Economics Past Questions For JAMB/WAEC/NECO Students V17

Economics Past Questions For JAMB/WAEC/NECO Students V17; These Economics questions are for students who are sitting for the following examinations:

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• NABTEB GCE

Economics Past Questions V17 (JAMB/WAEC/NECO)

Results

#1. Division of labour gives rise to

A) the exchange of goods and services

A) the exchange of goods and services

B) the use of barter system

B) the use of barter system

C) the production of limited goods

C) the production of limited goods

D) unemployment

D) unemployment

E) delay in production

E) delay in production

#2. One-man business is popular in West Africa because of all the following , except the

A) ease of entry

A) ease of entry

B) small capital required

B) small capital required

C) limited enterpreneur skills needed

C) limited enterpreneur skills needed

D) ease of decision making

D) ease of decision making

E) tendency to become joint-stock companies

E) tendency to become joint-stock companies

#3. Which of the following is not a reason why statutory are run only by the government?

A) The duplication of some services will lead to resource wastage

A) The duplication of some services will lead to resource wastage

B) all corporation provides services which individuals cannot provide

B) all corporation provides services which individuals cannot provide

B) all corporation provides services which individuals cannot provide C) Essential services must be provided irrespective of the economic system adopted

B) all corporation provides services which individuals cannot provide C) Essential services must be provided irrespective of the economic system adopted

D) some corporations require large financial capital which may not be easy to acquire by individuals

D) some corporations require large financial capital which may not be easy to acquire by individuals

E) There is need to protect consumers from exploitation

E) There is need to protect consumers from exploitation

#4. Capital as a factor of production is important because

A) it enables us to carry out task which can not be done by human effort only

A) it enables us to carry out task which can not be done by human effort only

B) most tasks can be done with bare hand

B) most tasks can be done with bare hand

C) people can work without capital

C) people can work without capital

D) without capital all the factors are useless

D) without capital all the factors are useless

E) it provides money which is essnetial for the growth of business

E) it provides money which is essnetial for the growth of business

#5. A firm's compulsory cost whether it is in production or not , is referred to as its

A) prime cost

A) prime cost

B) variable cost

B) variable cost

C) marginal cost

C) marginal cost

D) fixed cost

D) fixed cost

E) average cost

E) average cost

#6. A scale of preference is a list

A) of consumer's wants arrange in order of importance

A) of consumer's wants arrange in order of importance

B) thaqt helps the individual to make rational choice

B) thaqt helps the individual to make rational choice

C) that enables the consumer to make a wise decision about his choice

C) that enables the consumer to make a wise decision about his choice

D) that is necessary because human beigns are faced with competitive wants

D) that is necessary because human beigns are faced with competitive wants

#7. An economic system in which the state owns and controls the means of production is known as

A) free enterprise

A) free enterprise

B) socialist economy

B) socialist economy

C) mixed economy

C) mixed economy

D) capitalist economy

D) capitalist economy

E) welafare company

E) welafare company

#8. Which of the following is not a middleman in the distribution channel?

A) wholesaler

A) wholesaler

B) distributor

B) distributor

C) agent

C) agent

D) cosumer

D) cosumer

E) retailer

E) retailer

#9. The price system is

A) the market price of commodities

A) the market price of commodities

B) a market where a single price rules

B) a market where a single price rules

C) a system of price allocation to the products of the same firm

C) a system of price allocation to the products of the same firm

D) a system of resource allocation through supply and demand interaction

D) a system of resource allocation through supply and demand interaction

E) a system which the market price is determined only through haggling

E) a system which the market price is determined only through haggling

#10. The main objective of production by entrepreneur is to

A) equate marginal revenue with marginal cost

A) equate marginal revenue with marginal cost

B) provide employment opportunities

B) provide employment opportunities

C) equate total revenue with total cost

C) equate total revenue with total cost

D) equate average revenue with average cost

D) equate average revenue with average cost

E) acumulate wealth for the nation

E) acumulate wealth for the nation

#11. If price falls below the equilibrium

A) Demand will equal supply

A) Demand will equal supply

B) Demand will be greater than supply

B) Demand will be greater than supply

C) Supply will be greater than demand

C) Supply will be greater than demand

D) Price will become indeterminate

D) Price will become indeterminate

E) Quantity supplied will be zero

E) Quantity supplied will be zero

#12. Land is a most significant factor in terms of contribution to the economy because

A) it enables us to build industries

A) it enables us to build industries

B) we build houses on it

B) we build houses on it

C) all our highways are constructed on it

C) all our highways are constructed on it

D) we get a lot of fishes from it

D) we get a lot of fishes from it

E) vital resources from it enrich the economy

E) vital resources from it enrich the economy

#13. the location of timber and plywood industries in West Africa is mainly influenced by the

A) avilability of transport

A) avilability of transport

B) good climate

B) good climate

C) availability of power supply

C) availability of power supply

D) adequate labour supply

D) adequate labour supply

E) presence of a luxuriant forest

E) presence of a luxuriant forest

#14. the occupational distribution of population in most West African countries shows the highest concentration in

A) agriculture and aalied industries

A) agriculture and aalied industries

B) mining and manufacturing

B) mining and manufacturing

C) the distributive trade

C) the distributive trade

D) commerce and industries

D) commerce and industries

E) mining and services

E) mining and services

#15. The growth of the population is the ?

A) annual increase in population

A) annual increase in population

B) total population of a country at a given time

B) total population of a country at a given time

C) addition to the total population over a given period

C) addition to the total population over a given period

D) increase in the working population over a given period

D) increase in the working population over a given period

E) percentage increase in population in a given year

E) percentage increase in population in a given year

#16. A situation in which an increase in demand for certain goods leads to a fall in demand for other goods is known as

A) joint supply

A) joint supply

B) derived demand

B) derived demand

C) competitive demand

C) competitive demand

D) competitive supply

D) competitive supply

E) composite demand

E) composite demand

#17. A market equilibrium exist when

A) demand and supply are equal

A) demand and supply are equal

B) the market is large

B) the market is large

C) the price is fluctuating

C) the price is fluctuating

D) no buyer goes home empty-handed

D) no buyer goes home empty-handed

E) no seller has an unsold stock

E) no seller has an unsold stock

#18. which of the following is the correct way to calculate total cost?

A) Addition of fixed cost to variable cost

A) Addition of fixed cost to variable cost

B) Division of total cost by total output

B) Division of total cost by total output

C) Multiplication of fixed cost by the variable cost

C) Multiplication of fixed cost by the variable cost

D) Subtraction of fixed cost from total cost

D) Subtraction of fixed cost from total cost

E) Addition of marginal cost to average cost

E) Addition of marginal cost to average cost

#19. Robert T. Malthus postulated in his population theory that

A) the death rate may become so high that people may not survive

A) the death rate may become so high that people may not survive

B) people will eventually stop having children

B) people will eventually stop having children

C) people will migrate from one place to another in search of food

C) people will migrate from one place to another in search of food

D) posititve efforts should be made to increase population

D) posititve efforts should be made to increase population

E) population growth rate may out-grow the means of subsistence

E) population growth rate may out-grow the means of subsistence

#20. Division of labour may be restricted when

A) an ailing economy has improved

A) an ailing economy has improved

B) producers live in villages

B) producers live in villages

C) market is small

C) market is small

D) there is full employment

D) there is full employment

E) there is inflation

E) there is inflation

#21. Land is often distinguished as a factor of production because it

A) is a free gift of nature

A) is a free gift of nature

B) constitutes one-third of the entire world

B) constitutes one-third of the entire world

C) is unlimited in supply

C) is unlimited in supply

D) is owned by individuals

D) is owned by individuals

E) is owned by government

E) is owned by government

#22. which of the following is an advantage of division of labour?

A) saves time

A) saves time

B) make possible the sue of machine

B) make possible the sue of machine

C) is monotonous

C) is monotonous

D) leads to specialization

D) leads to specialization

E) aids the development of skills

E) aids the development of skills

#23. In , Economics the reward for labour is in the form of

A) wages

A) wages

B) profit

B) profit

C) rent

C) rent

D) dividends

D) dividends

E) interest

E) interest

#24. A nation with a working population that is insufficient to exploit its resources is said to be

A) over-populated

A) over-populated

B) under-populated

B) under-populated

C) experiencing decrease population

C) experiencing decrease population

D) experiencing increasing population

D) experiencing increasing population

E) having optimum population

E) having optimum population

#25. Which of the following may not be included in explaining the term production?

A) provision of services

A) provision of services

B) manufacture of goods

B) manufacture of goods

C) changing raw materials ti finishing goods

C) changing raw materials ti finishing goods

D) use of consumer goods

D) use of consumer goods

E) making goods available where and when they are needed

E) making goods available where and when they are needed

#26. which of the following business establishment are not motivated mainly by profit?

A) Public Limited Companies

A) Public Limited Companies

B) Private Limited Companies

B) Private Limited Companies

C) Holding companies

C) Holding companies

D) Patnershps

D) Patnershps

E) Co-operatives

E) Co-operatives

#27. Production is not complete until the

A) goods gets to the wholesaler

A) goods gets to the wholesaler

B) goods reached the final consumer

B) goods reached the final consumer

C) factors of production are combine

C) factors of production are combine

D) goods are ready for transportation

D) goods are ready for transportation

E) wholesalers ask the firms to produce

E) wholesalers ask the firms to produce

#28. Price elasticity of demand is define as the

A) responsiveness of demand to change in price

A) responsiveness of demand to change in price

B) responsiveness of price to change in demand

B) responsiveness of price to change in demand

C) increase in demand resulting form a rise in price

C) increase in demand resulting form a rise in price

D) unit decrease in price resulting from a a fall in demand

D) unit decrease in price resulting from a a fall in demand

E) unit increase in quantity demanded when price rises

E) unit increase in quantity demanded when price rises

#29. The rural area of West Africa lack industries because

A) rural people are not meant to work in industries

A) rural people are not meant to work in industries

B) rural people are uneducated

B) rural people are uneducated

C) of inadequate infrastructure

C) of inadequate infrastructure

D) of low population density

D) of low population density

E) they are not suitable for industries

E) they are not suitable for industries

#30. The rural area of West Africa lack industries because

A) rural people are not meant to work in industries

A) rural people are not meant to work in industries

B) rural people are uneducated

B) rural people are uneducated

C) of inadequate infrastructure

C) of inadequate infrastructure

D) of low population density

D) of low population density

E) they are not suitable for industries

E) they are not suitable for industries

#31. The rural area of West Africa lack industries because

A) rural people are not meant to work in industries

A) rural people are not meant to work in industries

B) rural people are uneducated

B) rural people are uneducated

C) of inadequate infrastructure

C) of inadequate infrastructure

D) of low population density

D) of low population density

E) they are not suitable for industries

E) they are not suitable for industries

#32. An entrepreneur will locate his industry in a place

A) nearest to his homw town

A) nearest to his homw town

B) where the cost of production will be minimized

B) where the cost of production will be minimized

C) nearest to his wife's hometown

C) nearest to his wife's hometown

D) where the government direct him to locate

D) where the government direct him to locate

E) where there is no other industry

E) where there is no other industry

#33. which of the following reasons is mainly responsible for the inefficient distribution of goods in West African countries?

A) large number of distribution companies

A) large number of distribution companies

B) import and export restrictions by the government

B) import and export restrictions by the government

C) narrow markets for commodities produced

C) narrow markets for commodities produced

D) poor transportation and communication system

D) poor transportation and communication system

E) large influence of foreign traders

E) large influence of foreign traders

#34. which of the following does not apply to private companies?

A) the number of shareholders is limited

A) the number of shareholders is limited

B) the liability of shareholders is limited

B) the liability of shareholders is limited

C) accounts have to be publicized

C) accounts have to be publicized

D) the companies are separate legal entities

D) the companies are separate legal entities

E) shares are not easily transferable

E) shares are not easily transferable

#35. Scarcity in economics arises because

A) the resources availoable are adequate

A) the resources availoable are adequate

B) individuals have limited time

B) individuals have limited time

C) resources are limited in supply

C) resources are limited in supply

D) human beigns have limited wants

D) human beigns have limited wants

E) individual wants are equal to the resources available

E) individual wants are equal to the resources available

#36. The real cost of a commodity is

A) the cost of the alternative that has to be sacrificed for it

A) the cost of the alternative that has to be sacrificed for it

B) the alternative that has to be forgone in order to purchase it

B) the alternative that has to be forgone in order to purchase it

C) its market price

C) its market price

D) the alternative cost involved when the opportunity of buying the commodity is missed

D) the alternative cost involved when the opportunity of buying the commodity is missed

E) the sacrifice that is made after buying the commodity

E) the sacrifice that is made after buying the commodity

#37. Public corporation in West Africa are set up to

A) make maximum profit

A) make maximum profit

B) provide jobs for the people

B) provide jobs for the people

C) provide welfare service for the people

C) provide welfare service for the people

D) show that the government can do business

D) show that the government can do business

E) compete with private enterprises

E) compete with private enterprises

#38. Supply in Economics means making

A) goods and services available to consumers

A) goods and services available to consumers

B) goods available to the market at a given price and at a given period

B) goods available to the market at a given price and at a given period

C) available the goods and services which consumers require

C) available the goods and services which consumers require

D) craete goods

D) craete goods

E) import goods

E) import goods

#39. An inferior goods is one

A) that is too bad for consumption

A) that is too bad for consumption

B) whose price is lower than the price of other goods

B) whose price is lower than the price of other goods

C) that is easily perishable

C) that is easily perishable

D) whose demands fall when the income of its consumer increases

D) whose demands fall when the income of its consumer increases

E) that is not durable

E) that is not durable

#40. Economics is the study of how to

A) choose between alternatives, given limited resources

A) choose between alternatives, given limited resources

B) regulate the money that is in circulation in a country

B) regulate the money that is in circulation in a country

C) be prudent in the use of available resources

C) be prudent in the use of available resources

D) improve the standard of living of the society at large

D) improve the standard of living of the society at large

E) arrange our needs in order of usefulness before satisfying them

E) arrange our needs in order of usefulness before satisfying them

#41. The above diagram showing the maximum possible combination of commodities X and Y produced in Nigeria is called the

A) Production indicator

A) Production indicator

B) Maximum production curve

B) Maximum production curve

C) Production possibility curve

C) Production possibility curve

D) Total output curve

D) Total output curve

#42. The international Bank for Reconstruction and Development is important to developing countries because it?

A) gives loans to member countries for legal proceedings

A) gives loans to member countries for legal proceedings

B) offers grants and aid for defence

B) offers grants and aid for defence

C) offers loans to member countries for socio-economics activities

C) offers loans to member countries for socio-economics activities

D) offers grants and aid to finance luxury projects

D) offers grants and aid to finance luxury projects

#43. Which of the following are the advantages of Nigeria's membership of ECOWAS? i A greater opportunity for trade according to comparative cost advantage. Ii A large market industries producing under condition of decreasing cost. Iii Competition for home based monopoly firms

A) i and ii only

A) i and ii only

B) i and iii only

B) i and iii only

C) ii and iii only

C) ii and iii only

D) i,ii and iii

D) i,ii and iii

#44. Comparative advantage implies that a country will specialize in producing the commodity?

A) with the highest opprotunity cost

A) with the highest opprotunity cost

B) for which output per worker is lower than in other countries

B) for which output per worker is lower than in other countries

C) with the lowest opportunity cost

C) with the lowest opportunity cost

D) for which output per worker is the same with those of other countries

D) for which output per worker is the same with those of other countries

#45. Devaluation is effective when?

A) demand for imports is price inelastic

A) demand for imports is price inelastic

B) demand for imports is neutral

B) demand for imports is neutral

C) production for export is low

C) production for export is low

D) demand for exports is price elastic

D) demand for exports is price elastic

#46. From which of the following does Nigeria derive trade concessions?

A) IMF

A) IMF

B) World Bank

B) World Bank

C) ADB

C) ADB

D) EEC

D) EEC

#47. Tariff on imports are meant to?

A) prevent a foreign goods

A) prevent a foreign goods

B) discourage exports

B) discourage exports

C) encourage exports

C) encourage exports

D) increase the level of external dependency

D) increase the level of external dependency

#48. Which of the following are the major disadvantage of direct system of taxation?i, Disincentive of hard work Ii,Difficulties in assessment and collection Iii, imperfection in tax assessment.

A) i and ii

A) i and ii

B) i and iii

B) i and iii

C) ii and iii

C) ii and iii

D) i, ii and iii

D) i, ii and iii

Finish

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