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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

Question 1 of 20 2,540 total questions

Question 761

jamb 1999

The first petroleum exploring company to discover crude petroleum in Nigeria was?

AMobil

BTexaco

CAgip

DShell-BP

View Explanation & Discuss

Question 762

jamb 1999

The primary objective of establishing the Export Process Zone is to?

Afacilitate agricultural production

Bencourage the production and processing of export commodities

Cerect imported raw materials

Derect economic structures near the port

View Explanation & Discuss

Question 763

jamb 1999

The major problem of cooperative societies in Nigeria is that?

Athey often lack cohersion and continuity

Btheir liability is unlimited to members

Cvoting is by proxy

Dtheir management style is poor

View Explanation & Discuss

Question 764

jamb 1999

The land tenure system in Nigeria impedes agricultural production because?

Aland fragmentation makes possible easy access to land ownership

Bit discourages specialization of factors of production

Cit limits opportunity for mass production of agricultral goods

Dsmall land holders generally do not get enough fertilizer to use

View Explanation & Discuss

Question 765

jamb 1999

A major obstacle to rapid agricultural development in Nigeria is the?

Aineffective use of crude implements

Binability of farmers to adopt modern technology

Cintroduction of the Green Revolution programme

Ddeclining population growth rate

View Explanation & Discuss

Question 766

jamb 1999

Which of the following falls continuously as output expands?

AAverage fixed cost

BMarginal cost

CAverage variable cost

DAverage cost

View Explanation & Discuss

Question 767

jamb 1999

Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit.
Find the average total cost of producing one units?

AN 60

BN 45

CN 35

DN 30

View Explanation & Discuss

Question 768

jamb 1999

In a perfect competition, every firm is a price?

Amaker

Btaker

Cgiver

Dbidder

View Explanation & Discuss

Question 769

jamb 1999

A characteristic of the average fixed cost is that, it?

Arises and falls faster than the marginal cost

Bis U-shaped and intersects the price axis

Cis always higher than the average variable cost

Dfalls continuously but is never equal to zero

View Explanation & Discuss

Question 770

jamb 1999

One of the characteristics of an imperfect market is the?

Alarge number of buyers and sellers in the market

Bawareness of market conditions by buyers

Cavailability of substitutes

Dheterogenetity of products

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Question 771

jamb 1999

The main function of price in the economic system is to?

Aallocate scarce resources among competing uses

Bensure equitable distribution of income and wealth

Cdetermine the demand for and the supply of goods and services

Dremove all the constraints on production of goods and services

View Explanation & Discuss

Question 772

jamb 1999

The downward sloping part of the long-run average cost curve of a firm may be attributable to?

Adiminishing returns

Bthe law of variable proportions

Cdiseconomies of scale

Dincreasing returns to scale

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Question 773

jamb 1999

A utility maximizing household will allocate its expenditure so that?

Amore naira is spent on commodities with the highest utility

Bless naira is spent on commodities with the lowest utility

Cthe utility of the last naira spent on each commodity is equal

Dthe amount spent on each commodity is equal

View Explanation & Discuss

Question 774

jamb 1999

In a planned economy, what shall be produced is determined primarily by?

Awhat the consumer wants

Bgovernment decisions

Cprice mechanism

Dthe pattern of consumer spending

View Explanation & Discuss

Question 775

jamb 1999

A capitalist economy is one characterized by the?

Aprivate ownership of factors of production

Bownership of factors of production by rich members of the society

Cuse of capital and labour in fixed proportions during production

Duse of capital intensive methods of production

View Explanation & Discuss

Question 776

jamb 1999

The determinants of elasticity include?

Aprice, time and availability of alternatives

Btechnology and cost of production

Ctime and availability of alternatives

Dprice, time and technology changes

View Explanation & Discuss

Question 777

jamb 1999

Normative economics deals with?

Awhat is and not what should be

Bfacts and not figures

Cfacts and figures

Dvalue judgements

View Explanation & Discuss

Question 778

jamb 1999

The shape of a production possibility frontier is determined by the?

Aincreasing relative costs

Breturns to scale

Cdiminishing returns to a fixed factor

Dincreasing returns to a variable factor

View Explanation & Discuss

Question 779

jamb 1999

Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is?

AN 1.5 m

BN 2.0m

Cthe house

Dthe car

View Explanation & Discuss

Question 780

jamb 1999

In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is?

AN5,200

BN 4,760

CN4,670

DN2,080

View Explanation & Discuss

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