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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.

147 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

147 questions

Question 1 of 20 147 total questions

Question 61

jamb 2009

The Basic Needs Approach to development is

Apoverty alleviation

Bprovision of educational infrastructure

Cprovision of health services

Dimprovement in workers income

View Explanation & Discuss

Question 62

jamb 2009

Cost-push inflation occurs when

Aproduction cost is high

Bfactor prices decrease

Cthere is too much money in circulation

Dgovernment embarks on deficit financing

View Explanation & Discuss

Question 63

jamb 2009

A manufacturer who wants to build a new plant will source funds from the

Acommercial banks

Bmoney market

Ccapital market

Dgovernment

View Explanation & Discuss

Question 64

jamb 2009

The reform in the banking sector in Nigeria is principally motivated by the need to

Aincrease the capital base of banks

Bprovide more money to run the economy

Cminimize the rate of bank failures

Denhance efficiency in bank operations

View Explanation & Discuss

Question 65

jamb 2009

The ability of commercial banks to create money depends on the

Areserve ratio

Bliquidity ratio

Cinterest rate

Dcapital base

View Explanation & Discuss

Question 66

jamb 2009

In the circular flow of income, an increase in savings causes

Aan increase in imports

Ba decrease in the income stream

Can increase in household consumption

Da decrease in exports

View Explanation & Discuss

Question 67

jamb 2009

Double counting is a problem in computing national income when using the

Aexpenditure method

Bincome method

Coutput method

Dvalue-added method

View Explanation & Discuss

Question 68

jamb 2009

In the long run, one of the characteristics of monopolistic competitive firms is that they

Amake abnormal profits

Bsuffer losses

Cmake normal profits

Dcollude with each other

View Explanation & Discuss

Question 69

jamb 2009

In developing countries, it is easier to obtain accurate national income estimates through the

AGNP

BGDP

CNDP

DNNP

View Explanation & Discuss

Question 70

jamb 2009

If a monopolist is incurring short-run losses, this means that his

Aselling price is above the short-run marginal cost

Bselling price is below the short-run marginal cost

Caverage revenue is greater than marginal revenue

Daverage reveune is less than marginal revenue

View Explanation & Discuss

Question 71

jamb 2009

The supply curve of a perfectly competitive firm is identical to its

Atotal cost

Bmarginal cost

Cfixed cost

Dvariable inputs

View Explanation & Discuss

Question 72

jamb 2009

The shape of the long-run average cost curve is best explained by the

Alaw of diminishing returns

Blaw of returns to scale

Ccost of fixed inputs

Dcost of variable inputs

View Explanation & Discuss

Question 73

jamb 2009

As the level of output increases, the average fixed cost of a firm will

Acontinue to decrease

Bremain unchanged

Ccontinue to increase

Dbe equal to the total cost

View Explanation & Discuss

Question 74

jamb 2009

Which of the following can be deduced from the law of variable proportions when total output is rising?

AMP is greater than AP

BMP is less than AP

CMP is equal to AP

DMP is equal to zero

View Explanation & Discuss

Question 75

jamb 2009

Production takes place when

Aoutput is transformed into input

Bmachines replace human effort

Cinput is transformed into output

Dthere is specialization and division of labour

View Explanation & Discuss

Question 76

jamb 2009

In a regulated market, price is determined by

Aconsumers

Bproducers

Cauction

Dgovernment

View Explanation & Discuss

Question 77

jamb 2009

A decrease in supply without a corresponding change in demand will lead to

Aan increase in equilibrium price and a decrease in equilibrium quantity

Ba decrease in equilibrium price and an increase in equilibrium qantity

Ca decrease in equilibrium price and equilibrium quantity

Dan increase in equilibrium price and quantity

View Explanation & Discuss

Question 78

jamb 2009

If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is

A0.80

B1.25

C2.00

D10.00

View Explanation & Discuss

Question 79

jamb 2009

The short-run supply curve for medical doctors is more likely to be

Aperfectly elastic

Bperfectly inelastic

Cfairly inelastic

Dfairly elastic

View Explanation & Discuss

Question 80

jamb 2009

A supply curve is positively sloped because

Asupply always exceeds demand

Bdemand always exceeds supply

Cprice is an incentive to consumers

Dprice is an incentive to producers

View Explanation & Discuss

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