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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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4,545 questions

Question 1 of 20 4,545 total questions

Question 811

waec 2011

A market structure where profit is maximized when marginal revenue, marginal cost and price are equal is known as

Aperfect competition

Bmonopoly

Coligopoly

Dimperfect competition

View Explanation & Discuss

Question 812

waec 2011

A firm will shut down in the long run if its earning is

Aless than normal profit

Bgreater than normal profit

Cequal to super normal profit

Dless than super normal profit

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Question 813

waec 2011

The resource used in production are called

Avariable inputs

Bfactors of production

Ccapital for production

Dfixed inputs

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Question 814

waec 2011

which of the following does not change in the short run?

AVariable cost

Bmarginal cost

Ctotal cost

Dfixed cost

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Question 815

waec 2011

The type of production that involve the tapping and harnessing of natural resources is

Aprimary production

Bsecondary production

Ctertiary production

Dindustrial production

View Explanation & Discuss

Question 816

waec 2011

which of the following is not true about land?

Athe supply is fixed

Bland is mobile

Cit is subject to diminishing returns

Dland is heterogeneous

View Explanation & Discuss

Question 817

waec 2011

A rational consumer is one who

Aspends his income to maximize satisfaction

Bis not influenced by advertisemment

Cbehaves in a particular way all the time

Dknows the price of all goods and buys the cheapest

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Question 818

waec 2011

When total utility is constant, it means marginal utility is

Aincreasing

Bzero

Cdecreasing

Done

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Question 819

waec 2011

A consumer purchasing a commodity X will maximize his satisfaction if

APx = MUx

BPx ≥ MUx

CPx > MUx

DPx < MUx

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Question 820

waec 2011

price fixed above the equilibrium is to

Aprotect agricultural producers

Bdiscourage agricultural producers

Clower the price of agricultural producers

Dfavour consumers

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Question 821

waec 2011

if the current price of an apple is twice that of last year, it implies that the value of money is

Astable

Bfalling

Crising

Dgetting stronger

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Question 822

waec 2011

A supply curve which is vertical has an elasticity co-efficient of

A0.0

B0.5

C1.5

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Question 823

waec 2011

Palm oil and palm kernel have

Acompetitive supply

Bexcess supply

Cjoint supply

Dcomposite supply

View Explanation & Discuss

Question 824

waec 2011

If a 20% rise in price of Whiskey leads to a 30% increase in quantity demanded of Schnapps, the cross elasticity of demand is

A3.0

B2.5

C2.3

D1.5

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Question 825

waec 2011

The co-efficient of income elasticity of demand for inferior goods is

Apositive

Bequal to one

Cless than one

Dnegative

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Question 826

waec 2011

A normal demand curve slopes

Adownward from left to right

Bupwards from right to left

Cdownwards from right to left

Dupwards from left to right

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Question 827

waec 2011

An arrangement of data in rows and columns is referred to as

Agraph

Bbar chart

Cpie chart

Dtable

View Explanation & Discuss

Question 828

waec 2011

The production possibility curve (PPC) indicates that as more of one good is produced.

Aless of the other goods is produced

Bthe same quantity of the other good is produced

Cmore of the other good is produced

Dnone of the other good is produced

View Explanation & Discuss

Question 829

waec 2011

The difference between the money cost and the real cost of any item is that

Areal cost is the alternative forgone while the money cost is the actual amount paid for buying the item

Bthe real cost is the opportunity cost, while the money cost is the marginal cost

Cmoney cost is the opportunity cost, while the real cost is the actual cost in monetary terms

Dmoney cost is always greater than the real cost

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Question 830

waec 2011

Human wants are

Alimited

Bscarce

Cunlimited

Din grades

View Explanation & Discuss

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