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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 891

jamb 2010

If the demand for a good is more elastic than its supply, the tax burden is borne

Aequally by consumers and producers

Bmore by producers

Cmore by consumers

Dmore by retailers and producers

View Explanation & Discuss

Question 892

jamb 2010

The most popular sizes of dresses and shoes are determined by the

Arange

Bmean

Cmode

Dmedian

View Explanation & Discuss

Question 893

jamb 2010

The mean is the best measure of central tendency because it

Ais not affected by extreme values in a data

Bis a midpoint value in an array of data

Cis a balancing point in an observation

Dcan be calculated from incomplete data

View Explanation & Discuss

Question 894

jamb 2010

The standard deviation of a set of data is

Aalways measured from the mode

Bthe most representative of averages

Calways measured from the median

Da measure of dispersion

View Explanation & Discuss

Question 895

jamb 2010

The downturn in the prices of shares on stock markets is a highlight of

Aefficient allocation of resources

Bthe invisible hand

Cthe regulatory nature of the market

Dconsumer rationality

View Explanation & Discuss

Question 896

jamb 2010

Economics is the study of human behaviour as it relates to the

Aefficient allocation of resources

Bproduction of goods

Coperation of companies

Dgeneration of income

View Explanation & Discuss

Question 897

neco 2009

Inflation is a …………….

Ageneral increase in the price of a single product

Bperiod of economic recession

Cperiod of hunger

Dperiod of excessive money

Epersistent rise in the general price level

View Explanation & Discuss

Question 898

neco 2009

Entrepreneur is associated more with

Acapital management

Bproduction of beverage

Cprofit making

Dprofit sharing

Erisk bearing

View Explanation & Discuss

Question 899

neco 2009

Which of the following is a determinant of elasticity of supply?

AConsumer’s income

BDegree of necessities

CDurability of the product

DNumber of uses of the commodity

EProportion of income spent on the product

View Explanation & Discuss

Question 900

neco 2009

When the value of a country’s export exceeds her imports, there will be a

Adeficit current account

Bexcess visible imports only

Cfavorable balance of trade

Dfavourable capital account

Esurplus current account

View Explanation & Discuss

Question 901

neco 2009

Using Expenditure Approach to estimate National Income, Y is equal to

AC + l + G + X – M + P - V

BC + l + G + X – M + P

CC + l + G – X + P

DC – 1 + G + X – M + P

EC + l – G + X – M – P

View Explanation & Discuss

Question 902

neco 2009

These are the objectives of industrial strategies in Nigeria EXCEPT

Aindustrial financing

Bmaximization of local value added

Cpromotion of export oriented industries

Dpromotion of import oriented industries

Eprovision of economic and social infrastructures

View Explanation & Discuss

Question 903

neco 2009

The first National development plan period was from

A1955-1959

B1962-1968

C1965-1970

D1970-1974

E1975-1980

View Explanation & Discuss

Question 904

neco 2009

The correct relationship between income (Y), consumption (C) and savings (S) is

AC = Y + S

BS = Y + C

CS = Y + S

DY = C + S

EY = C – S

View Explanation & Discuss

Question 905

neco 2009

The International Monetary Fund (IMF) was set up mainly to

Acater for financial needs of developed countries

Bcreate conditions favourable for the growth of world trade

Ccreate favourable balance of payment

Ddevelop domestic trade

Eoffset foreign debts only

View Explanation & Discuss

Question 906

neco 2009

Time deposit is the same thing as

Abank rate

Bcurrent account

Cdemand deposited

Dfixed deposit

Esaving account

View Explanation & Discuss

Question 907

neco 2009

When the demand for foreign exchange exceeds its supply, the value of the domestic currency

Aappreciates

Bdepreciates

Cexpands

DIncreases

Einflates

View Explanation & Discuss

Question 908

neco 2009

The additional satisfaction derived from the consumption of one more unit of a good is called

Amarginal cost

Bmarginal product

Cmarginal revenue

Dmarginal utility

Etotal Utility

View Explanation & Discuss

Question 909

neco 2009

Data presented in tables are usually arranged in ………… and …………

Acharts, tables

B, graphs, rows

Cpictograms, columns

Drows, columns

View Explanation & Discuss

Question 910

neco 2009

Production is best defined in economics as

Acreation of utility yielding goods and services

Bdistribution of goods and services

Cmanufacturing of goods by small factories

Dprovision of basic amenities

Erendering of services only

View Explanation & Discuss

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