Economics Past Questions For JAMB/WAEC/NECO Students V15

Economics Past Questions For JAMB/WAEC/NECO Students V15; 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 V15

Results

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#1. Which of the following will not increase the population of a country?

A) an increase in birth rate

B) a decrease in death rate

C) better medical services

D) immigration

E) Emigration

#2. indirect tax are taxes which

A) are levied on the income and profit of the individuals and firms

B) always affects the producer only

C) are bassed on the progressive principles

D) are based on the regressive principles

E) are levied on goods and services purchased by individuals and firms

#3. The situation where government revenue in a fiscal year is less than its expenditure is referred to as

A) budget deficit

B) balanced budget

C) budget surplus

D) budget statement

E) unfavourable budget

#4. Land is often different from other factors of production because it

A) is a free gift of nature

B) constitutes one-third of the entire world

C) has different grades

D) is owned bt individuals

E) is owned by government

#5. A market condition where profit is maximized when MR = AR = MC = P is known as

A) monopoly

B) oligopoly

C) monopsony

D) perfect competition

E) duopoly

#6. when price of a commodity is fixed by the law either below or above the equilibrium, the mechanism is known as

A) price discrimination

B) price control

C) perfect market

D) equilibrium price

E) market structure

#7. Money supply is the

A) currency available in the banks

B) currency in circulation and time deposits

C) currency in circulation and saving deposits

D) currency in circulation and demand deposits

E) money scarcity

#8. which of the following is not the function of a commercial bank

A) accepting deposits from the publicv

B) serving as banker to the government

C) lending to the public

D) safekeeping of valuables

E) undertaking foreign exchange transaction of customers

#9. inflation caused by increase in demand is known as

A) cost-push inflation

B) hyper-inflation

C) demand-pull inflation

D) creeping inflation

E) runaway inflation

#10. whichof the following is not a good reason for the importation of agriculture in West African countries? it

A) employs about 60% of the people

B) provides the highest tax revenue

C) is a major foreign exchange earner in most of the countries

D) provides the raw materials for all import-substitution industries

E) provide raw materials only for foreign industries

#11. The comparative cost of doctrine of international trade means specialization in production according to

A) absolute cost advantage

B) absolute cost disadvantage

C) comparative cost disadvantage

D) comparative cost advantage

E) the availability of labour

#12. The greater burden of the taxes on essential goods is borne by

A) the middle income group

B) high income group

C) low income group

D) people between the middle and high income group

E) few top rich people

#13. Which of the following is not a negative effect of inflation

A) Lenders earn less

B) Pensioneers and salary earners on fixed income suffer

C) Exports tends to decline

D) Savings are discouraged

E) Borrowers tends to gain

#14. Which of the following is not function of central bank

A) Banker to the Government

B) Banker's bank

C) Acceptance of deposit from the public

D) Responsibility for monetary policy

E) Lenders of last resort

#15. Proportional tax is a tax whose

A) percentage rate remains constant as the tax base increases

B) percentage base increases as the tax base increases

C) percentage rate decreases as the tax rate increases

D) percentage rate fluctuates as the tax base increases

E) burden falls heavily on consumer

#16. the largest part of the revenue of a country is derived from

A) direct taxation

B) indirect taxation

C) excise duties

D) company taxes

E) non-tax revenue

#17. if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will

A) decrease

B) increase

C) remain constant

D) fluctuate

E) be inelastic

#18. Money as a unit of account implies that it can be

A) counted in units

B) use to facilitate exchange

C) used to measure the value of goods and services

D) used to store goods and services

E) used for future payment

#19. A stockholder partakes of the profit of a l8imited liability business by receiving

A) shares

B) profit

C) wages and salaries

D) dividends

E) gifts

#20. Near Money is made up of

A) very liquid asset which can be easily converted into money

B) currency in circulation and demand deposit

C) note and coins ney

D) fixed assets which cannot be converted into money

E) the total money supplied in the economy

#21. which of the following defines Economics most comprehensively ?

A) The study of buying and selling

B) The organization of industries and markets

C) The study of human behaviour in the allocation of scarce resources

D) National development, planning and budgeting

E) The study of market forces as they affected human behaviour

#22. A society that is on its production possibility curve

A) has attained full employment but not full production

B) has attained full production but not full employment

C) is using its resources inefficiently

D) has attained both full employment and full production

E) has a lower output level than it should have

#23. Money becomes a very poor stone of value in a period of

A) deflation

B) stable prices

C) recession

D) inflation

E) harvest

#24. Economic growth is the

A) rate of increase in a country's full employment and real output

B) rate of increase in a nation's total population

C) rate of increase in inflation

D) rate of decrease inflation

E) growth in birth rate

#25. The market price of a commodity is determine by the

A) total number of people in the market

B) total demand for the commodity

C) quantity of the commodity supplied

D) interaction of demand and supply

E) law of demand

#26. Opportunity cost is define as the

A) money cost

B) cost of production

C) real cost

D) variable cost

E) fixed cost

#27. The most basic concern of economists is to

A) create human wants

B) saisfy all human wants

C) redistrubute income so that it is used correctly

D) create perfect competition

E) allocate scarce resources to satisfy human wants

#28. The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be

A) excess demand

B) excess supply

C) shortage in the market

D) many buyers in the market

E) no buyer in the market

#29. In Economics production is complete when

A) goods are produced in the factories

B) goods are sold to wholesalers

C) prices are fixed for goods and services

D) goods and services reach the consumer

E) goods are sold to retailers

#30. which of the following is not a characteristics of money?

A) Scarcity

B) Durability

C) Divisibility

D) Homogeneity

E) Mobility

#31. Economics is a social science because it

A) deals with an aspect of hman behaviour

B) provides people with commodity they want

C) deals with limited resources which have alternative uses

D) deals with the production of goods for present and future consumption

E) is related to how choice is made

#32. Scarcity in Economics generally refers to

A) a period of production

B) hoarding of goods

C) monopolization of existing supply of resources

D) period of famine

E) resources being limited

#33. The terms of trade of a country is defined as

A) Index of import prices Index of export prices x 100

B) Index of exportable Index of importable x 100

C) Index of visible imports Index of visible exports x 100

D) Index of export prices Index of import prices x 100

#34. The type of business organizations mostly used for producing public goods in Nigeria is

A) Sole proprietorships

B) Limited liability companies

C) Co-operative societies

D) Statutory corporations

#35. In the diagram, the profit maximizing output is

A) Q1 while 1 = AC and II = MC

B) Q1, while l = MC and ll = AC

C) Q2, while l = MC and ll AC

D) Q3, while l = AC and ll = MC

#36. If in the graph, it is assumed that the price is initially P1, it can be deduced that price will

A) fall because there is a surplus

B) remain constant because it is the equilibrium price

C) rise because there is a shortage

D) double

#37. If an economy grows at an annual rate of 5% of which 3% is deemed to be due to improvement in the productivity of labour and capital combined the remaining 2% is generally attributed to?

A) the size of population

B) technical progress

C) the environment

D) the amount of natural resources

#38. If a country has a balance of payment crisis, which of the following measures can best bring about a improvement in the short run?

A) Large-scale importation of foreign goods

B) Investment in capital market abroad

C) Large-scale export of locally made abroad

D) Repayment of debt to her creditors

#39. When a foreigner on a visit to Nigeria pays for hotel accommodation and meals with some foreign currency,the amount paid should be recorded in Nigeria's balance of payment as an item of?

A) Nigeria's invisible export trade

B) Nigeria's import trade

C) Nigeria's invisble trade

D) foreign capital inflow into Nigeria

#40. The Nigerian Trust Fund is managed on behalf of Nigeria by the?

A) World Bank

B) International Monetary Fund

C) African Development Bank

D) Economic Commission for Africa

#41. One of the gains by member states of the Economic Community of West Africa?

A) monocultural dependency

B) trade creation

C) trade inversion

D) economic independency

#42. An account from which allocations are made to the three tier of government in Nigeria is called the?

A) National Income Account

B) Public Sector

C) Federation account

D) National Revenue Mobilization Account

#43. In national income accounting, aggregate saving in any year is defined as?

A) all disposable income not spent on consumption

B) all savings deposits in all banks during the year

C) all savings and time deposits in all banks during the year

D) the value of inventory change for the year

#44. Which of the following combinations is a veritable set of development indicators?

A) Growth of governemnt expenditure and imports

B) Growth of population and national income

C) High fertility, literacy and school enrolment rates

D) Low infant mortality and high per capital income and literacy rates

#45. The best way to reduce the supply of money in the economy is to?

A) increase the liquidity ratio

B) increase the number of bank-notes and cheques produced

C) decrease treasury bills

D) liberalize access to credit

#46. The total amount of money in circulation includes cash?

A) and current account

B) owned by banks and the non-bank public

C) and current acount balances owned by banks and non-bank public

D) owned by banks, the government and the non-bank public

#47. To reduce the high rate of inflation in the economy, the government should?

A) increase taxes and have a budget surplus

B) increase taxes and have a budget defilicit

C) decrease taxes and have a budget defilicit

D) decrease taxes and have a balance budget

#48. The objective of public finance is to promote?

A) full employment, national income and price stability

B) government revenue drive and expenditure to as high a level as possible

C) the expansion of government social services

D) government revenue drive and minimize government expenditure

#49. The consumer-goods industry is predominant in the industrial sector of the Nigerian economy because of the ?

A) availability of market and most of the raw materials required

B) availability of the necessary machinery required

C) experience of Nigerian producers

D) relatively lower cost of production of such goods

Finish

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Economics Past Questions For JAMB/WAEC/NECO Students V15

Economics Past Questions For JAMB/WAEC/NECO Students V15

Results

#1. Which of the following will not increase the population of a country?

#2. indirect tax are taxes which

#3. The situation where government revenue in a fiscal year is less than its expenditure is referred to as

#4. Land is often different from other factors of production because it

#5. A market condition where profit is maximized when MR = AR = MC = P is known as

#6. when price of a commodity is fixed by the law either below or above the equilibrium, the mechanism is known as

#7. Money supply is the

#8. which of the following is not the function of a commercial bank

#9. inflation caused by increase in demand is known as

#10. whichof the following is not a good reason for the importation of agriculture in West African countries? it

#11. The comparative cost of doctrine of international trade means specialization in production according to

#12. The greater burden of the taxes on essential goods is borne by

#13. Which of the following is not a negative effect of inflation

#14. Which of the following is not function of central bank

#15. Proportional tax is a tax whose

#16. the largest part of the revenue of a country is derived from

#17. if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will

#18. Money as a unit of account implies that it can be

#19. A stockholder partakes of the profit of a l8imited liability business by receiving

#20. Near Money is made up of

#21. which of the following defines Economics most comprehensively ?

#22. A society that is on its production possibility curve

#23. Money becomes a very poor stone of value in a period of

#24. Economic growth is the

#25. The market price of a commodity is determine by the

#26. Opportunity cost is define as the

#27. The most basic concern of economists is to

#28. The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be

#29. In Economics production is complete when

#30. which of the following is not a characteristics of money?

#31. Economics is a social science because it

#32. Scarcity in Economics generally refers to

#33. The terms of trade of a country is defined as

#34. The type of business organizations mostly used for producing public goods in Nigeria is

#35. In the diagram, the profit maximizing output is

#36. If in the graph, it is assumed that the price is initially P1, it can be deduced that price will

#37. If an economy grows at an annual rate of 5% of which 3% is deemed to be due to improvement in the productivity of labour and capital combined the remaining 2% is generally attributed to?

#38. If a country has a balance of payment crisis, which of the following measures can best bring about a improvement in the short run?

#39. When a foreigner on a visit to Nigeria pays for hotel accommodation and meals with some foreign currency,the amount paid should be recorded in Nigeria's balance of payment as an item of?

#40. The Nigerian Trust Fund is managed on behalf of Nigeria by the?

#41. One of the gains by member states of the Economic Community of West Africa?

#42. An account from which allocations are made to the three tier of government in Nigeria is called the?

#43. In national income accounting, aggregate saving in any year is defined as?

#44. Which of the following combinations is a veritable set of development indicators?

#45. The best way to reduce the supply of money in the economy is to?

#46. The total amount of money in circulation includes cash?

#47. To reduce the high rate of inflation in the economy, the government should?

#48. The objective of public finance is to promote?

#49. The consumer-goods industry is predominant in the industrial sector of the Nigerian economy because of the ?

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