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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.

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

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4,545 questions

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Question 691

jamb 2014

Given a base year and the price index of 175% the following year, which of the following year will arise?

AThe cost of living decreases of that year

BThe cost of living remains unchanged

CThe value of money rises by 75%

DThe value of money falls by 75%

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Question 692

jamb 2014

Short-term loans for investment are usually obtained through the

Astock market

Bdevelopment banks

Cmoney market

Dcapital market

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Question 693

jamb 2014

One of the challenges facing the banking industry in Nigeria is

Aensuring technological security

Bproviding employment

Cproviding loans for investment

Dcreating more money

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Question 694

jamb 2014

An inflation that co-exists with high rate of unemployment is

Ahyperinflation

Bstagflation

Cdemand-pull inflation

Dcost-push inflation

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Question 695

jamb 2014

The precautionary demand for money is determined by

Athe rate of interest

Bthe level of savings

Cthe level of income

Dgeneral price level

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Question 696

jamb 2014

If MPC = 2/3 and investment is N100 million, the level of national income is

AN100 million

BN10 million

CN303 million

DN300 million

View Explanation & Discuss

Question 697

jamb 2014

Which of the following can be used to measure the Gross National product in an open economy?

AC+I+G+(X+M)

BC+I+G+X

CC+I+G

DC+I+G+(X-M)

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Question 698

jamb 2014

A monopolist can boost up his revenue by

Aadjusting both price and output upward

Breducing total output to match price

Cincreasing price

Dreducing price

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Question 699

jamb 2014

One of the characteristics of a monopolist is that, he can influence

Aquantity produced by other producers

Bprices charged by other producers

Cboth price and quantity

Dprice or quantity

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Question 700

jamb 2014

A perfect competitor will continue to expand output up to the point where

ATC > TR

BMR = AR

CMC < MR

DMC > MR

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Question 701

jamb 2014

Rent and administrative expenses are examples of

Aaverage fixed costs

Baverage variable costs

Cfixed costs

Dvariable costs

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Question 702

jamb 2014

Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product.

AN30

BN40

CN10

DN20

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Question 703

jamb 2014

Division of labour requires that, the tasks in a production line be performed

Aby specialists

Bin stages

Cby all workers

Dby unskilled labourers

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Question 704

jamb 2014

If the production of a large firm is higher than that of a small firm, it is experiencing.

Aexternal economies of scale

Bexternal diseconomies of scale

Cinternal economies of scale

Dinternal diseconomies of scale

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Question 705

jamb 2014

Price mechanism determines the prices of commodities through

Aauctioning

Bmarket forces

Cthe sales of treasury bills

Dgovernment legislation

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Question 706

jamb 2014

When price is set below equilibrium, this will lead to

Aan increase in the quantity supplied

Ba new equilibrium

Ca decrease in the quantity supplied

Da fall in price

View Explanation & Discuss

Question 707

jamb 2014

Given the supply function P = \(\frac{1}{4}\)(Qs+10) when P = N10, what is Qs?

A20

B1.5

C5.0

D30

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Question 708

jamb 2014

A rightward shift of the budget line is caused by a

Afall in consumer income

Bchange in consumer taste

Cfall in the commodity relative price

Drise in the consumer income

View Explanation & Discuss

Question 709

jamb 2014

If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is

Aunitary elastic

Bzero elastic

Celastic

Dinelastic

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Question 710

jamb 2014

A change in demand for a normal goods implies that, there is a

Achange in the quantity demanded as price changes

Bshift in the demand curve

Cmovement along a given demand curve

Dchange in the price elasticity of demand

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