Economics Past Questions

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

4,545 questions
Question 1 of 20 4,545 total questions
Question 651
jamb 2015

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

AParis, France
BGeneva, Switzerland
CLagos, Nigeria
DVienna, Austria
View Explanation & Discuss
Question 652
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
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Question 653
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 654
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 655
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 656
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 657
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
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Question 658
waec 2014

Use this above diagram to answer this question. What is the median of the distribution?

A5
B4
C3
D2
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Question 659
waec 2014

Use this above diagram to answer this question. From the table, the mean of the distribution is

A2.2
B2.5
C3
D4.5
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Question 660
waec 2014

Which of the following is not an effect of the discovery of mineral resources in an area?

Aincrease in wealth
Bovercrowding
Cincrease in crime rate
Dunder population
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Question 661
waec 2014

The concentration of many firms of a particular industry in a particular area is known as

Aloccation of industry
Bamalgamation of industries
Clocalization of industries
Dnationalization of industry
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Question 662
waec 2014

Which of the following measures will not encourage industrialization in West Africa?

ATaking over of all forms of industries by the government
Bprovision of social infrastructure
CGiving tax incentives, especially to infant indudustries
DUsing tariffs to discourage the use of imported items
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Question 663
waec 2014

Precautionary motive for holding money is to

Ameet daily and regular transactions
Btake advantage of changes in the prices of goods and services
Ccover unforeseen events
Dcover expenses on house rent
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Question 664
waec 2014

Which of the following functions of money is mostly affected during inflation?

AMedium of exchange
BUnit of Account
CStore of value
DStandard of deferred payment
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Question 665
waec 2014

A financial institution established for the purpose of providing specialzed services like acceptance of bills of exchange and equipment leasing is known as

AMerchant Bank
BDevelopment Bank
CCentral Bank
DInsurance Company
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Question 666
waec 2014

International trade is desirable because it

Amay lead to overproduction
Bbrings about over-dependence of countries on one another
Cprovides foreign market for local goods
Dbrings about unhealthy competition and rivalries
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Question 667
waec 2014

The likely implication of the devaluation of a country's currency is that

Aexports of such a country become cheaper
Bimportation of goods into such a country becomes cheaper
Cthe value of such a country's currency rises
Dforeign goods are attracted into the country
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Question 668
waec 2014

A change in the quantity demanded of a given commodity is determined by the

Asize of the population
Bincome of the consumer
Cprice of the commodity
Dtaste and fashion
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Question 669
waec 2014

Which of the following statements is correct?

AAs total utility increases, the marginal utility also increases
BThe marginal utility is a always zero whenever the total utility reaches the maximum
CThe total utility is at maximum whenever marginal utility is at it's maximum
DThere is no relationship between total utility and the marginal utility
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Question 670
waec 2014
West African countries are experiencing worsening terms of trade because
Athey are primary producers
Btheir currencies are overvalued
Cthey import less machines
Dthey are tertiary producers
View Explanation & Discuss
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