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Economics Past Questions For JAMB/WAEC/NECO Students V4

Economics Past Questions For JAMB/WAEC/NECO Students V4; 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 V4

Results

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#1. 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

#2. External economies are

A) The advantage accuring to a firm as a result of its expansion

B) The advantages accuring to one firm as a result of the existence of other firms in the same locality

C) Benefits derived by a firm as a result of its own individual policy

D) Reaped only by agricultural firms

E) Bound to increase the costs of production whatever the circumstances

#3. Scarcity in economics generally refers to

A) A period of feminine

B) Monopolization of existing supply of resources

C) Nationalization of sources of raw materials in Nigeria

D) The control of outlets to sell goods

E) None of the above

#4. Given the present state of the Nigerian economy, which of the following measures will promote a more rapid economic development?

A) Complete dependence on oil exports

B) Concentration on agricultural exports

C) Diversification of the economy

D) Building of more schools and universities

E) Introduction of nuclear energy in Nigeria

#5. If P8 and P9 represent the population of West African in 1978 and 1979 respectively, and given that in 1979.D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by

A) P9 = P8 + D - B = I - E

B) P9 = P8 + B - D + I - E

C) P9 =P8 + B - D + E - I

D) P9 = B - D + I - E

E) P9 = P8 + B + D + I + E

#6. If the quantity supplied of acommodity increases from 20 to 30 units when there is an increase in price from N4 to N5, the elasticity of supply is

A) 4

B) 1

C) 2

D) 5

#7. Which of the following statements does NOT describe a situation of perfect competition?

A) The firm faces an infinitely elastic demand curve

B) The firm makes no pure profit in the short run

C) The price does not change with changes in the output level of the firm

D) There is freedom of entry into and exit out of , the industry

E) The firm can sell all it produces at the market price

#8. Which of the following is NOT a visible iterm in international trade payments?`

A) Payments for imported cars

B) Receipts from coca exports

C) Payments to foreign shipping companies

D) Payments for steel imports

E) Payments for petroleum imports

#9. In this diagram, So So is the original supply curve while S1 S1 represent?

A) A movement along a give supply curve

B) an increase in supply

C) decrease in supply

D) A perfect elastic supply curve

E) An abnormal supply curve

#10. Which of the following is NOT a characteristic of perfect competition?

A) many sellers and buyers in the markets

B) There is perfect knowledge

C) Supply and demand are equal

D) There is no advertising

E) Products are identical

#11. Opportunity cost is best defined as?

A) the penalty for not seizing golden opportunities

B) sacrificed alternative (output, income etc.)

C) the cost of creating job opportunities

D) payment made to an industrial worker

E) the difference between fixed and variable costs

#12. Progressive income tax can be expressed as

A) tax that falls as income rises

B) tax that rises as income falls

C) tax that is independent of income

D) tax that rises as income rises

E) tax that is neutral to income

#13. When a nation’s exports are greater than its imports

A) The net foreign trade is zero

B) an unfavourable balance of payment exist

C) A favourable balance of payment exists

D) An un favourable balance of trade exist

E) A favourable balance of trade exists Related

#14. unlimited liability means?

A) The government can tax a company without limit

B) The debts of a company must be paid out of it assers

C) A company ceases to exist at the death of one of its owners

D) A firm must pay its debts from business as well as private funds

E) None of the above

#15. One of the probable effects of an increased minimum wage in Nigeria is?

A) to create volunteer unemployment

B) to decrease the wage rate

C) to increase the level of unemployment

D) to create involuntary unemployment

E) to increase the demand for labour

#16. If the income of a consumer rises and his demand for good X falls, good X can be described as

A) a normal good

B) an adnoral good

C) a good with inelastic demand

D) a good with unitary elastic demand

E) none of the above

#17. Inflation is likely to benefit?

A) persons with bank savings

B) persons employed in financial houses

C) debtors

D) persons who lived on fixed pension funds

E) creditors

#18. Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?

A) The value of industrial exports is declining

B) The value of industrial imports is constant

C) The share of agricultural exports is increasing

D) The share of agricultural export is decreasing

E) The value of mineral export is declining

#19. The most basic concern of economists is to?

A) create human wants

B) satisfy all human want

C) redistribute income so that it is used correctly

D) create perfect competition

E) study ways of allocating scarce resources in order to satisfy human wants

#20. Which of these statement is NOT true of economics as a discipline?

A) it is a social science

B) it is analytical

C) it is concerned with people's material well-being

D) it assumes limited human wants

E) it assumes unlimited human resources

#21. An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?

A) substitute goods

B) complementary goods

C) elastic goods

D) inelastic goods

E) inferior goods

#22. An equilibrium price?

A) keeps excess demand within limits

B) keeps excess supply within limits

C) generates the greatest possible demand and supply

D) generates the greatest possible profits

E) equates the quantity supplied to be equal to the quantity demanded.

#23. Government budget can be described as the sum of?

A) Indirect tax, direct tax, and loans expected within a financial year

B) Planned recurrent expenditure and planned investment expenditure

C) Planned capital expenditure for a development plan within a plan period

D) Planned expenditure and expect revenue within a financial year

E) Planned expenses of all ministries within a financial year

#24. An economy in which both the public and the private sectors contribute substantially to the growth of output is?

A) a socialist economy

B) a capitalist economy

C) a mixed economy

D) an industrial economy

E) a peasant economy

#25. Which is NOT an important factor responsible for high concentration of population in some part of Nigeria?

A) Climate influences

B) Development of trade and markets

C) Soil fertility

D) Processing of petroleum oil

E) Concentration of educational facilities

#26. Prohibiting the sale of lace materials in Nigeria would probably lead to?

A) Increase supply of lace material in Nigeria

B) Production of better quality lace abroad

C) Lower price of lace material in Nigeria

D) Higher price of lace material in Nigeria

E) Increase income to all dealers of lace materials in Nigeria

#27. Which of the following is NOT a visible item on international trade payment?

A) Payment for imported cars

B) Receipt from cocoa exports

C) Payments to foreign shipping companies

D) Payments for steel imports

E) Payment for petroleum imports

#28. Elasticity of demand is given by

A) the prcentage change in quantity demanded divided by the corresponding percentage change in price

B) the percentage change in price divided by the corresponding percentage change in quantity demanded

C) the percentage change in quantity demanded divided by the corresponding price

D) the percentage change in price divided by the corresponding quantity demanded

E) none of the above

#29. If a commodity has many substitutes, it is most likely that?

A) the demand curve is fairly inelastic

B) the demand curve is fairly elastic

C) the demand curve is paraell to the quantity axis

D) the demand curve is positively sloped

E) the price of the commodity is too high

#30. Which of the following statement does NOT describe a situation of perfect competition.?

A) The firm faces an infinitely elastic demand curve

B) The firm makes no pure profit in the short run

C) The price does not change with changes in the output level of the firm

D) There is freedom of entry into, and exit out of the industry

E) The firm can sell all it produces at the market price

#31. Surplus in balance of payment leads to?

A) inflation or increasing prices generally

B) increases in foreign reserves

C) decreases in foreign reserves

D) Government budget surplus

E) none of the above

#32. Which of the following does NOT belong in respect of the quantity of money?

A) Durability

B) Division into the smallest units of value

C) Portable

D) Identifiable by all

E) Measure of value

#33. Indirect taxes are taxes?

A) which are levied on the incomes and profits of individuals and firms

B) whose incidence always falls on the consumer

C) which are based on the progressive principle

D) on casinos, airports and capitals gains

E) which are levied on people and economic units through the goods and services they purchase

#34. The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?

A) budget deficit

B) balance budget

C) budget surplus ‘

‘ D) budget statement

E) unfavourable budget.

#35. Which of the following statement is NOT true about agriculture in West Africa?

A) Agriculture employs over 60% of West Africa’s occupied population

B) Agriculture production is the basis for excise taxes in West Africa

C) Many West Africa countries depend on agricultural exports for foreign exchange earnings

D) Agriculture supplies West African industries with raw materials

E) Agriculture provides incomes to West African farmers who engaged in it

#36. The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?

A) industrialization

B) export-promotion

C) import-substitution

D) export--substitution

E) import-expansion

#37. Economics may be defined as?

A) the study of money and banking

B) the study of markets and prices

C) the study of production and distribution

D) the study of human behaviour in the allocation of scarce resources

E) the study of the employment of labour, land, and capital

#38. The function of moneyas a standard of deferred payments

A) Make possible for an individual to build up store of many things for future use

B) Makes it possible for payment to be postponed from the present to a future date

C) Facilitate the exchange of goods

D) Makes easy calculations possible

E) None of the above

#39. Which of the following is NOT a major function of a Central Bank?

A) Serving as Goverment''s bank

B) Serving as bankers bank

C) Acceptance of deposit from the public

D) Responsibility for monetary policy

E) Serving as lender of last resort

#40. Summary of product condition in countries i and iiAmount of labour days, cocoa(tons) Cloth(tons) Country i 200 600 900 Country ii 200 300 800 From the above table, we can correctly say in respect of international trade that

A) Country I has absolute disadvantage in the production of both cocoa cloth

B) Country I has absolute advantage in the production of both cocoa and cloth

C) Country II has absolute advantage in the production of both cocoa and cloth

D) Country II has comparative advantage in the production of cocoa

E) Country II should leave the production of both cocoa and cloth to country I

#41. The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect

A) Industries producing baby food and clothing

B) Industries owned by infants

C) Newly set-up industries

D) Industries in which infants will be taken care of

E) Industries that behave like infants

#42. Invisible trade refers to trade in?

A) services

B) goods and services

C) tangible goods

D) short-term and long-term capital

E) goods that cannot be seen

#43. Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?

A) Immigration

B) Brith control measures, e.g. use of contraceptives

C) Late marriage

D) Creating more educational opportunities for women

E) Sex education

#44. Two goods, X and Y, are said to be complementary when?

A) A fall in the price of X raises the demand for Y

B) A fall in the price of X causes a fall in the demand for Y

C) A fall in the price of X does not affect the demand for Y

D) A rise in the price of X does not affect the demand for Y

E) The two goods are competitive.

#45. Which of the following is NOT true about specialization or division of labour?

A) Specialization and exchange go hand in hand

B) Specialization implies that each person produces a surplus of one or a few items (e.g commodities) n which he is specialized

C) Division of labour needs not take account of the extent of the market

D) Division of labour results in increased productivity

E) Division of labour involves the danger of unemployment

#46. Money becomes a very poor store of value in a period of

A) Deflation

B) Stable prices

C) Recession

D) Inflation

E) Harvest

#47. Government in West Africa countries engage in running a number of enterprises because ?

A) Large amount of capital are needed and key industries should not be left in private hands

B) Private capital would not established an adequate infrastructure

C) It brings about a more even distribution of the country’s wealth

D) The social costs of some enterprises make the government the most suitable body to set them up

E) All of the above

#48. Choice arises because of scarcity of resources’,In discussing this statement, Which of the following is NOT correct?

A) Human wants are numerous but the resources needed to satisfy them are limited

B) Given numerous wants and limited resources only individuals and businesss firms make choice

C) The process of making a choices involves opportunity cost

D) An economist is not interested morality or otherwise of any choice so made

E) Usually choice is made from a list of wants compliled in the context of a scale of preferences

Finish

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Economics Past Questions For JAMB/WAEC/NECO Students V4

Economics Past Questions For JAMB/WAEC/NECO Students V4

Results

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

#2. External economies are

#3. Scarcity in economics generally refers to

#4. Given the present state of the Nigerian economy, which of the following measures will promote a more rapid economic development?

#5. If P8 and P9 represent the population of West African in 1978 and 1979 respectively, and given that in 1979.D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by

#6. If the quantity supplied of acommodity increases from 20 to 30 units when there is an increase in price from N4 to N5, the elasticity of supply is

#7. Which of the following statements does NOT describe a situation of perfect competition?

#8. Which of the following is NOT a visible iterm in international trade payments?`

#9. In this diagram, So So is the original supply curve while S1 S1 represent?

#10. Which of the following is NOT a characteristic of perfect competition?

#11. Opportunity cost is best defined as?

#12. Progressive income tax can be expressed as

#13. When a nation’s exports are greater than its imports

#14. unlimited liability means?

#15. One of the probable effects of an increased minimum wage in Nigeria is?

#16. If the income of a consumer rises and his demand for good X falls, good X can be described as

#17. Inflation is likely to benefit?

#18. Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?

#19. The most basic concern of economists is to?

#20. Which of these statement is NOT true of economics as a discipline?

#21. An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?

#22. An equilibrium price?

#23. Government budget can be described as the sum of?

#24. An economy in which both the public and the private sectors contribute substantially to the growth of output is?

#25. Which is NOT an important factor responsible for high concentration of population in some part of Nigeria?

#26. Prohibiting the sale of lace materials in Nigeria would probably lead to?

#27. Which of the following is NOT a visible item on international trade payment?

#28. Elasticity of demand is given by

#29. If a commodity has many substitutes, it is most likely that?

#30. Which of the following statement does NOT describe a situation of perfect competition.?

#31. Surplus in balance of payment leads to?

#32. Which of the following does NOT belong in respect of the quantity of money?

#33. Indirect taxes are taxes?

#34. The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?

#35. Which of the following statement is NOT true about agriculture in West Africa?

#36. The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?

#37. Economics may be defined as?

#38. The function of moneyas a standard of deferred payments

#39. Which of the following is NOT a major function of a Central Bank?

#40. Summary of product condition in countries i and iiAmount of labour days, cocoa(tons) Cloth(tons) Country i 200 600 900 Country ii 200 300 800 From the above table, we can correctly say in respect of international trade that

#41. The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect

#42. Invisible trade refers to trade in?

#43. Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?

#44. Two goods, X and Y, are said to be complementary when?

#45. Which of the following is NOT true about specialization or division of labour?

#46. Money becomes a very poor store of value in a period of

#47. Government in West Africa countries engage in running a number of enterprises because ?

#48. Choice arises because of scarcity of resources’,In discussing this statement, Which of the following is NOT correct?

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