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.

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

130 questions
Question 1 of 10 130 total questions
Question 61
jamb 2019

An economy in which the whole income is not consumed is referred to as______

AFrugal economy
BSpend thrift economy
CCapitalist economy
DMixed economy
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Question 62
jamb 2019

The method obtained by adding all the reward of factors of production in national income is________

Aincome approach
Bexpenditure approach
Cvalue added method
Doutput approach
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Question 63
jamb 2019

A rise in the supply of a commodity cause__________

Aan increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
Ban increase in both equilibrium
Ca decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
Da decrease in both equilibrium
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Question 64
jamb 2019

Supply is________

AA stock
BA Flow
CConstant
DA table
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Question 65
jamb 2019

The demand curve facing the monopolist in the foreign market is__________

AElastic
BInelastic
CPerfectly elastic
DUnitary
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Question 66
jamb 2019

In the short-run, the monopoly makes_______

ANormal profit
BAbnormal Profit
CLoss
DSales
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Question 67
jamb 2019

In a perfect competition, the market price is determined by_______

Athe government
Bthe producer
Cthe consumer
Dthe market supply and demand junctions
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Question 68
jamb 2019

 

Price
(₦)
Quantity Demanded
8 10
6 12


If we move from 8 to 6, the elasticity of demand is_______

A-1.25
B0.62
C0.8
D1
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Question 69
jamb 2019

If two commodities are unrelated, a change in the price of one will____________

Ahave effect on the quantity demanded of the other
Bhave no effect on the quantity demanded of the other
Cincrease the quantity demanded on the other
Ddecrease the quantity demanded on the other
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Question 70
jamb 2019

A demand which gives rise to the reverse of the law of demand is__________

ADerived demand
BJoint demand
CAbnormal demand
DComposite demand
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