Economics Past Questions

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

4,545 questions
Question 1 of 20 4,545 total questions
Question 701
jamb 2014

The best measure of dispersion to determine the tallest tree in a forest is

Arange
Bvariance
Cstandard deviation
Dmean deviation
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Question 702
jamb 2014

In capitalist economies, questions about what to produce are ultimately answered by

Aincome level of households
Bavailable technical skills in the economy
Coutput decisions of firms
Dholding decision of households
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Question 703
jamb 2014

The choice of how to produce in a command economy is determined by

Agovernment
Bconsumer
Cindustrialists
Dlabour unions
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Question 704
waec 2013

Which of the following can be used to calculate the price elasticity of demand?

A\(\frac{\text{percentage change in quatity demand}}{\text{percentage change in price}}\)
B\(\frac{\text{percentage change in price}}{\text{percentage change inquantity demand}}\)
C\(\frac{\text{percentage change in quality demand}}{\text{percentage change in income}}\)
D\(\frac{\text{percentage change in income}}{\text{percentage change in quantity demand}}\)
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Question 705
waec 2013

The International Bank for Reconstruction and Development (IBRD) is important to developing nations because it

Agives aid for defence
Boffers loans for public projects
Coffers aid to finance private projects
Dgives loans for legal proceedings
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Question 706
waec 2013

Points outside a production possibility curve indicate

Aunattainable production levels
Battainable production levels
Cinefficient, but attainable production levels
Doptimum production levels
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Question 707
waec 2013

Gold, diamond, iron ore and limestone are collectively referred to as

Ahuman resources
Bmineral resources
Cartificial resources
Dforest resources
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Question 708
waec 2013

Which of the following items is not included in measuring national income by the income approach?

AProfits of companies
BRents on property
CStudent's grants and scholarships
DWages and salaries of public servants
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Question 709
waec 2013

The main advantage of large scale production is that

Aunit cost of production falls
Bdecision -making is quick
Cworker-managemnet relationship is improved
Dthe quality of the product increases
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Question 710
waec 2013
Given that Qd = 80 - 2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is $3?
A86 units
B80 units
C76 units
D74 units
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Question 711
waec 2013

Which of the following controls a limited liability company?

Athe general manager
Bthe managing director
Ctax payers
Dthe board of directors
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Question 712
waec 2013

The following are advantages of sole proprietorship except

Aquick and easy decision-making
Bkeeping its business affairs private
Cassurance of raising huge capital for expansion
Dhigh level of commitment
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Question 713
waec 2013

Which of the following statements is not a feature of a monopoly?

ASeller is allowed to fix his own price
BBuyers and sellers are price takers
CNew entrances are restricted
DThere is only one seller of the commodity
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Question 714
waec 2013

Price fluctuation is a feature of

Acommon market
Bimperfect market
Csupermarkets
Dmarket failure
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Question 715
waec 2013

If a commodity has a high marginal utility, its market price will be

Astable
Bhigh
Czero
Dconstant
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Question 716
waec 2013

Physical productivity is affected by all the under listed factors except the

Astate of technology
Bquantity of inputs
Cquality of inputs
Dprice of output
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Question 717
waec 2013

When the marginal product is negative,the total product will be

Aconstant
Bat a maximum
Cincreasing
Ddecreasing
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Question 718
waec 2013

Exchange control is a weapon used in regulating

Abarter trade
Bstock exchange
Cforeign trade
Dinternal trade
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Question 719
waec 2013

All rates of interest in a country are influenced by the

Abank rate
Bpopulation growth rate
Cwage rate
Dmortgage rate
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Question 720
waec 2013

In order to develop the banking habit of rural dwellers, the traditional money lenders should be

Aproscribed
Blegalized
Csubsidized
Dheavily taxed
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