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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 741

jamb 2013

If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys

Aeconomies of scale

Bspecialization

Cdivision of labour

Ddiseconomies of scale

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Question 742

jamb 2013

In Nigeria, the government can reduce the cost of accommodation by fixing the rent

Aat the prevailing rate

Bat the equilibrium price

Cabove the equilibrium price

Dbelow the equilibrium price

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Question 743

jamb 2013

One of the criticisms of the price mechanism is that

Aproducers are sovereign

Bit provides low degree of freedom

Cit widens the inequitable gap

Dconsumers are sovereign

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Question 744

jamb 2013

If the price of a commodity is fixed below equilibrium, this will lead to

Aexcess demand

Ba decrease in price

Can increase in price

Dexcess supply

View Explanation & Discuss

Question 745

jamb 2013

If the supply of a product is elastic, a small reduction in price will

Areduce the cost of production

Breduce the quantity supplied

Cincrease the quantity supplied

Dlead to no change in the quantity supplied

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Question 746

jamb 2013

One of the major factors that brings about changes in supply is

Amarket discrimination

Bavailability of storage facilities

Cthe cost of storage

Dincentives granted to workers

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Question 747

jamb 2013

Utility is the satisfaction derived from the

Adistribution of goods and services

Buse of goods and services

Cdemand of goods and services

Dproduction of goods and services

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Question 748

jamb 2013

One of the assumptions of the cardinal approach is

Adiminishing marginal rate of substitution

Bthe consistency and transitivity of choice

Cthat total utility depends on the quantity of the commodities consumed

Dunstable marginal utility of money

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Question 749

jamb 2013

If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is

A66.7

B0.5

C1.5

D2.0

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Question 750

jamb 2013

An increase in the price of a commodity will result in

Aa decrease in the quantity demanded

Ban increase in demand

Can increase in quantity demanded

Da decrease in demand

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Question 751

jamb 2013

An increase in demand without a corresponding change in supply will lead to

Aa decrease in equilirium price and increase in equilibrium quantity

Ban increase in equilibrium price and quantity

Ca decrease in equilibrium price and quantity

Dan increase in equilibrium price and a decrease in equilibrium quantity

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Question 752

jamb 2013

Find the median of the following set of data 35,10,14,38,15,18,22,30 and 28

A10

B38

C35

D22

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Question 753

jamb 2013

An advantage of the range as a measure of dispersion is that it

Acan be used to calculate open-ended distribution

Bmake use of all values of observations in a distribution

Ctakes all values into consideration

Dis useful for further statistical calculation

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Question 754

jamb 2013

Which of the following set of statistical tools is used for further economic analysis?

Athe median and standard deviation

Bthe mean and mode

Cthe mean and standard deviation

Dthe mode and median

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Question 755

jamb 2013

If the standard deviation of a given data is 53, what is the variance?

A2082

B2809

C2808

D2209

View Explanation & Discuss

Question 756

jamb 2013

An economy in which both the public and private sectors contribute to economic growth is as

Afeudal economy

Bcapitalist economy

Csocialist economy

Dmixed economy

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Question 757

jamb 2013

The profit of a monopolist can be eliminated where price equals

AAFC

BMC

CAC

DAVC

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Question 758

jamb 2013

If P = \(\frac{1}{4}\)(Qs + 10). What is the quantity supplied at N14?

A14

B60

C46

D32

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Question 759

waec 2012

Which of the following is not a function of the West African Development Bank?

APromotion of both private and public investments in member states

BFinancing and executing projects in member states

CPromotion of social development of member states

Dharmonization of oil prices to the advantage of member states

View Explanation & Discuss

Question 760

waec 2012

One of the reasons why government may erect a trade barrier is to

Acontrol foreign currencies

Bprotect infant industries

Cpromote importation

Ddiverisify the economy

View Explanation & Discuss

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