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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.

2,540 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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2,540 questions

Question 1 of 20 2,540 total questions

Question 711

jamb 2001

An imperfect market exist where?

Athe product is homogenous

Bthere is perfect information among sellers

Cboth buyers and sellers have free entry into and free exits from the market

Dthe location of some sellers gives them an advantage over others

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Question 712

jamb 2001

If government fixes price below the equilibrium price, what effect will it have on demand?

AQuantity demanded and supplied will be equal

BQuantity supplied will be greater than quantity demanded

CQuantity demanded will increase

DQuantity demanded will decrease

View Explanation & Discuss

Question 713

jamb 2001

An important feature of perfect competition is that?

Athe movement of goods and services is restricted

Bthere is adequate knowledge of existing prices

Cprices are centrally administered

Dindividual economic units can influence prices

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Question 714

jamb 2001

The long run is a period during which a firm?

Asells inputs to purchase fixed assets

Bvaries all its inputs

Csources all its inputs from within

Dreplaces all its inputs

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Question 715

jamb 2001

In the long-run, a monopolist maximized his profit when the marginal cost equals?

Atotal revenue

Bmarginal revenue

Caverage revenue

Dprice

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Question 716

jamb 2001

Internal economies of scale are expected to bring about?

Aan increase in short-run average cost

Ban increase in long-run average cost

Ca decrease in long-run average cost

Da decrease in short-run average cost

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Question 717

jamb 2001

A firm's shut-down point is reach when the average revenue fails to cover the?

Aaverage variable cost

Bmarginal cost

Caverage total cost

Daverage fixed cost

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Question 718

jamb 2001

A consumer's scale of preference is an arrangement of his?

Ascarce resources in order of importance

Bneeds in order of importance

Csources of income and their importances

Drequirements and how to satisfy them

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Question 719

jamb 2001

The fixing of the price of an item above or below the equilibrium price is most likely to take place in a?

Acentrally planned economy

Bfree market economy

Cdeveloped economy

Dmixed economy

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Question 720

jamb 2001

If the arithmetic mean of 1,2,3,4,5,6,x, 16 and 18 is 8.0, find the value of x?

A7.0

B6.0

C8.5

D17.0

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Question 721

jamb 2001

In a demand curve, the relationship between price and quantity is?

Aindeterminate

Bdirect

Cnil

Dinverse

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Question 722

jamb 2001

A vertical supply curve indicates that?

Athe quantity supplied is responsive to price

Bthe same fixed quantity will be supplied no matter the price

Can increase in price will result in an increase in the quantity supplied

Dthere is a fixed price for the commodity below which no supply will be made

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Question 723

jamb 2001

A major problem facing all economies is how to?

Aincrease consumption of imported goods

Bimprove trade among nations

Ctransform from a developing to a developed economy

Dallocate scarce resources

View Explanation & Discuss

Question 724

jamb 2001

When a generalization is made based on observed facts, it is known as?

Adeductive reasoning

Binductive reasoning

Ctheoretical reasoning

Dnormative reasoning

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Question 725

jamb 2001

A change in supply is best described as a?

Amovement along the supply curve

Bshift of the supply curve to the left or to the right

Cshift of the supply curve to the left

Dshift of the supply curve to the left

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Question 726

jamb 2001

Economics is regarded as a social science because it?

Aadopts the scientific method in production

Bis an agent of socialization

Cadopts the scientific method in the study of human behaviour

Dadopts the scientific method with social problems

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Question 727

jamb 2001

A normal good with close substitutes is likely to have its price elasticity of demand?

Abetween zero and one

Bequal to unity

Cless than unity

Dgreater than unity

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Question 728

jamb 2001

For a supply curve, an increase in the price of a commodity will result in?

Aa decrease in supply

Ba decrease in the quantity supplied

Can increase in supply

Dan increase in the quantity supplied

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Question 729

jamb 2001

At the consumer equilibrium, the slope of the indifference curve is?

Ahalf the slope of the budget constraint line

Bequal to the slope of the budget constraint line

Cgreater than the slope of the budget constraint line

Dless than the slope of the budget constraint line

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Question 730

jamb 2001

In a free market economy, the price system allocates resources?

Aunder government's directives

Bto ensure general welfare

Cto their best alternatives

Dto reduce poverty

View Explanation & Discuss

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