Economics Past Questions For JAMB/WAEC/NECO Students V13

Economics Past Questions For JAMB/WAEC/NECO Students V13; These Economics questions are for students who are sitting for the following examinations:

HAVE YOU USED OUR JAMB TOOL YET? IT PROVIDES YOUR JAMB COMBINATION FOR FREE

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

Economics Past Questions For JAMB/WAEC/NECO Students V13

Results

Good Job

Try Again

#1. Industry can simply be defined as

A) Many firms producing different products

A) Many firms producing different products

B) A firm or firms producing similar goods and services

B) A firm or firms producing similar goods and services

C) Different firms producing different goods

C) Different firms producing different goods

D) Different firms producing equal number of similar goods and services

D) Different firms producing equal number of similar goods and services

E) Many firms producing unidentical goods and services

E) Many firms producing unidentical goods and services

#2. The reward of a debenture holder of a public company is a fixed rate of

A) Interest

A) Interest

B) Return

B) Return

C) Dividend

C) Dividend

D) Rent

D) Rent

E) Allowances

E) Allowances

#3. The downward sloping of the Average Revenue curve of the monopolist indicates that he

A) Can control both output and price

A) Can control both output and price

B) Can only break-even

B) Can only break-even

C) Can control either the output or the price, but not both

C) Can control either the output or the price, but not both

D) Can’t control anything

D) Can’t control anything

E) Exploit the consumer

E) Exploit the consumer

#4. Which of the following hard currencies is usually used in the pricing of oil at the world market particularly by the Organization of Petroleum Exporting Countries (OPEC)?

A) US dollar

A) US dollar

B) Japanese Yen

B) Japanese Yen

C) Pound Sterling

C) Pound Sterling

D) Deutschemark

D) Deutschemark

E) Naira

E) Naira

#5. A legal tender is any

A) form of money

A) form of money

B) means of exchange authorized by the state

B) means of exchange authorized by the state

C) commodity generally acceptable as a meduim of exchange

C) commodity generally acceptable as a meduim of exchange

D) total productivity of labour

D) total productivity of labour

E) amount of goods and services that the wage can fetch

E) amount of goods and services that the wage can fetch

#6. Wages are to some extent determine by the

A) Marginal utility of labour

A) Marginal utility of labour

B) Marginal productivity of labour

B) Marginal productivity of labour

C) Average productivity of labour

C) Average productivity of labour

D) Total productivity of labour

D) Total productivity of labour

E) Amount of goods and services that the wage can fetch

E) Amount of goods and services that the wage can fetch

#7. which of these does not encourage industrial development?

A) Tax exemption

A) Tax exemption

B) Provision of financial institution

B) Provision of financial institution

C) Provision of infrastructural facilities

C) Provision of infrastructural facilities

D) Limitation of markets for industruial product

D) Limitation of markets for industruial product

E) Government direct participation

E) Government direct participation

#8. The money paid per hour or week for work done is known as

A) cost

A) cost

B) time rate

B) time rate

C) bonus

C) bonus

D) wage rate

D) wage rate

E) labour

E) labour

#9. The grouping of a population into males and females is known as the

A) geographical distribution

A) geographical distribution

B) age distribution

B) age distribution

C) sex distribution

C) sex distribution

D) man-woman distribution

D) man-woman distribution

E) occupational distribution

E) occupational distribution

#10. which of the following is the most important reason why wages differ among occupations?

A) Length and cost of training

A) Length and cost of training

B) Supply of labour

B) Supply of labour

C) Attractiveness of the job

C) Attractiveness of the job

D) influence of trade unions

D) influence of trade unions

E) Government decision

E) Government decision

#11. one of the argument against he presence of middlemen in the distribution chain is that they

A) cause increase in the price of commodities

A) cause increase in the price of commodities

B) are commissioned agents

B) are commissioned agents

C) helps in keeping price stable

C) helps in keeping price stable

D) grade and blend goods

D) grade and blend goods

E) can be found almost everywhere

E) can be found almost everywhere

#12. Which of the following is the normal channel by which the commodities reach the final consumer?

A) Manufacturer-wholesale-agent retailer-consumer

A) Manufacturer-wholesale-agent retailer-consumer

B) Manufacturer-wholesale-retailer-consumer

B) Manufacturer-wholesale-retailer-consumer

C) Manufacturer-wholesale-sales representative-retailer-consumer

C) Manufacturer-wholesale-sales representative-retailer-consumer

D)Manufacturer-wholesale-retailer-agent-consumer

D)Manufacturer-wholesale-retailer-agent-consumer

E)Manufacturer-wholesale-retailer-sales-representative-consumer

E)Manufacturer-wholesale-retailer-sales-representative-consumer

#13. the movement of a worker from one grade to another within the same industry is a form of mobility of labour which is

A) geographical

A) geographical

B) vertical

B) vertical

C) occupational

C) occupational

D) horizontal

D) horizontal

E) lateral

E) lateral

#14. a person who buys in bulk and sells in bit is a

A) manufacturer

A) manufacturer

B) sales representative

B) sales representative

C) retailer

C) retailer

D) advertiser

D) advertiser

E) distributor

E) distributor

#15. which of the following is not correct?

A) Population refers to number of people living in a place

A) Population refers to number of people living in a place

B) The population of a place is not static

B) The population of a place is not static

C) Population is known through a census

C) Population is known through a census

D) Population is affected by the amount of money in circulation

D) Population is affected by the amount of money in circulation

E) Population can be affected by natural disaster

E) Population can be affected by natural disaster

#16. which of the following factor is not important in deciding the location of an industry?

A) the native language of the epople

A) the native language of the epople

B) availabilty of suitable labour

B) availabilty of suitable labour

C) Source of cheap power and raw materials

C) Source of cheap power and raw materials

D) Proximity to the location of a similar industry

D) Proximity to the location of a similar industry

E) proximity to the market

E) proximity to the market

#17. The clearing house of all commercial banks in Nigeria is the

A) General Post Office

A) General Post Office

B) Bank forCommerce and Industry

B) Bank forCommerce and Industry

C) Nigerian Industrial Development Bank

C) Nigerian Industrial Development Bank

D) Mortgage Bank

D) Mortgage Bank

E) Central Bank

E) Central Bank

#18. One of the advantages of Sole Proprietor is that

A) risks are unlimited

A) risks are unlimited

B) technological progress is often out of reach

B) technological progress is often out of reach

C) shares and stocks can be issued to raise funds

C) shares and stocks can be issued to raise funds

D) initiatives can be used in all cases

D) initiatives can be used in all cases

E) it folds up in the case of death, lunacy or insolvency

E) it folds up in the case of death, lunacy or insolvency

#19. which of the following does not hinder the efficient of distribution of goods in West Africa?

A) inadequate transportation network

A) inadequate transportation network

B) inadequate storage facilities for agricultural goodss

B) inadequate storage facilities for agricultural goodss

C) inadequate credit facitlities for potential distributors

C) inadequate credit facitlities for potential distributors

D) Government participation in the distributive trade

D) Government participation in the distributive trade

E) The tendency to hoard and smuggle

E) The tendency to hoard and smuggle

#20. which of the following categories of people do not gain during inflation?

A) Debtors

A) Debtors

B) businessmen

B) businessmen

C) Shareholders

C) Shareholders

D) Investors

D) Investors

E) Creditors

E) Creditors

#21. Mobility of labour is not affected by

A) the optimum size of population

A) the optimum size of population

B) marriage and family

B) marriage and family

C) the regulation of trade unions

C) the regulation of trade unions

D) the period of training

D) the period of training

E) culture and religious beliefs

E) culture and religious beliefs

#22. Given that fixed cost is N500.00, variable cost N1,500.00 and output is 50 units, what will be the average cost of producing one unit?

A) N2,000.00

A) N2,000.00

B) N60.00

B) N60.00

C) N50.00

C) N50.00

D) N40.00

D) N40.00

E) N30.00

E) N30.00

#23. Which of the following is regarded as fixed cost?

A) cost of raw material

A) cost of raw material

B) cost of fuel

B) cost of fuel

C) cost of light

C) cost of light

D) rent on land

D) rent on land

E) labour wages

E) labour wages

#24. A firm is said to be a Public Joint-Stock Company when it

A) is owned by the government

A) is owned by the government

B) operates as a public corporation

B) operates as a public corporation

C) is a limited liability company

C) is a limited liability company

D) sells its shares to memebers of the public

D) sells its shares to memebers of the public

E) is administered by the public

E) is administered by the public

#25. Data presented in table are usually arranged in

A) charts and tables

A) charts and tables

B) rows and columns

B) rows and columns

C) graphs and rows

C) graphs and rows

D) pictograms and columns

D) pictograms and columns

E) maps and pie charts

E) maps and pie charts

#26. which of the following is not a function of money?

A) store of values

A) store of values

B) unit of accounts

B) unit of accounts

C) measures of value

C) measures of value

D) standard for deferred payment

D) standard for deferred payment

E) stability in value

E) stability in value

#27. Which of the following is not appropriate in calculating national income figures?

A) output method

A) output method

B) Income method

B) Income method

C) Expenditure method

C) Expenditure method

D) Value added method

D) Value added method

E) Depreciation method

E) Depreciation method

#28. What is the correct term for this group of exports : tractor, televisions, components, drugs and cars?

A) Current account items

A) Current account items

B) Visible exports

B) Visible exports

C) Capital accoutn items

C) Capital accoutn items

D) Invisible exports

D) Invisible exports

E) Visible imports

E) Visible imports

#29. the indicator of the value of money in the market is the

A) the general price level

A) the general price level

B) effective supply

B) effective supply

C) the equilibrium price

C) the equilibrium price

D) effective demand

D) effective demand

E) consumer income

E) consumer income

#30. The greatest disadvantages f barter system is the need for

A) Durability

A) Durability

B) Divisibility

B) Divisibility

C) Homogeneity

C) Homogeneity

D) Double coincidence of wants

D) Double coincidence of wants

E) Portability

E) Portability

#31. An inflation in which the price rises steadily at an average rate of about 2% per annum is best described as

A) Galloping

A) Galloping

B) Induced

B) Induced

C) Creeping

C) Creeping

D) Suppressed

D) Suppressed

E) Run-away

E) Run-away

#32. In Economics market is define as

A) A place where buyers and sellers come together to exchange goods

A) A place where buyers and sellers come together to exchange goods

B) Any agreement made for consumers to buy all they need

B) Any agreement made for consumers to buy all they need

C) any arrangement made for producers to sell all their good

C) any arrangement made for producers to sell all their good

D) any arrangement where by buyers and sellers are in close touch with one another

D) any arrangement where by buyers and sellers are in close touch with one another

E) a place where only consumer goods are sold

E) a place where only consumer goods are sold

#33. money supply at any given point in time refers to as

A) bank notes, coins abd demand deposits

A) bank notes, coins abd demand deposits

B) notes and coins only

B) notes and coins only

C) minted money

C) minted money

D) hoarded money

D) hoarded money

E) money received as gifts

E) money received as gifts

#34. all the following are source of finance to a Joint Stock Company except

A) bank loans

A) bank loans

B) equity shares

B) equity shares

C) debentures

C) debentures

D) preference shares

D) preference shares

E) cooperative thrift

E) cooperative thrift

#35. Scarcity in Economics means that resources

A) Are not enough to share among producers of goods and services

A) Are not enough to share among producers of goods and services

B) Needed to satisfy human wants are limited

B) Needed to satisfy human wants are limited

C) Are never enough to share among consumers of goods and services

C) Are never enough to share among consumers of goods and services

D) Required to meet our essential wants are unlimited

D) Required to meet our essential wants are unlimited

E) Can be managed if those who use them can behave rationally

E) Can be managed if those who use them can behave rationally

#36. A table which shows the price of a commodity and the quantity of it that is demanded per unit time is a

A) Time series

A) Time series

B) Demand series

B) Demand series

C) Demand curve

C) Demand curve

D) Demand schedule

D) Demand schedule

E) Time schedule

E) Time schedule

#37. The difference between gross national product and net national product is equal to?

A) gross investment

A) gross investment

B) net investment

B) net investment

C) net foreign income

C) net foreign income

D) capital depreciation

D) capital depreciation

#38. The value of the total output produced within Nigeria by all residents (citizens and non-citizens) is referred to as the?

A) gross national product

A) gross national product

B) disposable income

B) disposable income

C) national income

C) national income

D) gross domestic product

D) gross domestic product

#39. If C stands for consumption expenditure, I for investment, X for exports, and M for imports, then national income is?

A) C + I + X + M

A) C + I + X + M

B) C + I +X - M

B) C + I +X - M

C) C + I - X + M

C) C + I - X + M

D) C + I + X

D) C + I + X

#40. A sustained increase in the per capita income of a country over a period of time is called?

A) economic growth

A) economic growth

B) economic development

B) economic development

C) structural change

C) structural change

D) stagflation

D) stagflation

#41. The primary goal of development planning in Nigeria is to?

A) increase profitability of enterprises

A) increase profitability of enterprises

B) achieve a rapid increase in the welfare and standard of living of Nigerians

B) achieve a rapid increase in the welfare and standard of living of Nigerians

C) increase the level of gross domestic product

C) increase the level of gross domestic product

D) make Nigeria a super-power

D) make Nigeria a super-power

#42. By using exchange controls, a country tries to eliminate a balance of payments deficit by?

A) limiting her imports to its currency value of exports

A) limiting her imports to its currency value of exports

B) reducing the nation's domestic price level

B) reducing the nation's domestic price level

C) limiting her exports to its currency value of imports

C) limiting her exports to its currency value of imports

D) overvaluing the country's currency

D) overvaluing the country's currency

#43. The law of comparative advantage states that a country should specialize in the production of a commodity

A) for which local demand is greatest

A) for which local demand is greatest

B) in which its oportunity cost is lower than that of the trade partner

B) in which its oportunity cost is lower than that of the trade partner

C) for which foreign demand is greatest

C) for which foreign demand is greatest

D) for which there is abundant supply of raw materials

D) for which there is abundant supply of raw materials

#44. International and inter-regional trade differ primarily because?

A) comparative advantage is relevant to the former but not to the latter

A) comparative advantage is relevant to the former but not to the latter

B) products flow across national boundaries

B) products flow across national boundaries

C) there are different resources supplies among countries of the world

C) there are different resources supplies among countries of the world

D) of regulation from GATT

D) of regulation from GATT

#45. Optimum population is the population level at which?

A) death rate is at a minimum

A) death rate is at a minimum

B) per capita income is at a maximum

B) per capita income is at a maximum

C) population is at a maximum

C) population is at a maximum

D) death rate is equal to birth rate

D) death rate is equal to birth rate

#46. The group of people engaged in banking or insurance services by occupational distributions are classified as?

A) primary producers

A) primary producers

B) Secondary producers

B) Secondary producers

C) tertiary producers

C) tertiary producers

D) technical producers

D) technical producers

#47. The three groups of government revenue are?

A) investment income, direct tax and indirect tax

A) investment income, direct tax and indirect tax

B) imports duties, excise tax and export duties

B) imports duties, excise tax and export duties

C) company tax, personal income tax and import duties

C) company tax, personal income tax and import duties

D) company tax, import duties and excise tax

D) company tax, import duties and excise tax

#48. The main objectives of public expenditure does NOT include?

A) stabilization of national economy

A) stabilization of national economy

B) achievement of a more equitable income distribution

B) achievement of a more equitable income distribution

C) meeting the social needs of the people

C) meeting the social needs of the people

D) revenue sharing and profit maximizationn

D) revenue sharing and profit maximizationn

#49. A perfect example of a public good is?

A) air

A) air

B) education

B) education

C) defence

C) defence

D) transport

D) transport

#50. A balance budget is defined as a condition of?

A) balance of payments equilibrium

A) balance of payments equilibrium

B) equality of planned aggregate demand supply

B) equality of planned aggregate demand supply

C) equality of planned receipts and planned expenditure

C) equality of planned receipts and planned expenditure

D) equality of planned exports and planned imports

D) equality of planned exports and planned imports

Finish

Practice other Economics Past Questions Here