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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.

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

139 questions
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Question 1 of 19 139 total questions
Question 61
jamb 2018
No of Men 1 2 3 4 5 6 7 8  
Total Product(unit) 200 440 540 600 640 660 660 640

If the price per unit  is N2, what is the average revenue when 6 men are employed?

AN110
BN120
CN220
DN330
View Explanation & Discuss
Question 62
jamb 2018

The mean is the best measure of central tendency because it__________

Acan be calculated from incomplete data
Bis a balancing point in an observation
Cis a midpoint value in an array of data
Dis not affected by extreme values in a data
View Explanation & Discuss
Question 63
jamb 2018

The privatization exercise in Nigeria is a move towards a____________

Acommand economy
Bmixed economy
Csubsistence economy
Dmarket economy
View Explanation & Discuss
Question 64
jamb 2018

The need to construct a scale of preference is necessitated by____________

Ascarcity and the need for choice
BThe needs to satisfy wants
CNon - availability of factors of production
DScarcity of resources
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Question 65
jamb 2018

In a developing economy, productivity is measured by the____________

Aoutput - labour ratio
Bcapital - output ratio
Coutput growth rate
DOutput per capital
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Question 66
jamb 2018

In an open economy, the GNP is measured as_____________?

AC + 1 + G(X-M)
BC + 1 + G
CC + 1 + G + X
DC + 1 + G + M
View Explanation & Discuss
Question 67
jamb 2018

The basic economic problems of society include___________

Ascarcity, for whom to produce and where
Bscarcity, when to produce and how
C
Dhow to produce and sell
View Explanation & Discuss
Question 68
jamb 2018

If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then____________

Aonly the quantity will increase
BThe prices will remain constant
Cthe equilibrium price and quantity will increase
Donly the price will increase
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Question 69
jamb 2018

The minimum number of share holders for joint stock companies is_______________

A4
B2
C7
D3
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Question 70
jamb 2018

The factor of production that has the highest degree of mobility is__________?

Aentrepreneurship
Bland
Clabour
Dcapital
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Question 71
jamb 2018

When a variable is associated with time period, it is_____________

Acircular
Ba flow
Cstatic
Da stock
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Question 72
jamb 2018

A major determinant of the demand for a luxury good is____________?

Athe price of other goods
Bthe price of the good
Ctastes and fashion
Dthe income of consumers
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Question 73
jamb 2018

The savings deposit in a commercial bank is called____________?

Anear money
Bcall money
Ccapital
Dfund
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Question 74
jamb 2018

The ultimate objectives of economics is to_________?

Adecide under what circumstances that government should intervene in the economy
BOrganize production at the lowest cost
CMake the best use of scarce resources
Dmake efforts to understands how the economy works
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Question 75
jamb 2018

If the standard deviation of a given data is 8.2, find its variance_______________

A82.0
B91.8
C67.2
D4.1
View Explanation & Discuss
Question 76
jamb 2018

Commercial bank reserves at the Central Bank____________

Aadvancing trade, prospects
Bcontrolling credit and money supply
Creducing bank frauds
Ddiscouraging banking operations
View Explanation & Discuss
Question 77
jamb 2018

In the long run, all production factors are____________

Avariable
Bfixed
Csemi-variable
Dsemi-fixed
View Explanation & Discuss
Question 78
jamb 2018

The type of business finance that entitles the holder to a fixed rate of dividend is______________--

Abank load
Bdebenture
Cpreferred stock
Dsemi-fixed
View Explanation & Discuss
Question 79
jamb 2018

The privatization of public enterprises will lead to the efficient management of resources in the economy. This statement can best be described as_____________

Adeductive reasoning
Bpositive reasoning
Cnormative reasoning
Dinductive reasoning
View Explanation & Discuss
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