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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.

50 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

50 questions

Question 1 of 20 50 total questions

Question 1

jamb 1979

Study the table above: What is the marginal product of the second worker?

A10

B20

C15

D18

E43

View Explanation & Discuss

Question 2

jamb 1979

The quantity supplied of a commodity increases while

Aproduction incraases

Bdemand increses

Cprice of the commodity increases

Dpopulation of the country increases

Emore commodites are imported

View Explanation & Discuss

Question 3

jamb 1979

Infant industries are

Aa baby food and a baby clothing factories

Bthose which are introducing new products

Ccases of arrested development

Dindustries temporarily protected by tariff barriers until mature enough to compete on world markets

Eindustries that are allowed to remain permanent cases of adolescence

View Explanation & Discuss

Question 4

jamb 1979

In most cases the marginal utility derived from a particular good

Aincreases as additional units are consumed

Bincreases at a decreasing rate as additional units are consumed

Cdecreases at a constant rate as additional units are consumed

Ddecreases as additional units are consumed

Eremains constant as additional units are consumed

View Explanation & Discuss

Question 5

jamb 1979

Inflation can be curbed by

Aincreasing aggregate demand

Bpaying higher wages

Cincreasing government expenditure

Dreducing aggregate demand

Ea deficit budget

View Explanation & Discuss

Question 6

jamb 1979

The pre-dominance of non-working housewives and maids in West Africa

Awill understate the national income of the countries

Bwill overstate the national income of the countries

Cwill lead to constant per capita income over the years

Dwill lead to balance of payment deficits

Ewill cause unfavourable terms of trade

View Explanation & Discuss

Question 7

jamb 1979

The burden of tax on a commodity whose demand is infinitely inelastic

Ais zero

Bwill be borne by the seller alone

Cwill be borne by the buyer alone

Dwill be borne by both buyer and seller

Eis impossible to tell who bears it

View Explanation & Discuss

Question 8

jamb 1979

A typical corporate form of business organization is owned by

APresident of a country

BShareholders

CThe general manager and the executives

DA local government

EForeigners and citizens of the country

View Explanation & Discuss

Question 9

jamb 1979

What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices?

AFree market

BPerfectly competitive market

CControllled market

DStock exchange market

EOpen market

View Explanation & Discuss

Question 10

jamb 1979

Disposable income equals

Apersonal income less business profits

Bpersonal inome minus taxes and subsidies

Cnational income less borrowing from abroad

Dnational income plus transfer of payments

Epersonal income less taxes plus subsidies

View Explanation & Discuss

Question 11

jamb 1979

When marginal cost equals marginal revenue of products

Athe firms is producing at a loss

Bthe firm is at a break-even point

Cthe firm is making the least profit

Dthe supplementary cost of the firm is highest

Ethe firm has maximum profit

View Explanation & Discuss

Question 12

jamb 1979

The price mechanism

Aregulates supply and demand

Brations the consumers

Crewards the producers

Dallocates scarce resources

Edoes all of the above

View Explanation & Discuss

Question 13

jamb 1979

Which is the most liquid of the following financial assets held by an individual?

AOutstanding balance on the current account of a commercial bank

BA credit balance on a savings account

CA crossed postal order

DAn insurance policy

EAll of the above

View Explanation & Discuss

Question 14

jamb 1979

The 'terms of trade' means

Athe trade agreement between two countries

Bthe difference in the volumes of exports of two countries

Cthe value of a unit of export in relation to the value of a unit of import

Dthe production of total value of exports to the value of total trade

ENone of the above

View Explanation & Discuss

Question 15

jamb 1979

The foreign exchange rate of a country is

Athe interest rate fixed by the central bank

Bthe price of one national currency in terms of another

Cthe rate at which the central bank issues money

Dthe rate of interest on government bonds

ENone of the above

View Explanation & Discuss

Question 16

jamb 1979

An ad valorem tax means

Atotal amount of an income tax

Ba certain percentage on the value of a commodity

Ca certain percentage tax on the volume of commodity

Da tax on capital gain

Ea profit tax

View Explanation & Discuss

Question 17

jamb 1979

which of the financial institutions cannot direct tax loans to individuals?

AThe agricultural bank

BThe Industrial bank

CThe central bank

DThe Co-operative bank

EThe Standard bank

View Explanation & Discuss

Question 18

jamb 1979

Which of the following is not a component of national income at factor cost?

AWages earned by doctor

BRent paid to landlords

CIndirect tax

DUndistributed company profits

EInterest on loan

View Explanation & Discuss

Question 19

jamb 1979

Which of the following assets of the commercial bank does not yield revenue?

AMoney in the tills of the bank

Bmoney at call

CTreasury certificates

DTreasury bills

EBills of exchange

View Explanation & Discuss

Question 20

jamb 1979

Pure monopoly describes market where

Athere are many sellers and a few buyers

Bgoods are sold at different price

Centry is not blocked, but no one cares to enter

Da few sellers and one buyer exist

ENone of the above

View Explanation & Discuss

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