bank can create money by

Aissuing currency

Bincreasing cash ratio

Cissuing cheque

Dlending to borrowers

View Explanation & Discuss

Question 660

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

View Explanation & Discuss

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