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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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4,545 questions

Question 1 of 20 4,545 total questions

Question 961

jamb 2009

Production takes place when

Aoutput is transformed into input

Bmachines replace human effort

Cinput is transformed into output

Dthere is specialization and division of labour

View Explanation & Discuss

Question 962

jamb 2009

In a regulated market, price is determined by

Aconsumers

Bproducers

Cauction

Dgovernment

View Explanation & Discuss

Question 963

jamb 2009

A decrease in supply without a corresponding change in demand will lead to

Aan increase in equilibrium price and a decrease in equilibrium quantity

Ba decrease in equilibrium price and an increase in equilibrium qantity

Ca decrease in equilibrium price and equilibrium quantity

Dan increase in equilibrium price and quantity

View Explanation & Discuss

Question 964

jamb 2009

If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is

A0.80

B1.25

C2.00

D10.00

View Explanation & Discuss

Question 965

jamb 2009

The short-run supply curve for medical doctors is more likely to be

Aperfectly elastic

Bperfectly inelastic

Cfairly inelastic

Dfairly elastic

View Explanation & Discuss

Question 966

jamb 2009

A supply curve is positively sloped because

Asupply always exceeds demand

Bdemand always exceeds supply

Cprice is an incentive to consumers

Dprice is an incentive to producers

View Explanation & Discuss

Question 967

jamb 2009

A major assumption in cardinal utility theory is that

Autility is measureable

Butility is not measurable

Ctotal utility equals marginal utility

Dtotal utility is constant

View Explanation & Discuss

Question 968

jamb 2009

The demand curve for a luxury good is

Anegatively sloped

Bparallel to the price axis

Cparallel to the quantity axis

Dpositively sloped

View Explanation & Discuss

Question 969

jamb 2009

A movement along the same demand curve is caused by the

Aprice of the product

Bprice of other products

Cincome of the consumer

Dtaste of the consumer

View Explanation & Discuss

Question 970

jamb 2009

The privatization exercise in Nigeria is a move towards a

Amixed economy

Bsubsistence economy

Cmarket economy

Dcommand economy

View Explanation & Discuss

Question 971

jamb 2009

A cumulative frequency graph is

Aa histogram

Ban ogive

Ca bar chart

Da pie chart

View Explanation & Discuss

Question 972

jamb 2009

A typical feature of a market economy is that

Aall producers make profit

Bfull employment exists

Cconsumer sovereignty exists

Dthere is equality of economic agents

View Explanation & Discuss

Question 973

jamb 2009

Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book?

AA bag only

BA book and a bag

CA shirit and a bag

DA shirit only

View Explanation & Discuss

Question 974

waec 2008

The Economic Commission for Africa is an agency of the

AOrganization of African Unity

BAfrican Development Banks

CEuropean Union

DUnited Nation Organization

View Explanation & Discuss

Question 975

waec 2008

Balance of payment surplus implies that the value of the country’s

Aexports exceeds its imports

Bimports exceed its exports

Cexports is equal to its imports

Dterms of trade is constant

View Explanation & Discuss

Question 976

waec 2008

Invisible trade refers to trade in?

Aservices

Bgoods and services

Ctangible goods

Dcrude oil

View Explanation & Discuss

Question 977

waec 2008

Trades among nations is desirable because

Aenables people in a country to know those in other countries

Bmakes it possible for people in a country to enjoy the goods and services produced in other countries

Cenables residents in country a to understand the language of residents of other countriesd

Dmakes it possible for a country to have the currencies of other countries

View Explanation & Discuss

Question 978

waec 2008

An important feature of economic development is

Apopulation explotion

Breduction in exports

Chigh literacy level

Dlow exports

View Explanation & Discuss

Question 979

waec 2008

Which of the following will have a more destabilizing effect on the economy?

Aa tax on the price of vehicle

Ba tax on petrol

Ca decrease in the supply of vehicle

Dmoderate increase in wages

View Explanation & Discuss

Question 980

waec 2008

All indirect taxes tend to be

Aprogressive

Bregressive

Ccertain

Dequitable

View Explanation & Discuss

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