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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 2007

One way of solving the problem of double counting is by

AValue-added method

BIncome method

COutput method

DExpenditure method

View Explanation & Discuss

Question 2

jamb 2007

Life insurance companies contribute to economic development by holding a part of their assets in

ALong-term financial instruments

BEquipment

CCash and near money

DMoney-market instruments

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Question 3

jamb 2007

In the circular flow of income model, the outflow variables represent

AIncome

BExpenditure

CInjections

DLeakages

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Question 4

jamb 2007

Corrections in the GNP figures for price changes require the use of a

ARetail price index

BProducer price index

CPrice index

DPrice deflator

View Explanation & Discuss

Question 5

jamb 2007

A reduction in the bank rate encourages commercial banks to create money by

ADecreasing the interest rate

Bmaintaining the interest rate

CDoubling the interest rate

DRaising the interest

View Explanation & Discuss

Question 6

jamb 2007

The non-bank financial institutions that are entrusted with workers contributions towards retirements are

AMortgage institutions

BInvestment companies

CPension funds custodians

DPension funds administrators

View Explanation & Discuss

Question 7

jamb 2007

An advantage of electronic banking is that it

AEnables many customers to operate joint accounts

BReduces risk of bank fraud

CEnables a customer to operate many accounts from different locations

DEnables a customer to operate his account from different locations

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Question 8

jamb 2007

The logical sequence of basic concepts in economics is

AWants, scarcity, choice and opportunity cost

BWants , choice, scarcity and opportunity cost

CScarcity, wants , choice and scale of perference

DScarcity, choice ,scale of preference and opportunity cost.

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Question 9

jamb 2007

If P = \(\frac{1}{2}\)(Qs + 15). What is the quantity supplied at N9.00?

A33.0

B12.0

C3.0

D1.5

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Question 10

jamb 2007

The term ceteris paribus implies that

AResources are scarce

BHuman problems can be solved

CHuman beings are unpredictable

DAll factors are fully utilized

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Question 11

jamb 2007

An increase in the marginal cost of production causes

AA downward movement along the supply curve

BA leftward shift of the supply curve

CA rightward shift of the supply curve

DAn upward movement along the supply curve

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Question 12

jamb 2007

A firm incurs short-run costs when

AIt cannot increase prices

BOperation is at its later stages

COperation is at its early stages

DSome inputs cannot be varied

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Question 13

jamb 2007

When a firm's average revenue curve is downward-slopping , it's price elasticity of demand will be

AZero

BGreater than one

COne

DBetween zero and infinity

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Question 14

jamb 2007

The price per unit of a commodity to a buyer is the same as the

ANormal profit of the seller

BAverage revenue of the seller

CMarginal cost of the commodity

DMarginal revenue of the seller

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Question 15

jamb 2007

What is the median wage?

AN8.00

BN 5.00

CN11.00

DN6.50

View Explanation & Discuss

Question 16

jamb 2007

The table shows the wage distribution of workers.Calculate the mean wage

AN7.40

BN4.00

CN10.00

DN14.80

View Explanation & Discuss

Question 17

jamb 2007

What is the marginal productivity when the number of workers is increased from 2 to 3?

A8kg

B20kg

C60kg

D180kg

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Question 18

jamb 2007

The maximum number of workers that should be hired is

View Explanation & Discuss

Question 19

jamb 2007

The diagram above shows a firm operating under conditions of monopolistic competition. The curve W represents its

Amarginal cost

Baverage cost

Caverage revenue

Dmarginal revenue

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Question 20

jamb 2007

The labour force of a country best describes

Athe number of people in paid employment

Bthe number of people receiving pension

Cpeople within the retirement age

Dpeople within the working age

View Explanation & Discuss

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