Economics Past Questions

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49 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

49 questions
Question 1 of 20 49 total questions
Question 1
jamb 2014

Given that Qd = 40-2P and Qs = 6P+24. Calculate the equilibrium price.

A34
B32
C36
D16
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Question 2
jamb 2014

From the table above, find the values of E and F respectively

A27 and 1
B68 and 12
C28 and 5
D12 and 19
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Question 3
jamb 2014

From the table above, Calculate the price elasticity of supply

A0.50
B0.80
C2.00
D1.25
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Question 4
jamb 2014
From the graph above, the consumer will attain equilibrium at point
AJ
BK
CL
DM
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Question 5
jamb 2014
A combination of factors responsible for a shift from DoDo to D1D1 are
Aconsumers income and change in technology
Bprice of the commodity and weather conditions
Cconsumers income and population size
Dconsumers taste and change in price
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Question 6
jamb 2014

If the national income is 60m, the contribution of the manufacturing sector is

A18m
B17m
C12m
D9m
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Question 7
jamb 2014

What is the percentage contribution of services to the national income?

A15%
B10%
C54%
D24%
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Question 8
jamb 2014

The labour force of a country is determined by the

Aage structure of the population
Bgeographical distribution of the population
Csex distribution of the population
Dnumber of people available for work
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Question 9
jamb 2014
The major determinant of the total volume of output in an economy is the
Alevel of total expenditure
Bcomposition of consumer spending
Cnumber of farmers
Dsize of the labour force
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Question 10
jamb 2014

The main objective of WTO is to

Aensure adequate protection of infant industries
Bprovide a mechanism for tariff reduction
Cassist countries with chronic balance of payments problem
Dassist developing countries to execute developmental projects
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Question 11
jamb 2014

If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is

Aexcise duties
Bimport duties
Cquotas
Dtariff
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Question 12
jamb 2014

A major determinant of floating exchange rate is

Athe highest denomination of the currency
Ban Act of the parliament
Cthe system of government
Dthe forest of demand and supply
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Question 13
jamb 2014

An accurate population census is important in other to

Aproduce more food for the growing population
Bprovide employment opportunities for the people
Cestimate a country's per capita income
Dfast track industrial development
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Question 14
jamb 2014

An accurate census figure is an important tool for planners in

Aproviding employment
Bsiting industries
Cproviding social amenities
Dallocating resources
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Question 15
jamb 2014

The voting power in co-operative societies is vested on

Amanagement
Bmembers without loan
Cshareholders
Dmembers with the highest contribution
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Question 16
jamb 2014

Firms embark on vertical integration in other to

Atake over markets formally controlled by other firms
Bprevent other firms from entering the market
Creduce advertisement and management cost
Denjoy economies of large-scale production
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Question 17
jamb 2014
The short-run average variable cost of a firm will rise owing to
Athe expansion of factory space
Bthe building of new warehouse
Can increase in the cost of labour
Dan increase in the salaries of directors
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Question 18
jamb 2014

The loading of crude oil at the terminal is an activity in the

Adownstream sector of the oil industry
Bupstream and downstream sector of the oil industry
Cupstream sector of the oil industry
Dmidstream and upstream sectors of the oil industry
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Question 19
jamb 2014

The major contribution of OPEC to the Nigerian economy is the

Aprovision of social infrastructures
Bgranting of subsidies on petroleum products
Cstabilization of oil prices
Dbuilding of refineries
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Question 20
jamb 2014

One major factor that determines the location of an industry is

Atax exemption grant
Bits proximity to the market
Cthe capital base
Dthe social responsibility of the firm
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