Economics Past Questions For JAMB/WAEC/NECO Students V3

Economics Past Questions For JAMB/WAEC/NECO Students V3; These Economics questions are for students who are sitting for the following examinations:

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Economics Past Questions For JAMB/WAEC/NECO Students V3

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#1. Which is the dominant form of tax in Nigeria

A) Direct tax

B) Indirect tax

C) Inheritance tax

D) Personal income tax

E) Value added tax

#2. The terms of trade are said to be favorable only if

A) Value of total exports equals value of total

B) Value of merchandise exports is greater than value of merchandise imports

C) There are no balance of payments problems

D) There is an increase in the value of a unit of export in terms of imports

E) Foreign exchange reserves do not change

#3. If the government is interested in raising the highest revenue from a tax system, then for any two commodities

A) It is better to tax one whose demand is more elastic

B) It is better to tax one whose demand is more inelastic

C) Revenue will be the same from both commodities

D) It is not possible to say which will yield higher revenue

E) Government cannot make much revenue from taxing commodities

#4. Which of the following is a correct definition of equilibrium price?

A) A price which covers production cost

B) A price which maximizes entreprenuer's profits

C) A price at which the quantity demanded equals the quantity supplied

D) A price at which a competitive firm is at equilibrium

E) A price which stabilizes farmer's income

#5. Commercial banks can create money in the following ways

A) by issuing coins and paper money

B) by borrowing money from Banks abroad

C) by receriving deposits from individuals

D) by printing money on the instructions of the Central Bank

E) none of the above

#6. In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid

A) wholly by the supplier

B) wholly by the consumer

C) partly by the supplier and partly by the consumer

D) wholly by the middlemen

E) partly by stockholder and partly by consumer

#7. Which of the following is NOT a measure for controlling inflation?

A) Reduction in money supply

B) Wage restraint and wage freeze

C) Reduction in taxes and increase in government spending

D) price control

E) Credit restriction

#8. Which of the following is NOT a determinant of changes in supply?

A) Changes in the cost of production

B) Technical progress

C) Weather

D) Changes in the number of producers

E) Changes in the number buyers

#9. The marginal physical product of labour is?

A) the out put of labour unaided by machinery

B) the extra revenue from the output of one additional woker

C) the difference in the output of two workers

D) additional output achieved when one extraworker is added to fixed account of other factors

E) none of the above

#10. One of the disadvantages of division of labour is that?

A) there is saving of time

B) it result in workers acquiring greater skill at their jobs

C) there is a greater risk of unemployment

D) it makes possible the use of machinery

E) it makes the worker less fatigued by his work

#11. Division of labour is limited by the?

A) available of raw materials

B) size of the labour force

C) size of a labour firm

D) absolute size of the country's population

E) per capital income and number of potential buyers

#12. In a limited liability company, the greatest risk is borne by?

A) debenture holders

B) company executives

C) ordinary shareholders

D) preference shareholders

E) borad of directors

#13. Which of the following is NOT a function of Nigeria commercial Banks?

A) Acceptance of deposit

B) Lending of money

C) Investment in securities and business

D) Issue of currency

E) Selling and buying of travellers cheques

#14. In Nigeria, cheques are not money because?

A) their use is confined to business houses

B) there are no banks in rular areas

C) they are not legal tender

D) they are not generally acceptable as a medium of exchange

E) most Nigerians cannot identify them

#15. Indicate which of the following are invisible trade items in a country’s balance of payments?

A) oil exports and imports

B) Gold and foreign reserves

C) foreign investment

D) Dividends and profit

E) Expenditure on the shipping and tourism

#16. A commercial bank is able to create money

A) by printing it

B) by maintaining reserve

C) by creating a demand deposit as it gives a new loan

D) by issuing cheques to depositors

E) by borrowing from the central bank

#17. Which of the following is NOT one of the balance of payment entries?

A) the current account

B) foreign exchange

C) Import and Export duties

D) Short-term capital

E) Long-term capital

#18. Which of the taxes appear generally progressive in nature?

A) Sales taxes

B) The personal income tax

C) Property taxes

D) Corporation taxes

E) none of the above

#19. In a subsistence economy?

A) there is no shortage of goods and services

B) the state is the sole owner of resources

C) production is largely oriented towards consumption in the rular sector

D) there is no exchange of goods and services

E) women predominate in all economic activities

#20. In a normal (typical) demand schedule, the quantity demand is?

A) directly related to price

B) inversely related to price

C) independent of price

D) proportional related to supply

E) solely dependent on haggling skill

#21. When we draw a market demand curve, we?

A) ignore tastes, incomes and other prices

B) assumes that tastes, income and prices do not matter

C) assumes that taste, income and all other prices change in same direction as prices

D) assume that tastes, incomes and all other prices remain constant

E) both A and B above

#22. Capital earns income because?

A) it is productive

B) it is expensive

C) it is always cheaper to substitute capital for labour

D) it is technically more efficient than labour

E) both A and B above

#23. In a free market economy, the rationing of scarce goods is done principally by

A) the government

B) business organizations

C) the price mechanism

D) consumers

E) both A and B

#24. A disadvantage of the corporate formof business is the?

A) risk of the owners of loss of personal effects if the business should fail

B) ability of the corporation to is financial resources

C) limited life span of the corporation

D) problems presented by separation ownership from control

E) None of the above

#25. The value of money depends primarily on?

A) the gold backing of the currency

B) the gold backing of both currency and deposit

C) the general price level

D) government decree that it is legal tender

E) none of the above

#26. Which is NOT a method of raising capital funds in Nigeria?

A) Borrowing from abroad

B) Internal borrowing

C) Nigerianization of foreign companies

D) Gifts from abroad

E) Saling government bonds

#27. If a firm doubles its output and its cost increase by 60%, the firm is experiencing

A) increase cost

B) economies of scale

C) decreasing returns

D) decreasing cost

E) none of the above

#28. The fundamental problem of Economics is?

A) money

B) poverty

C) unemployment

D) the scarcity of resources relative to wants

E) inflation

#29. If you do not have to give anything in order to get a particular thing, then its opportunity cost is?

A) zero

B) not measurable

C) its price in money

D) infinite

E) equal to one Related Lesson

#30. Which of the following is the standard concept for measuring and analyzing population growth?

A) The rate of natural increase

B) The net migrate

C) The rate of population increase

D) The fertility rate

E) All of the above

#31. Division of labour means?

A) the labour is divided into different section

B) the work is divided into different parts to be completed by each labour

C) production is completed by the different department of a factory

D) commodities are produced at different times by a single labourer

E) the labour force in the country is not united

#32. A limited liability company is owned by?

A) an individual

B) two or more partners

C) shareholders

D) government

E) a bank

#33. If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as

A) normal

B) abnormal

C) inferior

D) superior

E) scarce

#34. Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?

A) proportional tax

B) progressive tax

C) competitive tax

D) excise tax

E) regressive tax

#35. Which sector can you say is growing fastest in the Nigeria economy?

A) Agriculture

B) Industry

C) Education

D) Transport

E) Labour

#36. Nigeria earns the major part of her foreign exchange from the export of?

A) manpower to another countries

B) crude oil

C) petroleum products

D) groundnuts and cotton

E) palm oil and cocoa

#37. Which would you NOT consider an advantage of one-man business?

A) freedom of action

B) limited liabiities

C) Quick decision-making

D) Personal contact with customers

E) none o the albove

#38. The budget of Nigeria will be deficit if

A) revenue expenditure exceeds the revenue receipts

B) capital expenditure exceeds the capital receipts

C) revenue and capital receipts exceeds revenue and capital receipts

D) the government is spending more than its receipts

E) all of the above

#39. An economic problem arises when?

A) manufactured goods are in short supply

B) money is in short supply

C) buyers are many

D) sellers are few

E) scarcity and choice are involved

#40. By subsistence production we mean?

A) goods and services are produced for consumption only

B) goods and services are sold to others

C) raw materials are produced in the country

D) goods and services are produced for the market

E) none of these

#41. Which is NOT a cause of high population growth in Nigeria?

A) Family planing Unit of Nigeria

B) Improve medical facilities

C) Reduction in death rate

D) Improve hygiene

E) Increased birth rate

#42. Commercial banks can create money in the following ways?

A) by using coins and paper money

B) by borrowing money from banks abroad

C) by receiving deposit from individuals

D) by printing money on the instruction of the central bank

E) none of the above

#43. Utility of a commodity means?

A) its usefulness

B) power to satisfy a want

C) price of the commodity

D) satisfaction derived from the product of commodity

E) its adaptability

#44. International trade arise because?

A) one country has more abundant resource

B) one country has the technology to produce the commodity whilst the other has not

C) one country has the maximum comparative advantage or minimum comparative disadvantage in the production

D) one country has manpower to produce the commodity than the country

E) All of the above

#45. By balance of visible trade we mean?

A) import and export of goods

B) import and export of service

C) balance of current account in the balance of payment

D) balance of capital account in the baalance of payment

E) all of this

#46. Production in Economics occurs when

A) a commodity or service is sold

B) utility is created or added

C) a commodity is manufactured

D) raw materials are produced or extracted from mines

E) all of these

#47. From an economic point of view, an activity does not have a cost when

A) someone else pays for it

B) the returns are greater than the cost

C) the choice involves giving up nothing

D) the government pays for it

E) it is paid for from a gift

#48. Which would you NOT consider an agro-based industry in Nigeria?

A) a diary enterprise producing milk

B) a yam floor mill

C) a poultry industry

D) a fertilizer plant

E) none of the above

#49. Price control indicate the following

A) price is fixed at equilibrium level

B) price is fixed above equilibrium level

C) price is not fixed but determined by demand and supply

D) price is fixed below equilibrium level

E) none of the above

#50. Which is NOT a function of Central Bank in West Africa

A) Dealing in foreign exchange

B) Issuing of currency

C) Accepting deposit from private customers

D) Acting as government bank

E) Acting as bankers bank

#51. Price control indicate the following

A) price is fixed at equilibrium level

B) price is fixed above equilibrium level

C) price is not fixed but determined by demand and supply

D) price is fixed below equilibrium level

E) none of the above

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Economics Past Questions For JAMB/WAEC/NECO Students V3

Economics Past Questions For JAMB/WAEC/NECO Students V3

Results

#1. Which is the dominant form of tax in Nigeria

#2. The terms of trade are said to be favorable only if

#3. If the government is interested in raising the highest revenue from a tax system, then for any two commodities

#4. Which of the following is a correct definition of equilibrium price?

#5. Commercial banks can create money in the following ways

#6. In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid

#7. Which of the following is NOT a measure for controlling inflation?

#8. Which of the following is NOT a determinant of changes in supply?

#9. The marginal physical product of labour is?

#10. One of the disadvantages of division of labour is that?

#11. Division of labour is limited by the?

#12. In a limited liability company, the greatest risk is borne by?

#13. Which of the following is NOT a function of Nigeria commercial Banks?

#14. In Nigeria, cheques are not money because?

#15. Indicate which of the following are invisible trade items in a country’s balance of payments?

#16. A commercial bank is able to create money

#17. Which of the following is NOT one of the balance of payment entries?

#18. Which of the taxes appear generally progressive in nature?

#19. In a subsistence economy?

#20. In a normal (typical) demand schedule, the quantity demand is?

#21. When we draw a market demand curve, we?

#22. Capital earns income because?

#23. In a free market economy, the rationing of scarce goods is done principally by

#24. A disadvantage of the corporate formof business is the?

#25. The value of money depends primarily on?

#26. Which is NOT a method of raising capital funds in Nigeria?

#27. If a firm doubles its output and its cost increase by 60%, the firm is experiencing

#28. The fundamental problem of Economics is?

#29. If you do not have to give anything in order to get a particular thing, then its opportunity cost is?

#30. Which of the following is the standard concept for measuring and analyzing population growth?

#31. Division of labour means?

#32. A limited liability company is owned by?

#33. If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as

#34. Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?

#35. Which sector can you say is growing fastest in the Nigeria economy?

#36. Nigeria earns the major part of her foreign exchange from the export of?

#37. Which would you NOT consider an advantage of one-man business?

#38. The budget of Nigeria will be deficit if

#39. An economic problem arises when?

#40. By subsistence production we mean?

#41. Which is NOT a cause of high population growth in Nigeria?

#42. Commercial banks can create money in the following ways?

#43. Utility of a commodity means?

#44. International trade arise because?

#45. By balance of visible trade we mean?

#46. Production in Economics occurs when

#47. From an economic point of view, an activity does not have a cost when

#48. Which would you NOT consider an agro-based industry in Nigeria?

#49. Price control indicate the following

#50. Which is NOT a function of Central Bank in West Africa

#51. Price control indicate the following

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