Economics Past Questions

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

46 questions
Question 1 of 20 46 total questions
Question 1
waec 2013

Which of the following can be used to calculate the price elasticity of demand?

A\(\frac{\text{percentage change in quatity demand}}{\text{percentage change in price}}\)
B\(\frac{\text{percentage change in price}}{\text{percentage change inquantity demand}}\)
C\(\frac{\text{percentage change in quality demand}}{\text{percentage change in income}}\)
D\(\frac{\text{percentage change in income}}{\text{percentage change in quantity demand}}\)
View Explanation & Discuss
Question 2
waec 2013

The International Bank for Reconstruction and Development (IBRD) is important to developing nations because it

Agives aid for defence
Boffers loans for public projects
Coffers aid to finance private projects
Dgives loans for legal proceedings
View Explanation & Discuss
Question 3
waec 2013

Points outside a production possibility curve indicate

Aunattainable production levels
Battainable production levels
Cinefficient, but attainable production levels
Doptimum production levels
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Question 4
waec 2013

Gold, diamond, iron ore and limestone are collectively referred to as

Ahuman resources
Bmineral resources
Cartificial resources
Dforest resources
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Question 5
waec 2013

Which of the following items is not included in measuring national income by the income approach?

AProfits of companies
BRents on property
CStudent's grants and scholarships
DWages and salaries of public servants
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Question 6
waec 2013

The main advantage of large scale production is that

Aunit cost of production falls
Bdecision -making is quick
Cworker-managemnet relationship is improved
Dthe quality of the product increases
View Explanation & Discuss
Question 7
waec 2013
Given that Qd = 80 - 2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is $3?
A86 units
B80 units
C76 units
D74 units
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Question 8
waec 2013

Which of the following controls a limited liability company?

Athe general manager
Bthe managing director
Ctax payers
Dthe board of directors
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Question 9
waec 2013

The following are advantages of sole proprietorship except

Aquick and easy decision-making
Bkeeping its business affairs private
Cassurance of raising huge capital for expansion
Dhigh level of commitment
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Question 10
waec 2013

Which of the following statements is not a feature of a monopoly?

ASeller is allowed to fix his own price
BBuyers and sellers are price takers
CNew entrances are restricted
DThere is only one seller of the commodity
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Question 11
waec 2013

Price fluctuation is a feature of

Acommon market
Bimperfect market
Csupermarkets
Dmarket failure
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Question 12
waec 2013

If a commodity has a high marginal utility, its market price will be

Astable
Bhigh
Czero
Dconstant
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Question 13
waec 2013

Physical productivity is affected by all the under listed factors except the

Astate of technology
Bquantity of inputs
Cquality of inputs
Dprice of output
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Question 14
waec 2013

When the marginal product is negative,the total product will be

Aconstant
Bat a maximum
Cincreasing
Ddecreasing
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Question 15
waec 2013

Exchange control is a weapon used in regulating

Abarter trade
Bstock exchange
Cforeign trade
Dinternal trade
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Question 16
waec 2013

All rates of interest in a country are influenced by the

Abank rate
Bpopulation growth rate
Cwage rate
Dmortgage rate
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Question 17
waec 2013

In order to develop the banking habit of rural dwellers, the traditional money lenders should be

Aproscribed
Blegalized
Csubsidized
Dheavily taxed
View Explanation & Discuss
Question 18
waec 2013

Demand pull inflation can aptly be described as

Ainflation induced by rising costs of production
Breduction in government expenditure
Cpersistent rise in prices due to increase in expenditure
Dmassive importation of goods from a country with hyper inflation
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Question 19
waec 2013

Which of the following is involved in the money market?

ABuilding society
BDevelopment banks
CCommercial banks
DStock exchange
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Question 20
waec 2013

A government that wants to get more revenue will increase the tax on commodities with a

Ahigh price elasticity of demand
Blow price elasticity of demand
Chigh income elasticity of demand
Dlow income elasticity of demand
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