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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.

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

141 questions
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Question 1 of 20 141 total questions
Question 61
jamb 2022

A country's budget allocation to various sectors of the economy is shown in the pie chart above...

Use it to answer this question.

If the budget of the country was $7,200, how much is allocated to Education?

A$2,400.00
B$2,000.00
C$1,200.00
D$1,000.00
View Explanation & Discuss
Question 62
jamb 2022

In perfectly elastic supply, the supply curve

Ais vertical
Bis horizontal
Cslopes upward
Dslopes downward
View Explanation & Discuss
Question 63
jamb 2022

The supply curve of a locally-produced good may shift to the right if

Athere is an increase in taxes on inputs
Bgovernment increases subsidies
Crural-urban migration is encouraged
Dthe price of the commodity increases
View Explanation & Discuss
Question 64
jamb 2022

If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is

A0.50
B0.65
C2.00
D2.50
View Explanation & Discuss
Question 65
jamb 2022

PN equals average revenue or marginal revenue cure of

AAn imperfect competitive firm
Ba monopoly
Ca perfectly competitive firm
Da monopolistic competitive firm
View Explanation & Discuss
Question 66
jamb 2022

The demand curve for goods of ostentation is usually

Anegatively sloped
Bpositively sloped
Cvertical
Dhorizontal
View Explanation & Discuss
Question 67
jamb 2022

The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

Ain complementary demand
Bof the same quality
Cin composite demand
Din competitive demand
View Explanation & Discuss
Question 68
jamb 2022

The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

A$ 90.00
B$ 180.00
C$ 324.00
D$ 350.00
View Explanation & Discuss
Question 69
jamb 2022

A major disadvantage of a capitalist economy is that it

Aleads to low production of goods and services
Brequires large number of officials to operate
Cconsiders individual consumers' satisfaction
Dworsens income inequality among the citizens
View Explanation & Discuss
Question 70
jamb 2022

A major characteristic of natural resources is they

Aare unlimited in supply
Bhave high cost of production
Care free gifts of nature
Ddo not command any price
View Explanation & Discuss
Question 71
jamb 2022

There is unemployment of resources when production is

Awithin the production possibility curve
Boutside the production possibility curve
Calong the production possibility curve
Dadequate to meet market demand
View Explanation & Discuss
Question 72
jamb 2022

Scale of preference shows

Aincomes of consumers in order of size
Butilities enjoyed by consumers
Copportunity cost of goods consumed
Dconsumer's wants in order of priority
View Explanation & Discuss
Question 73
jamb 2022

In a free market economy, the rationing of scarce goods is done principally by?

Athe government
Bbusiness organizations
Cthe price mechanism
Dconsumers
View Explanation & Discuss
Question 74
jamb 2022

The price mechanism 

Aregulates supply and demand
Brations the consumers
Crewards the producers
Dallocates scarce resources
Edoes all of the above
View Explanation & Discuss
Question 75
jamb 2022

Marginal cost is?

Athe lowest cost of producing goods
Bthe cost of production of the most efficient firm in an industry
Cthe cost of production of the most inefficient firm in an industry
Dthe cost of production of the last or extra unit of goods produced by a firm
View Explanation & Discuss
Question 76
jamb 2022
The reward for capital is
Ainterest
Brent
Cprofit
Dwages
Question 77
jamb 2022
Inflation is a persistent rise in
Ataxes
Bthe general price level
Cinterest rates
Dunemployment
Question 78
jamb 2022
The two main sectors in a mixed economy are
Aurban and rural
Bbanking and insurance
Cagricultural and industrial
Dpublic and private
Question 79
jamb 2022
Which of these is a direct tax?
Apersonal income tax
Bimport duty
CVAT
Dexcise duty
Question 80
jamb 2022
The reward for labour is
Ainterest
Bwages
Cprofit
Drent
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