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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.

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 861

waec 2010

All the following are source of finance to a joint stock company except

Adebentures

Bcooperative loans

Cshares

Dbank loans

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Question 862

waec 2010

A firm is said to be a public joint stock company when it

Ais owned by the government

Bsells its shares to members of the public

Coperates as a government corporation

Dis not legally recognized as a firm

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Question 863

waec 2010

The reward to land as a factor of production is

Aprofit

Brent

Cinterest

Dwage

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Question 864

waec 2010

If TC, FC and VC represent total cost, fixed cost and variable cost respectively, which of the following is correct?

ATC = FC - VC

BFC = TC + VC

CTC > FC + VC

DTC = FC + VC

View Explanation & Discuss

Question 865

waec 2010

Greater inter-dependence among workers in production is associated with

Autility

Bmanufacturing

Cdivision of labour

Dfactory workers

View Explanation & Discuss

Question 866

waec 2010

The law of diminishing marginal utility state that, the more a commodity is consumed the

Ahigher the satisfaction derived from an additional unit

Bhigher the price to be paid

Clower the quantity supplied

Dlower the rate of increase in the total utility derived

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Question 867

waec 2010

At the highest level of total utility, marginal utility is

Anegative

Bpositive and falling

Cpositive and rising

Dzero

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Question 868

waec 2010

A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to

Abe unchanged

Bremain elastic

Cremain inelastic

Drise

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Question 869

waec 2010

Equilibrium price is the price at which quantity

Ademand greater than quantity supplied

Bsupplied is greater than quantity demanded

Cdemand is equal to quantity supplied

Dsupplied equals quantity produced

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Question 870

waec 2010

The slope of a supply curve is

Ahorizontal

Buniform

Cpositive

Dvertical

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Question 871

waec 2010

Goods for which demands rises as income rises are

Acomplementary goods

Binferior goods

Cnormal goods

Dsubstitutes

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Question 872

waec 2010

Which of the following causes the demand curve to shift to the right?

Aa reduction in size of population

Ban increase in the income of the buyer

Cthe availability of substitutes

Da decrease in price of goods

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Question 873

waec 2010

Find the median of the following set of scores 8,9,6,5,10

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Question 874

waec 2010

The sum of items divided by the number of items is the

Afrequency

Bmean

Cmedian

Dmode

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Question 875

waec 2010

In which of the following economic system do we have mostly private ownership of resources and individual decision making?

ACapitalist system

BSocialist system

CMixed system

DTraditional system

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Question 876

waec 2010

A tent-making factory offers

Apersonal services

Bindirect services

Csocial services

Dreflex services

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Question 877

waec 2010

The following are examples of economic goods except

Abottled water

Bair

Chousehold utensils

Dshelter

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Question 878

jamb 2010

The velocity of money is represented as

A\(\frac{\text{Money supply}}{\text{Real GDP}}\)

B\(\frac{\text{Real GDP}}{\text{Money supply}}\)

C\(\frac{\text{Nominal GDP}}{\text{Money supply}}\)

D\(\frac{\text{Real GDP}}{\text{Nominal GDP}}\)

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Question 879

jamb 2010

if \(\bar{x}\) = 6 and N = 6, determine the value of ∑fx

A36

B12

D72

View Explanation & Discuss

Question 880

jamb 2010

The percentage of working population in 2002 is?

A50%

B25%

C8%

D80%

View Explanation & Discuss

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