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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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Past Questions

2,540 questions
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Question 1 of 20 2,540 total questions
Question 741
jamb 2000

In a small scale business, the fixed cost is N5,000, variable cost is N15,000 and the output is 500 units. What will be the unit cost of the goods?

AN400.00
BN80.00
CN40.00
DN20.00
View Explanation & Discuss
Question 742
jamb 2000
The condition for equilibrium price and quantity under perfect competition is?
AMC = AR = TR
BTC =AR = P
CMC = AR = P
DMC = AR = TC
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Question 743
jamb 2000
In a free market system, trading can only take place when the?
Amarket is not working effectively
Bequilibrium price is attained
Cprice of a commodity tends to attract consumers
Dconsumers sovereignty is lacking
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Question 744
jamb 2000
A central argument of cardinal utility is that utility is?
Ameasurable
Bpsychological
Cranked
Dintangible
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Question 745
jamb 2000

Use the information below to answer questions.
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.

The two commodities can be classified as?

ASubstitutes
Bdurable and non-durable
Cintermediate and final
Dcomplements
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Question 746
jamb 2000

Use the information below to answer the question that follows.

When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.

Determined the cross elasticity of demand?

A1.7
B0.6
C-0.6
D-1.7
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Question 747
jamb 2000

Which of the following is an example of derived demand?

ATax relief
BLabour
CWage increase
DEntertainment
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Question 748
jamb 2000
In a capitalist economy, the economic problem of what goods to produce is decided mainly by?
Ashadow prices
Bprofit level
Crelative prices
Da central planner
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Question 749
jamb 2000

(i) What and how much will be produced
(ii) How will it be produced
(iii) For whom will it be produced
(iv) How much will be exported and consumed?

From the above, identify the combination of basic resource allocation questions in economic analysis.

Ai, ii and iii
Bi, ii and iv
Ci, iii and iv
Dii, iii and iv
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Question 750
jamb 2000
Economic can be defined as?
Areduction in spending in the face of competing alternative
Ballocation of resources to alternative uses
Ceconomic behaviour of small units like the household and the firm
Dthe study of economic aggregates like inflation and national income
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Question 751
jamb 1999
Calculate the total number of people engaged in tertiary production from the data above
A5,000,000
B6,250,000
C11,750,000
D12,250,000
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Question 752
jamb 1999

Use the diagram above to answer this question. Identity the three Important factors that can make So to become either S1 or S2

ATechnology, weather and population
BTechnology, price and tastes
CWeather, price and technology
DPopulation, weather and taste
View Explanation & Discuss
Question 753
jamb 1999
Use the diagram above to answer this question. Points E6 and E5 are respectively equilibrium points for
ADo and So D o and S2
BD1 and S2; D2 and So
CD2 and S1;D2 and S2
DD2 and SoDo and S2
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Question 754
jamb 1999
In the diagram above, the consumer attains equilibrium at point
AG
BH
CJ
DK
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Question 755
jamb 1999
The graphs illustrate
Ajoint demand
Bderived demand
Ccomposite demand
Dcompetitive demand
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Question 756
jamb 1999
In the table, the income elasticity of clothing is
A0.5
B2.0
C2.5
D5.0.l
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Question 757
jamb 1999
From the table calculate the national income
AN18,500m
B19,000m
C19,500m
D20,500m
View Explanation & Discuss
Question 758
jamb 1999

The most acceptable economic measure for trade protection is to?

Aimprove standards of living
Bprotect infant industries
Csafegard strategic industries
Dpromote foreign trade
View Explanation & Discuss
Question 759
jamb 1999
Favorable terms of trade is important to a country because it facilities?
Aeconomic prosperity for importers and exporters
Bexport of hard currency by the government
Ceconomic prosperity for country
Dimport of hard currency by the government
View Explanation & Discuss
Question 760
jamb 1999
Gains from trade depends on?
Acomparative advantage
Babsolute advantage
Cdistributive cost advantage
Dabsolute cost advantage
View Explanation & Discuss
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