Economics Past Questions For JAMB/WAEC/NECO Students V10

Economics Past Questions For JAMB/WAEC/NECO Students V10; 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 V10

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#1. Average fixed cost is

A) Average total cost less the sum of average variable cost

A) Average total cost less the sum of average variable cost

B) Half the sum of all costs

B) Half the sum of all costs

C) Total fixed cost divided by the level of output

C) Total fixed cost divided by the level of output

D) Total fixed cost plus marginal cost

D) Total fixed cost plus marginal cost

#2. The difference between personal income and personal disposal income is?

A) personal income tax

A) personal income tax

B) investment income

B) investment income

C) personal savings

C) personal savings

D) consumption expenditure

D) consumption expenditure

#3. Frictional unemployment?

A) is total unemployment minus structural unemployment

A) is total unemployment minus structural unemployment

B) occurs when the unemployed are persons with specific training

B) occurs when the unemployed are persons with specific training

C) occurs when the number of job seekers exceeds the number of vacancies

C) occurs when the number of job seekers exceeds the number of vacancies

D) occurs when people are changing jobs

D) occurs when people are changing jobs

#4. Economic development is defined as?

A) positive change plus growth

A) positive change plus growth

B) avalibility of more goods and services

B) avalibility of more goods and services

C) outward shift of the production possibility curve

C) outward shift of the production possibility curve

D) growth in the national income

D) growth in the national income

#5. The rate of exchange between a domestic and a foreign currency is defined as the

A) terms of trade

A) terms of trade

B) domestic currency price of a unit of the foreign currency

B) domestic currency price of a unit of the foreign currency

C) foreign currency price of gold

C) foreign currency price of gold

D) domestic currency price of gold

D) domestic currency price of gold

#6. Which of the following best explains the structural changes in the population of a country?

A) Positive changes in the size and ethnic composition of the population

A) Positive changes in the size and ethnic composition of the population

B) A decrease in the size of the population

B) A decrease in the size of the population

C) An increase in the birth rate which is higher than the decrease in the death rate

C) An increase in the birth rate which is higher than the decrease in the death rate

D) Changes in the age, sex and occupational composition of the population

D) Changes in the age, sex and occupational composition of the population

#7. Statistical information available in most West African countries suggests that?

A) the marginal propensity to save is high

A) the marginal propensity to save is high

B) the marginal propensity to consume is high

B) the marginal propensity to consume is high

C) the consumption pattern is negative

C) the consumption pattern is negative

D) there exists perfect correlation between consumption and savings

D) there exists perfect correlation between consumption and savings

#8. Transfer payment are

A) transfer earnings

A) transfer earnings

B) money transferred from one country to another

B) money transferred from one country to another

C) unearned income

C) unearned income

D) payment transferred from one account to another

D) payment transferred from one account to another

#9. Capital consumption allowance refers to?

A) personal consumption expenditure

A) personal consumption expenditure

B) indirect business taxes

B) indirect business taxes

C) depreciation of capital equipment

C) depreciation of capital equipment

D) expenditure on capital equipment

D) expenditure on capital equipment

#10. Ad valorem tax means?

A) a certain percentage tax based on the value of the commodity

A) a certain percentage tax based on the value of the commodity

B) a certain percentage tax based on the volume of the commodity

B) a certain percentage tax based on the volume of the commodity

C) a tax on the income of the consumer

C) a tax on the income of the consumer

D) payment of a tax on the profits made

D) payment of a tax on the profits made

#11. In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?

A) elastic

A) elastic

B) inelastic

B) inelastic

C) perfectly elastic

C) perfectly elastic

D) unitary elastic

D) unitary elastic

#12. A budget with a projected revenue in excess of its expenditure is said to be?

A) balanced

A) balanced

B) surplus

B) surplus

C) deficit

C) deficit

D) inflationary

D) inflationary

#13. The money which government spends yearly for the maintenance of its school is?

A) used only for wages and salaries

A) used only for wages and salaries

B) part of the government's capital expenditure

B) part of the government's capital expenditure

C) part of the government's recurrent expenditure

C) part of the government's recurrent expenditure

D) the government's budget for its school

D) the government's budget for its school

#14. Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?

A) Dumping

A) Dumping

B) Counter-trade

B) Counter-trade

C) Bilateral trade

C) Bilateral trade

D) Trade liberalization

D) Trade liberalization

#15. A limited liability company is usually owned by?

A) an individual

A) an individual

B) a government

B) a government

C) shareholders

C) shareholders

D) two or more partners

D) two or more partners

#16. Money market differs from capital market in that it?

A) deals with short-term loans while capital market deals with long-term funds

A) deals with short-term loans while capital market deals with long-term funds

B) deals with money only while capital market deals with capital as well

B) deals with money only while capital market deals with capital as well

C) is limited in scope while capital market is not

C) is limited in scope while capital market is not

D) uses interest rate while capital does not

D) uses interest rate while capital does not

#17. The main reason for charging interest is to?

A) reward enterpreneurial effort

A) reward enterpreneurial effort

B) redistribute profits

B) redistribute profits

C) reward investors for present use of profits

C) reward investors for present use of profits

D) mobilize more funds for development

D) mobilize more funds for development

#18. In the keynesian model?

A) the demand for money is inversely related to the rate of interest

A) the demand for money is inversely related to the rate of interest

B) investment is directly related to the rate of interest

B) investment is directly related to the rate of interest

C) investment is not related to the rate of interest to the rate of interest

C) investment is not related to the rate of interest to the rate of interest

D) the demand for money is directly related to the rate of interest

D) the demand for money is directly related to the rate of interest

#19. If inflation is anticipated to continue?

A) people will lose confidence in goods

A) people will lose confidence in goods

B) lenders will demand higher interest rate

B) lenders will demand higher interest rate

C) the growth of full employment output will be accelerated

C) the growth of full employment output will be accelerated

D) people will want to hold more money

D) people will want to hold more money

#20. What form of market is found in an imperfect competition where there are few buyers and many sellers?

A) Oligopoly

A) Oligopoly

B) Monopoly

B) Monopoly

C) Duopoly

C) Duopoly

D) Oligopsony

D) Oligopsony

#21. To which of the following sectors do services belong?

A) Primary

A) Primary

B) Secondary

B) Secondary

C) Tertiary

C) Tertiary

D) Construction

D) Construction

#22. The liability of the sole trader is?

A) indeterminable

A) indeterminable

B) unlimited

B) unlimited

C) transferable

C) transferable

D) limited

D) limited

#23. Which of the following is NOT a type of business ownership?

A) Debenture holding

A) Debenture holding

B) private company

B) private company

C) Parnership

C) Parnership

D) Joint Stock venture

D) Joint Stock venture

#24. Which of the following is a disadvantage of regional concentration of industries?

A) Development of congested urban areas

A) Development of congested urban areas

B) Existence of regional unempolyment

B) Existence of regional unempolyment

C) High cost of labour

C) High cost of labour

D) Immobility of labour

D) Immobility of labour

#25. Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to?

A) 10.20

A) 10.20

B) 3.57

B) 3.57

C) 1.25

C) 1.25

D) 0.80

D) 0.80

#26. For normal goods the income elasticity of demand is?

A) positive

A) positive

B) negative

B) negative

C) zero

C) zero

D) infinite

D) infinite

#27. If a good is an inferior good, then?

A) it is also necessarily a Giffen good

A) it is also necessarily a Giffen good

B) the quality of the goods demanded varies inversely with its price

B) the quality of the goods demanded varies inversely with its price

C) its income elasticity of demand is negative

C) its income elasticity of demand is negative

D) the poor buy the good only out of habit

D) the poor buy the good only out of habit

#28. An increase in supply will lower price unless?

A) supply is perfectly inelastic

A) supply is perfectly inelastic

B) demand is perfectly inelastic

B) demand is perfectly inelastic

C) it is followed by an increase in demand

C) it is followed by an increase in demand

D) demand is highly inelastic

D) demand is highly inelastic

#29. Which of the following is compatible with a firm in a purely competitive market?

A) demand is inelastic

A) demand is inelastic

B) demand is infinitely inelastic

B) demand is infinitely inelastic

C) Marginal Cost is falling

C) Marginal Cost is falling

D) Price is greater than Marginal Cost

D) Price is greater than Marginal Cost

#30. In the long run a firm will leave an industry if price?

A) does not cover at at least Average Total Cost

A) does not cover at at least Average Total Cost

B) is not equal to Marginal Cost

B) is not equal to Marginal Cost

C) is higher than Average Varriable Cost

C) is higher than Average Varriable Cost

D) is not at least equal to the minimum of Marginal Cost curve

D) is not at least equal to the minimum of Marginal Cost curve

#31. In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this commodity at all. Mr. X is thus affected by the?

A) substitution effect of a price change

A) substitution effect of a price change

B) income effect of a price change

B) income effect of a price change

C) opportunity cost of a price change

C) opportunity cost of a price change

D) inflation effect of a price change

D) inflation effect of a price change

#32. Price can be defined as?

A) a rate of exchange

A) a rate of exchange

B) a mediumof exchange

B) a mediumof exchange

C) the cost of product

C) the cost of product

D) the standard of accounting

D) the standard of accounting

#33. In the operation of market forces, the market is in equilibrium at the point where?

A) demand and supply curve intersect in more than one point provided the market is cleared

A) demand and supply curve intersect in more than one point provided the market is cleared

B) the excess in market can be conveniently stores

B) the excess in market can be conveniently stores

C) excess demand is negative

C) excess demand is negative

D) demand and supply curves intersect

D) demand and supply curves intersect

#34. A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?

A) price only

A) price only

B) quantity only

B) quantity only

C) quality only

C) quality only

D) price and quantity

D) price and quantity

#35. Efficiency of labour is enhanced by?

A) Average Total Cost less the sum of Varriable Cost

A) Average Total Cost less the sum of Varriable Cost

B) half the sum of all costs

B) half the sum of all costs

C) Total Fixed Cost divided by the level of output

C) Total Fixed Cost divided by the level of output

D) Total Fixed Cost plus Marginal Cost

D) Total Fixed Cost plus Marginal Cost

#36. The residual of production which accrues to the owner of land after all other expenses have been met is called?

A) wages

A) wages

B) rent

B) rent

C) interest

C) interest

D) profit

D) profit

#37. In the history of Economic Thought the concept of Division of labour is usually associated with?

A) David Richardo

A) David Richardo

B) J.M. Keynes

B) J.M. Keynes

C) Adam Smith

C) Adam Smith

D) Karl Marx

D) Karl Marx

#38. The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?

A) industrial capital

A) industrial capital

B) social capital

B) social capital

C) fixed capital

C) fixed capital

D) circulating capital

D) circulating capital

#39. The shut-down point for a firm in the short run is the output at which?

A) the price of the product is lowest

A) the price of the product is lowest

B) marginal Cost is constant

B) marginal Cost is constant

C) Average Variable Cost is not covered

C) Average Variable Cost is not covered

D) Average Cost is minimum

D) Average Cost is minimum

#40. The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?

A) microeconomics

A) microeconomics

B) macroeconomics

B) macroeconomics

C) production

C) production

D) indifference curve

D) indifference curve

#41. Which of the following best describes the concept of opportunity cost?

A) a special bargain or scale at below market price

A) a special bargain or scale at below market price

B) Cost of input tends to go up as we use more of them

B) Cost of input tends to go up as we use more of them

C) Goods that are not produced in order to produce more of another good

C) Goods that are not produced in order to produce more of another good

D) A cost that constantly decreases

D) A cost that constantly decreases

#42. Market is defined as?

A) one geographical location where people meet to buy and sell

A) one geographical location where people meet to buy and sell

B) the demand and supply of goods and services

B) the demand and supply of goods and services

C) a group of people whose sole interest is to make profit

C) a group of people whose sole interest is to make profit

D) any organizational framework which links the buyers and sellers of a good and service

D) any organizational framework which links the buyers and sellers of a good and service

#43. The additional revenue obtained by using one more unit of a factor is called its?

A) marginal product

A) marginal product

B) additional product

B) additional product

C) marginal revenue product

C) marginal revenue product

D) average product

D) average product

#44. Labour productivity is defined as?

A) output per man/hour

A) output per man/hour

B) average output

B) average output

C) the maximum number of hours worked

C) the maximum number of hours worked

D) total level of output

D) total level of output

#45. A production possibility curve shows?

A) how much of the resources of society are used to produce a particular commodity

A) how much of the resources of society are used to produce a particular commodity

B) the rate of inflation

B) the rate of inflation

C) the rate of unemployment in the economy

C) the rate of unemployment in the economy

D) the various combinations of two commodities that can be produced

D) the various combinations of two commodities that can be produced

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