Economics Past Questions For JAMB/WAEC/NECO Students V14

Economics Past Questions For JAMB/WAEC/NECO Students V14; These Economics questions are for students who are sitting for the following examinations:

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Post-UTME / Post-JAMB
WAEC
NECO
WAEC GCE
NECO GCE
NABTEB
NABTEB GCE

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#1. Which of the following statements must hold if price discrimination is to be possible?

A) Elasticities in the various markets must not differ

B) The seller must recognise the possibility of resale

C) The market must not be separated but integrated

D) The markets should be seperable and there should be no resale.

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

A) Profits of companies

B) Rents on property

C) Student's grants and scholarships

D) Wages and salaries of public servants

#3. Which of the following statements is not true in an inflationary period?

A) the purchasing power diminishes

B) Wages rise simultaneously with prices

C) More money runs after a limited quantity of goods

D) Fixed income earners lose

E) Aggregate real demand exceeds aggregate real supply

#4. Palm oil industry in located in Bendel State because the state

A) imports raw materials for the industry

B) has a poor soil which is unsuitable for other crops

C) is a palm-tree growing area

D) government does not engage in the growing of other crops

E) has the highest demands for apl oil in Nigeria

#5. Which of the following is not an argument for locating industries in rural areas?

A) Rural areas supply agricultural raw materials

B) the pace of development of rural areas will be quicken

C) Employment will be for rural inhabitants

D) capital is easily available in rural areas

E) Rural-urban migration will decrease

#6. Which of the following is a function of money? It is

A) portable

B) A standard of diferred payment

C) relatively stable in value

D) generally acceptable

E) an easily divisible item

#7. The productivity of labour does not depend only o its own effort and efficiency, but also on I the level of technical knowledge II. the quality of other factors III. racial qualities which allow persons from certain races to have good physique and be very active . Which of the above statements is /are correct?

A) I only

B) I and II only

C) I and III only

D) II and III only

E) III only

#8. A tax is said to be good when

A) it yields more revenue to the state at the expense of the people's ability to pay

B) the cost of collecting it is equal to the revenue it generate

C) it is imposed so suddenly that no one can dodge its payment

D) its payment causes minimum incovenience to the tax payer

E) it induces workers to prefer more leisure to extra work

#9. Which of the following is a public corporation?

A) Roads (Nigeria) Plc

B) National Oil and Chemical Marketing Co. Plc

C) Union Bank of Nigeria Plc

D) Volkswagen of Nigeria Plc

E) National Electric Power authority

#10. In a sole proprietorship decisions are made by the

A) government

B) owner

C) shareholder's conference

D) management

E) board of directors

#11. Dumping in Economics means the selling of goods in a foreign market

A) at a price below that received in the home market

B) at a price above that received in the home market

C) at a price equal to the cost price in the home market

D) in order to encourage indigenious producers

E) at a price equal to the selling price in the home market

#12. A shift of the demand curve to the right when the supply curve remains constant , implies that

A) both price and quantity demanded will increase

B) only price increases

C) both price and quantity demanded will decrease

D) the price remains constant

E) the price falls

#13. The natural growth rate of a population is the

A) sum of the birth rate and death rate

B) sum of the birth rate and the net immigration rate

C) birth rate minus the death rate

D) birth rate divided by the net immigration

E) death rate minus the net immigration

#14. in the event of a limited liability company going into liquidation, each shareholder

A) may lose a maximum of the amount he has invested

B) lose nothing

C) loses everything including his house

D) may have unlimited liability

E) will lose the amount he has invested plus a proportion of his bank account

#15. Which of the following is not regarded as money in Economics?

A) Coins

B) Currency notes

C) bank depisits

D) cheques

E) Naira and Kobo

#16. Which of the following is not areason why people migrate from one place to another ?

A) to find jobs and improve their standard of living

B) To live in a more suitable climate

C) For the sake of change and adventure

D) to escape from a religious. political or social situation in a country

E) To buy foreign goods for sale in their country

#17. A major function of the middlemen in Nigeria is the distribution of

A) commodities to all consumers regardless of income

B) commodities to consuming centres

C) economic welfare facilities to all

D) waelth to all

E) income within the society

#18. International trade is necessary mainly because

A) no country can live in economic isolation

B) different countries are endowed with the same natural; and man-made resources

C) some countries have comparative cost advantage in the production of certain commodities

D) the world demand for and supply od various categories of commodities is expanding very fast

E) countries wants to build up their foreign exchange reserve

#19. Which of the following is the approximate working agent in Nigeria?

A) 1 - 15

B) 15 - 65

C) 30 - 40

D) 40 - 65

E) 65 and above

#20. Which of the following functions do retailers perform in an economy?

A) Production

B) Exchange

C) Hoarding

D) Distribution

E) Investment

#21. A movement along the demand curve for some goods may be caused by a change in

A) consumer income

B) the price of goods

C) consumers taste

D) the price of other goods

E) population

#22. if an economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvement in labour ans capital combined, the balance of 3% is usually attributed to

A) land and enterprenuer

B) abundance of natural resources

C) level of human capital

D) technical progress and related factors

E) discipline in political leadership

#23. A government treasury bill is a form of debt instrument which falls due for repayment after

A) 3 months

B) 9 months

C) 2 years

D) 5 years

E) 10 or more years

#24. The monetary system that requires a double coincidence of wants is known as the

A) gold standard

B) barter system

C) commodity system

D) gold exchange standard

E) cheque system

#25. if over a period of time there is more money in the economy than the available goods and services , the economy is likely to experience

A) devaluation

B) inflation

C) deflation

D) demonetization

E) over-valuation

#26. The value of money is determined by the

A) rate of interest

B) general price level

C) quantity of money in circulation

D) level of economic development

E) weight of the currency notes and coins

#27. open market operation are the process by which

A) the Central Banks purchases and sells securities

B) Commercial Banks purchases and sells securities

C) business firms buys raw materials freely

D) huseholds buys consumer goods openly

E) the money market takes over the function of the Central Banks

#28. Devaluation means

A) a reduction in the value of the National currency

B) a reduction in the purchasing power of the foreign currency

C) a reduction in the value of the domestic currency relative to foreign currencies

D) an increase in the value of the national currency

E) a decrease in the purchasing power of the foreign currencies

#29. The price system refers to the system by which

A) the government controls price

B) prices tends to rise to a general level

C) price allocates resources between consumer and producer goods

D) government allocate resources to consumers and producers

E) the producers fix the price for their products

#30. Choice is necessary because resources

A) are available

B) can be found everywhere

C) are constant

D) are scarce

E) are unlimited

#31. Agriculture plays a dominant role in West African economies because

A) the Green Revolution in Nigeria is agricultural

B) it supplies all the food stuffs consumed in Ghana alone

C) there are large plantation of cocoa, groundnut and oil palm in West Africa

D) it is the main source of revenue in Sirera Leon alone

E) it emplys more than 50% of the total labour force in West Africa

#32. Which of the following statements must hold if price discrimination is to be possible?

A) Elasticities in the various markets must not differ

Which of the following statements must hold if price discrimination is to be possible? O B) The seller must recognise the possibility of resale

C) The market must not be separated but integrated

D) The markets should be seperable and there should be no resale

#33. A movement along a given demand curve for a good is caused by a change in

A) A consumer income

B) The price of the good

C) Taste

D) The prices of other goods

E) Population

#34. Which of the following are direct taxes?

A) Sales taxes

B) Excise taxes

C) Income and company taxes

D) Tarrif duties

E) Commodity taxes

#35. The excess profit made by the firm in the short-run is represented by

A) ORTZ

B) OPVY

C) ORTW

D) ORSX

#36. The long-run equilibrium price and quantity forthe firm are respectively

A) OP, OY

B) OR, OZ

C) OR, OX

D) OQ, OZ

#37. Consider the following diagram where XYZ represents the average curve of a firm. XY shows that as out put increases the average declines. However, this decline cannot continue indefinitely because

A) managerial economies

B) indivisibilities

C) the extent of the market

D) the pooling of dissimilar risks

#38. Consider the following diagram where XYZ represents the average curve of a firm. XY shows that as out put increases the average declines. However, this decline cannot continue indefinitely because

A) managerial economies

B) indivisibilities

C) the extent of the market

D) the pooling of dissimilar risks

#39. The Gross Domestic Product is defined as the total value of?

A) all final goods and services produced in a country during the year

B) all assets of a country in a particular year

C) exports net of total value of imports

D) all receipts

#40. In the national income and product accounts, double counting is avoided if?

A) only final goods counted

B) only intermediate goods are counted

C) only intermediate and final goods are counted

D) the value of all goods and services are added together

#41. If W stands for wages/salaries, P for profit, R for interest and Z for rent on land real estate, then national income is?

A) W -P - R - Z

B) W + P + Z - R

C) P - R - Z + W

D) W + P + R + Z

#42. A major obstacle to economic development is?

A) a rise in industrial output

B) low farm productivity

C) free trade

D) ineffective trade unions

#43. there is an improvement in the terms of trade of a country if?

A) a large quantity of exports is given up to obtain a unit of imports

B) the volume of exports is greater than the volume of imports

C) a smaller quantity of exports is given up to obtain a unit of imports

D) the value of exports is greater than the value of imports

#44. Under flexible exchange rates, a deficit could be corrected by?

A) freezing the gold point

B) appreciation of other currencies

C) removing export subsidies

D) removing tariffs

#45. The higher the the dependency ratio the?

A) larger the proportion of the employed relative to the unemployed

B) smaller the proportion of the active labour force relative to the inactive

C) smaller the number of the non-working age groups relative to the active labour force

D) lower the birth rate

#46. The age distribution of a country's population is of economic importance because it affects the?

A) pattern of expenditure

B) size of the army

C) optimum size of firms

D) location of industries

#47. It is important to measure the National Income of a country because?

A) it is a major determinant of the standard of living

B) it reveals hazards of development like pollution and congestion

C) it reveals the distribution of the citizen's savings in foreign banks

D) its size determines the extent of political stability

#48. A tax that takes an increasing fraction of income as income goes down is called?

A) conditional

B) regressive

C) progressive

D) proportional

#49. Budget deficit is the amount by which?

A) total expenditure exceeds revenue

B) recurrent expenditure exceeds revenue

C) capital expenditure exceeds revenue

D) recurrent expenditure exceeds capital expenditure

#50. The average tax rate is defined as

A) total tax rate less the marginal tax rate

B) the tax rate which applies to additional value income

C) the ratio of total taxes paid to total income

D) marginal tax rate for being progressive

Finish