Economics Past Questions For JAMB/WAEC/NECO Students V31

Economics Past Questions For JAMB/WAEC/NECO Students V31; These Economics questions are for students who are sitting for the following examinations:

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

Economics Past Questions V31 (JAMB/WAEC/NECO)

Results

Good Job.

Try Again.

#1. From the diagram, determine the profit-maximizing output

A) 600

A) 600

B) 800

B) 800

C) 900

C) 900

D) 1000

D) 1000

#2. Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0 25P.Qs is the quantity supplied and P is price. Determine the quantity supplied when price per litre is N30

A) 50litres

A) 50litres

B) 32.5litres

B) 32.5litres

C) 30litres

C) 30litres

D) 35litres

D) 35litres

#3. What would encourage the growth of international division of labour?

A) Improvement in transport system

A) Improvement in transport system

B) Instability in international exchange rate

B) Instability in international exchange rate

C) Restrictions on the movement of resources

C) Restrictions on the movement of resources

D) increase in tariff

D) increase in tariff

#4. The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price

A) N4

A) N4

B) N8

B) N8

C) N2

C) N2

D) N10

D) N10

#5. The practice of selling goods overseas and often below the cost of production is known as

A) retailing

A) retailing

B) dumping

B) dumping

C) internal trade

C) internal trade

D) advertising

D) advertising

#6. In a situation when a firm is operating in a perfectly competitive firm and the total cost is given perfectly competitive firm and the total cost is given as N75.00. If the market price is N7.00 determine the profit. When 25 units are produced

A) N75.00

A) N75.00

B) N100

B) N100

C) N175.00

C) N175.00

D) N125.00

D) N125.00

#7. The theory of comparative cost advantage is associated with

A) Adam Smith

A) Adam Smith

B) Reverend Thomas Malthus

B) Reverend Thomas Malthus

C) Professor trum fisher

C) Professor trum fisher

D) David Ricardo

D) David Ricardo

#8. In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when

A) MUX = MUA

A) MUX = MUA

B) MUX = PX

B) MUX = PX

C) PX = X

C) PX = X

D) PX = PY

D) PX = PY

#9. Which of the following could be used to measure the efficiency of labour?

A) rate of inflation

A) rate of inflation

B) input-output ratio

B) input-output ratio

C) buying more machines

C) buying more machines

D) unemployment rate

D) unemployment rate

#10. How can a firm benefit from external economies?

A) Increasing its expenditure on advertising

A) Increasing its expenditure on advertising

B) Increasing the workforce

B) Increasing the workforce

C) Locating in an area in which the industry is already established

C) Locating in an area in which the industry is already established

D) Merging with another domestic firm engaged in the same industry

D) Merging with another domestic firm engaged in the same industry

#11. A smaller industry that grows to cater for the need of the major industry is

A) subsidiary industry

A) subsidiary industry

B) constructive industry

B) constructive industry

C) manufacturing industry

C) manufacturing industry

D) infant industry

D) infant industry

#12. In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?

A) There has been an increase in the consumer’s money income

A) There has been an increase in the consumer’s money income

B) There has been a reduction in the price of both A and B

B) There has been a reduction in the price of both A and B

C) There has been no change in the price of A or B

C) There has been no change in the price of A or B

D) There has been no change in the price of A relative to the price of B

D) There has been no change in the price of A relative to the price of B

#13. The situation whereby the government of a country spends more than its budgets for a given financial year is known as

A) surplus budget

A) surplus budget

B) deficit budget

B) deficit budget

C) balanced budget

C) balanced budget

D) minus budget

D) minus budget

#14. The total stock of money available for use in an economy is

A) supply of money

A) supply of money

B) value of money

B) value of money

C) demand for money

C) demand for money

D) attribute of money

D) attribute of money

#15. What does the accelerator principles state?

A) Consumption is a function of the rate of change of income

A) Consumption is a function of the rate of change of income

B) income is a function of the rate of change of investment

B) income is a function of the rate of change of investment

C) Investment is a function of the rate of change of income

C) Investment is a function of the rate of change of income

D) Investment is a function of the rate of interest

D) Investment is a function of the rate of interest

#16. A major limiting factor of mass production is

A) efficient management

A) efficient management

B) adequate labour supply

B) adequate labour supply

C) small size of the market

C) small size of the market

D) adequate supply of raw materials

D) adequate supply of raw materials

#17. When elasticity is zero, demand curve is

A) perfectly elastic

A) perfectly elastic

B) perfectly inelastic

B) perfectly inelastic

C) down-ward sloping

C) down-ward sloping

D) upward sloping

D) upward sloping

#18. The term of trade can be expressed as

A) (Price index of export ÷ Price index of export)× 100

A) (Price index of export ÷ Price index of export)× 100

B) (price index of import ÷ price index of export) × 100

B) (price index of import ÷ price index of export) × 100

C) (Price index of export ÷ Price index of import)× 100

C) (Price index of export ÷ Price index of import)× 100

D) (Price index of export ÷ Price index of import)× 100

D) (Price index of export ÷ Price index of import)× 100

#19. The income of an individual increases from N150 to N250 and his consumption rate increases from N100 to N150. Calculate the Marginal Propensity to Consume

A) 2

A) 2

B) 0.4

B) 0.4

C) 1

C) 1

D) 0.5

D) 0.5

#20. The study of broad economic aggregates is

A) Macro economics

A) Macro economics

B) deductive method of economic analysis

B) deductive method of economic analysis

C) micro economics

C) micro economics

D) Inductive method of economics analysis

D) Inductive method of economics analysis

#21. Disposable income is total income

A) less tax

A) less tax

B) divided by tax

B) divided by tax

C) plus tax

C) plus tax

D) multiplied by tax

D) multiplied by tax

#22. In which of the following economic systems do we have the means of production and exchange controlled by private individuals

A) socialist system

A) socialist system

B) mixed system

B) mixed system

C) capitalist system

C) capitalist system

D) traditional system

D) traditional system

#23. Isocost and isoquant can be attributed to

A) Theory of consumer behaviour

A) Theory of consumer behaviour

B) Theory of cost

B) Theory of cost

C) Theory of production

C) Theory of production

D) Theory of value

D) Theory of value

#24. The line Y in the diagram represents

A) total cost

A) total cost

B) variable cost

B) variable cost

C) fixed cost

C) fixed cost

D) marginal cost

D) marginal cost

#25. The curve labeled II illustrates a system of taxation

A) proportional tax

A) proportional tax

B) regressive tax

B) regressive tax

C) value added

C) value added

D) progressive tax

D) progressive tax

#26. The curve labeled III illustrate a system of taxation

A) regressive tax

A) regressive tax

B) progressive tax

B) progressive tax

C) value added tax

C) value added tax

D) proportional tax

D) proportional tax

#27. What would be likely to increase inflation in any economy?

A) Increase in demand

A) Increase in demand

B) Reduce public spending

B) Reduce public spending

C) Control excessive import

C) Control excessive import

D) Increase in direct tax

D) Increase in direct tax

#28. All the following are types of specialization except

A) Manager Specialization

A) Manager Specialization

B) Product specialization

B) Product specialization

C) Specialization by sex

C) Specialization by sex

D) Geographical specialization

D) Geographical specialization

#29. A market will be at equilibrium when

A) demand and supply are equal

A) demand and supply are equal

B) demand is greater than supply

B) demand is greater than supply

C) price is higher

C) price is higher

D) supply is greater than demand

D) supply is greater than demand

#30. Which of the following will shift the demand curve for Bournvita to the right

A) a rise in price of Bournvita

A) a rise in price of Bournvita

B) an increase in income

B) an increase in income

C) a tax on cocoa producer

C) a tax on cocoa producer

D) a fall in price of Bournvita

D) a fall in price of Bournvita

#31. Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5.

A) 24

A) 24

B) 5

B) 5

C) 19

C) 19

D) 12

D) 12

#32. All the following are properties of an indifference curves except

A) it can intersect

A) it can intersect

B) it slopes downward from left to right like that of a normal demand curve

B) it slopes downward from left to right like that of a normal demand curve

C) as it shift rightward it indicate higher and higher level of satisfaction

C) as it shift rightward it indicate higher and higher level of satisfaction

D) it does not intersect

D) it does not intersect

#33. The financial institution known as a building society is

A) commercial bank

A) commercial bank

B) central bank

B) central bank

C) mortgage bank

C) mortgage bank

D) development bank

D) development bank

#34. A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is

A) supply curve

A) supply curve

B) liquidity preference

B) liquidity preference

C) Budget line

C) Budget line

D) demand curve

D) demand curve

#35. The information that rank a consumer preferences is given by

A) Scale of preference

A) Scale of preference

B) Indifference map

B) Indifference map

C) Demand schedule

C) Demand schedule

D) Supply schedule

D) Supply schedule

#36. The ownership of a public limited liability company is made up of

A) two to twenty persons

A) two to twenty persons

B) minimum of two and maximum of fifty

B) minimum of two and maximum of fifty

C) minimum of seven and no maximum number

C) minimum of seven and no maximum number

D) owner owned by the government

D) owner owned by the government

#37. The ordinalist approach of utility postulated that utility can be

A) Rank

A) Rank

B) Measurable

B) Measurable

C) Rise

C) Rise

D) Fall

D) Fall

#38. The frequent value that occurs most in a data is

A) median

A) median

B) mean

B) mean

C) mode

C) mode

D) range

D) range

#39. Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is

A) Direct

A) Direct

B) Progressive

B) Progressive

C) Regressive

C) Regressive

D) Proportional

D) Proportional

#40. Which of the following is not a type of unemployment

A) factory unemployment

A) factory unemployment

B) structural unemployment

B) structural unemployment

C) mass unemployment

C) mass unemployment

D) frictional unemployment

D) frictional unemployment

#41. The technical relationship between the physical inputs and the physical outputs of a firm is

A) Utility

A) Utility

B) Cost

B) Cost

C) Demand

C) Demand

D) Production function

D) Production function

#42. The income elasticity of demand of normal goods is

A) negative

A) negative

B) positive

B) positive

C) zero

C) zero

D) fixed

D) fixed

#43. The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct

A) E = C + I + G

A) E = C + I + G

B) E = C + I + G + M – X

B) E = C + I + G + M – X

C) E = C + I + G + X – M

C) E = C + I + G + X – M

D) E = C + I + G – T + M – X

D) E = C + I + G – T + M – X

#44. All the following are the canons of taxation given by Adam Smith except

A) objective

A) objective

B) economy

B) economy

C) convenience

C) convenience

D) certainty

D) certainty

#45. Census can be classified as

A) defacto and dejure

A) defacto and dejure

B) increasing and decreasing

B) increasing and decreasing

C) over and under

C) over and under

D) optimum

D) optimum

#46. A firm that charges the maximum price without attracting competition from new entrants is

A) Oil firms

A) Oil firms

B) Monopolistic competitive firm

B) Monopolistic competitive firm

C) Monopolistic firm

C) Monopolistic firm

D) Perfectly competitive firm

D) Perfectly competitive firm

#47. A monopolist has the power to influence the prices of goods and services. Therefore, he is a

A) price maker

A) price maker

B) price taker

B) price taker

C) price system

C) price system

D) price competition

D) price competition

#48. Which of the following business units can issue shares?

A) Partnership

A) Partnership

B) Public limited liability company

B) Public limited liability company

C) Sole proprietorship

C) Sole proprietorship

D) Central bank

D) Central bank

#49. Petroleum has the following positive contributions to the Nigerian economy except

A) Generate employment

A) Generate employment

B) Source of government revenue

B) Source of government revenue

C) development of mono economy

C) development of mono economy

D) Infrastructure development

D) Infrastructure development

Finish