Economics Past Questions

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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 951
jamb 2009

An important function of the World Bank is to

Aprovide short-run loans to members
Bencourage trade between members
Cpromote capital-intensive production
Dprovide long-time loans to members
View Explanation & Discuss
Question 952
jamb 2009
Guided deregulation as currently practised in Nigeria implies that
Amarket force determine interest and exchange rates
Bgovernment alone determines interests and exchange rates
Cmarket forces and government determine interest and exchange rates
Dexchange rate is regulated while interest rate is fixed
View Explanation & Discuss
Question 953
jamb 2009
Dumping in international trade means selling a goods at a
Ahigher price at home than abroad
Blower price at home than abroad
Cprice that equates marginal cost with marginal revenue
Dprice above marginal cost abroad
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Question 954
jamb 2009

According to the theory of comparative advantage specialization will result in

Alabour-intensive method of production
Bcapital-intensive method of production
Cefficient allocation of resources
Defficient distribution of output
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Question 955
jamb 2009
The major reason why countries strive to achieve optimum growth is to
Abe self-sufficient
Braise general living standards
Craise the level of production
Dreduce aggregate expenditure
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Question 956
jamb 2009

If government expenditure exceeds revenue, this result in

Abalanced budget
Bnational debt
Cbudget deficit
Dbudget surplus
View Explanation & Discuss
Question 957
jamb 2009
The Basic Needs Approach to development is
Apoverty alleviation
Bprovision of educational infrastructure
Cprovision of health services
Dimprovement in workers income
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Question 958
jamb 2009

Cost-push inflation occurs when

Aproduction cost is high
Bfactor prices decrease
Cthere is too much money in circulation
Dgovernment embarks on deficit financing
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Question 959
jamb 2009
A manufacturer who wants to build a new plant will source funds from the
Acommercial banks
Bmoney market
Ccapital market
Dgovernment
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Question 960
jamb 2009
The reform in the banking sector in Nigeria is principally motivated by the need to
Aincrease the capital base of banks
Bprovide more money to run the economy
Cminimize the rate of bank failures
Denhance efficiency in bank operations
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Question 961
jamb 2009
The ability of commercial banks to create money depends on the
Areserve ratio
Bliquidity ratio
Cinterest rate
Dcapital base
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Question 962
jamb 2009

In the circular flow of income, an increase in savings causes

Aan increase in imports
Ba decrease in the income stream
Can increase in household consumption
Da decrease in exports
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Question 963
jamb 2009

Double counting is a problem in computing national income when using the

Aexpenditure method
Bincome method
Coutput method
Dvalue-added method
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Question 964
jamb 2009

In the long run, one of the characteristics of monopolistic competitive firms is that they

Amake abnormal profits
Bsuffer losses
Cmake normal profits
Dcollude with each other
View Explanation & Discuss
Question 965
jamb 2009
In developing countries, it is easier to obtain accurate national income estimates through the
AGNP
BGDP
CNDP
DNNP
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Question 966
jamb 2009
If a monopolist is incurring short-run losses, this means that his
Aselling price is above the short-run marginal cost
Bselling price is below the short-run marginal cost
Caverage revenue is greater than marginal revenue
Daverage reveune is less than marginal revenue
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Question 967
jamb 2009

The supply curve of a perfectly competitive firm is identical to its

Atotal cost
Bmarginal cost
Cfixed cost
Dvariable inputs
View Explanation & Discuss
Question 968
jamb 2009
The shape of the long-run average cost curve is best explained by the
Alaw of diminishing returns
Blaw of returns to scale
Ccost of fixed inputs
Dcost of variable inputs
View Explanation & Discuss
Question 969
jamb 2009
As the level of output increases, the average fixed cost of a firm will
Acontinue to decrease
Bremain unchanged
Ccontinue to increase
Dbe equal to the total cost
View Explanation & Discuss
Question 970
jamb 2009
Which of the following can be deduced from the law of variable proportions when total output is rising?
AMP is greater than AP
BMP is less than AP
CMP is equal to AP
DMP is equal to zero
View Explanation & Discuss
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