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.
The table above shows a demand schedule for eggs. What is the equilibrium price?
AN 100
BN110
CN60
DN80
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Question 2
jamb2001
The diagram shows the total utility curve. At the point M, marginal utility
Aincreases
Bis unity
Cdiminishes
Dis zero
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Question 3
jamb2001
A country with over-valued currency will?
Aexpect balance of payments surplus
Bhave increased demand forthe exports
Cincrease her foreign reserve
Ddecreased her foreign reserve
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Question 4
jamb2001
The major reason why nations engage in international trade is that?
Ait allows free movement of factors of production
Bit makes possible the use of capital-intensive method of production
Cnations are substantially different in their endowments of economic resources
Dit affords the trading nations the opportunity to earn high profit
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Question 5
jamb2001
The loans from the World Bank to developing countries are mainly to support?
Athe establishment of more universities
Bcapital-intensive technology
Cinfrastructural investments
Dtheir low level of consumption
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Question 6
jamb2001
GNP is not a good measure of social welfare because there are unrecorded?
Aindirect taxes
Bsocial costs
Cgovernment subsidies
Dtransfer payments
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Question 7
jamb2001
If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community?
A0.4%
B40.0%
C10.0%
D4.0%
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Question 8
jamb2001
In order to accelerate economic development, a country must?
Astimulate her population growth rate
Bpursue a high population growth rate
Cpursue a rational population policy
Dpursue an incremental population policy
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Question 9
jamb2001
Money may not be accepted as a store of value if?
Aits value is unstable
Bit is easily transferable
Cits value is stable
Dit is easily divisible
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Question 10
jamb2001
The distribution channel that contributes most to the cost of production is?
Aproducer-wholesaler-consumer
Bproducer-retailer-consumer
Cproducer-retailer-wholesaler-consumer
Dproducer-wholesaler-retailer-consumer
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Question 11
jamb2001
National debts is an expected outcome of?
Adeficit budget
Bconsolidation budget
Cbalanced budget
Dsurplus budget
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Question 12
jamb2001
The reduction of high fertility rate is a measure in population control designed to make the?
Afemale population higher than the male
Bfemale and male population equal
Cmale population higher than the female
Dgrowth in population more sustainable
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Question 13
jamb2001
In Nigeria, revenue sharing from the federation Account is between the?
Aexecutive, the judiciary and the legislature
Bfederal and state governments and the parastatals
Cfederal and state governments and the senate
Dfederal, state and local governments
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Question 14
jamb2001
The efficiency of labour can be increased by?
Aconstant training of workers
Bretirement of workers on a regular basis
Cengaging expatrirates only
Dplacing an embargo on recruitment
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Question 15
jamb2001
An increase in the discount rate is an indication of a central bank's intention to pursue?
Aan expansionary monetary policy
Ba disciplined monetary policy
Ca dynamic monetary policy
Da contractionary monetary policy
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Question 16
jamb2001
Economic growth can be accelerated through?
Abalancing of savings and consumption
Bpostponement of current consumption
Cplanned current consumption
Dincreased current consumption
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Question 17
jamb2001
In national income accounting, NNP is derived by subtracting from the GNP?
Atransfer payments
Bindirect taxes
Callowance for wastage
Dcapital consumption
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Question 18
jamb2001
The capital market is a market for trading of financial assets such as?
Abankers' acceptances
Btreasury bills
Clong-term securities
Dcommercial papers
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Question 19
jamb2001
The price paid for labour services is the?
Acommission rate
Bwages rate
Cincome rate
Dsalary rate
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Question 20
jamb2001
A tax that increases at a higher percentage as income increase is called?
