Economics Past Questions For JAMB/WAEC/NECO Students V33

Economics Past Questions For JAMB/WAEC/NECO Students V33; 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 V33 (JAMB/WAEC/NECO)

Results

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#1. Which of the following is NOT a source of government revenue?

A) Grants, aids and borrowing

A) Grants, aids and borrowing

B) Taxes, fees, licenses and fines

B) Taxes, fees, licenses and fines

C) Interest, dividends, profits and earnings

C) Interest, dividends, profits and earnings

D) personal income, disposable income and transfer earnings

D) personal income, disposable income and transfer earnings

#2. Which of these is a type of partnership in business?

A) Limited partnership

A) Limited partnership

B) limited liability company

B) limited liability company

C) private partnership

C) private partnership

D) joint stock partnership

D) joint stock partnership

#3. Which of the following is an indirect tax?

A) Poll tax

A) Poll tax

B) personal income tax

B) personal income tax

C) Company tax

C) Company tax

D) excise duties

D) excise duties

#4. Localization of industry is encouraged because of ________

A) low interest charges on loans

A) low interest charges on loans

B) improvements in infrastructure

B) improvements in infrastructure

C) low foreign exchange rate

C) low foreign exchange rate

D) high standard of living

D) high standard of living

#5. Which of the following is correct?

A) Traditional budgeting focuses on goals and objectives

A) Traditional budgeting focuses on goals and objectives

B) Zero based budgeting produces a single level of appropriation for an activity

B) Zero based budgeting produces a single level of appropriation for an activity

C) Traditional budgeting starts with last year’s funding appropriation

C) Traditional budgeting starts with last year’s funding appropriation

D) Zero based budgeting does not systematically consider alternatives to current operations

D) Zero based budgeting does not systematically consider alternatives to current operations

#6. ∑ f ( x − x ˉ ) N is a formula used to calculate ____________

A) variance

A) variance

B) the quartile

B) the quartile

C) standard deviation

C) standard deviation

D) mean deviation

D) mean deviation

#7. Completely competitive market exist when each member is a —

A) price maker

A) price maker

B) price taker

B) price taker

C) price seeker

C) price seeker

D) a and b

D) a and b

#8. Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20

A) 36.60

A) 36.60

B) 22.00

B) 22.00

C) 30.60

C) 30.60

D) 26.00

D) 26.00

#9. A partnership sourcing for funds to expand its business would approach _______

A) a central bank

A) a central bank

B) a money market

B) a money market

C) an insurance

C) an insurance

D) a stock exchange

D) a stock exchange

#10. Opportunity cost helps the government to:

A) Distribute money to citizens

A) Distribute money to citizens

B) support better production

B) support better production

C) remove competition

C) remove competition

D) prepare budget

D) prepare budget

#11. Cost - push inflation occurs when_______

A) production cost is high

A) production cost is high

B) government embarks on deficits financing

B) government embarks on deficits financing

C) factors decrease

C) factors decrease

D) there is too much in circulation

D) there is too much in circulation

#12. The basic principle of cooperative societies is to ________

A) maintain the integrity of their members

A) maintain the integrity of their members

B) protect the interest and pursue the welfare of members

B) protect the interest and pursue the welfare of members

C) ensure better working conditions for members

C) ensure better working conditions for members

D) provide voluntary services to the members

D) provide voluntary services to the members

#13. Which of the following institutions does not operate in the money market?

A) central bank

A) central bank

B) mortgage banks

B) mortgage banks

C) money deposit banks

C) money deposit banks

D) insurance companies

D) insurance companies

#14. Other products gotten from Petroleum include the following EXCEPT:

A) Rubber

A) Rubber

B) fuel

B) fuel

C) paints

C) paints

D) insecticides

D) insecticides

#15. Which of the following is NOT illustrated by the production possibility curve

A) Risk

A) Risk

B) Scarcity

B) Scarcity

C) Opportunity cost

C) Opportunity cost

D) Allocative efficiency

D) Allocative efficiency

#16. Which of the following statement is TRUE about ECOWAS?

A) The aim of ECOWAS is to ensure economic stability

A) The aim of ECOWAS is to ensure economic stability

B) Bigger state in the community dominate the small state

B) Bigger state in the community dominate the small state

C) Members of the ECOWAS community can form cartel and create monopolies

C) Members of the ECOWAS community can form cartel and create monopolies

D) English is the only official language of ECOWAS

D) English is the only official language of ECOWAS

#17. The equilibrium price clears the market; it is the price at which___________

A) Everything is sold

A) Everything is sold

B) Buyers spend all their money

B) Buyers spend all their money

C) Excess demand is zero

C) Excess demand is zero

D) None of the above

D) None of the above

#18. Goods sold in perfectly competitive markets are generally

A) homogenous

A) homogenous

B) intermediate and final

B) intermediate and final

C) durable and non-durable

C) durable and non-durable

D) heterogeneous

D) heterogeneous

#19. The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is

A) 6

A) 6

B) 3

B) 3

C) 4

C) 4

D) 5

D) 5

#20. One of the major causes of farmers' unstable income in Nigeria is _________

A) the effect of diseases and pests

A) the effect of diseases and pests

B) industrial pollution

B) industrial pollution

C) mining and extraction activities

C) mining and extraction activities

D) population growth

D) population growth

#21. Which of the following source of income is spectacular only to Government ?

A) Payment from business transfer

A) Payment from business transfer

B) Bonuses

B) Bonuses

C) Tax

C) Tax

D) Wages

D) Wages

#22. When the government fix the price of essential commodities, this is referred to as:

A) Price equilibrium

A) Price equilibrium

B) Price control

B) Price control

C) Demanded price

C) Demanded price

D) Asking price

D) Asking price

#23. One of the functions of the price system is that it

A) encourages high volume of production

A) encourages high volume of production

B) dictates what the citizens will consume

B) dictates what the citizens will consume

C) discourages the consumption of harmful goods

C) discourages the consumption of harmful goods

D) regulates production and consumption

D) regulates production and consumption

#24. A country's terms of trade can be improved by ____?

A) collective bargaining

A) collective bargaining

B) imposing lower export duties

B) imposing lower export duties

C) revelation of currency

C) revelation of currency

D) reducing demand for imported goods

D) reducing demand for imported goods

#25. Changing the structure of a commodity in order to increase its utility is called?

A) Time utility

A) Time utility

B) form utility

B) form utility

C) marginal utility

C) marginal utility

D) place utility

D) place utility

#26. Which of the following is not an indicator of economic growth?

A) CPI

A) CPI

B) PPI

B) PPI

C) GDP

C) GDP

D) High Level of Unemployment

D) High Level of Unemployment

#27. One of the unique features that distinguishes the perfect and imperfect market condition is _________

A) profit motive principles

A) profit motive principles

B) absence of price control board

B) absence of price control board

C) price determines production and distribution

C) price determines production and distribution

D) number of sellers and buyers

D) number of sellers and buyers

#28. In economics, the “how” or input question refers to:

A) The problem of allocating scarce resources among competing uses

A) The problem of allocating scarce resources among competing uses

B) The way in which factors of production may be combined to produce output

B) The way in which factors of production may be combined to produce output

C) The way in which a firm decides on its profit maximising rate of output

C) The way in which a firm decides on its profit maximising rate of output

D) The problem of how output is distributed among individuals and groups in society.

D) The problem of how output is distributed among individuals and groups in society.

#29. Given that ∑fx = 340 and N = 20, find the arithmetic mean.

A) 20

A) 20

B) 17

B) 17

C) 32

C) 32

D) 9

D) 9

#30. One of the reasons why Nigeria is a mono-economy is because of her _______

A) huge volume of petroleum activities in the country

A) huge volume of petroleum activities in the country

B) diversification system of economic activities

B) diversification system of economic activities

C) high demand for foreign commodities

C) high demand for foreign commodities

D) high rate of unemployment

D) high rate of unemployment

#31. Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively. Calculate the average product (AP) of the 4th unit of labour.

A) 20

A) 20

B) 13

B) 13

C) 15

C) 15

D) 10

D) 10

#32. Which of the following is NOT an instrument in the money market?

A) Treasury bill

A) Treasury bill

B) Bill of exchange

B) Bill of exchange

C) Stocks and shares

C) Stocks and shares

D) Call money fund

D) Call money fund

#33. Given that Qd = 10 - 2p whileQs = 5 + 3P, if P = N1, determine the equilibrium quantity.

A) 7

A) 7

B) 6

B) 6

C) 5

C) 5

D) 8

D) 8

#34. Which of the following is not a function of the money market?

A) Provision of finance

A) Provision of finance

B) enhance loan savings

B) enhance loan savings

C) creation of long term

C) creation of long term

D) Provision of finance

D) Provision of finance

#35. The population theory that is concerned with the cases of over population and shortage of food production is ______

A) population density

A) population density

B) Malthusian population theory

B) Malthusian population theory

C) national population theory

C) national population theory

D) demographical transition theory

D) demographical transition theory

#36. The basic aim of Economic Community of West African States is the

A) discouragement of trade among member states

A) discouragement of trade among member states

B) encouragement of revolts against former colonial masters

B) encouragement of revolts against former colonial masters

C) establishment of its headquarters in each members state

C) establishment of its headquarters in each members state

D) liberalization of trade among member states

D) liberalization of trade among member states

#37. Excess supply over demand will place a price advantage on _____

A) government

A) government

B) foreign investors

B) foreign investors

C) suppliers

C) suppliers

D) consumers

D) consumers

#38. Petro-chemical industries are located in the Rivers State of Nigeria because of ________?

A) favourable soil

A) favourable soil

B) coal deposit

B) coal deposit

C) crude oil deposit

C) crude oil deposit

D) favourable climate

D) favourable climate

#39. The bowed shape of the Production possibilities curve illustrates _________

A) that production is inefficient

A) that production is inefficient

B) that demand is relatively inelastic

B) that demand is relatively inelastic

C) that production is unattainable

C) that production is unattainable

D) the law of increasing marginal cost

D) the law of increasing marginal cost

#40. Which of the following is an indicator of economic growth?

A) High tax rate

A) High tax rate

B) Technology development

B) Technology development

C) High gross domestic product

C) High gross domestic product

D) High interest rate

D) High interest rate

#41. The graph above represents

A) a decrease in quantity supplied

A) a decrease in quantity supplied

B) an increase in supply

B) an increase in supply

C) a decrease in supply

C) a decrease in supply

D) an increase in quantity supplied

D) an increase in quantity supplied

#42. The law of diminishing marginal utility states:

A) The supply curve slopes downward

A) The supply curve slopes downward

B) Your utility grows at a slower and slower rate as you consume more and more unit of a good.

B) Your utility grows at a slower and slower rate as you consume more and more unit of a good.

C) The elasticity of demand is infinite

C) The elasticity of demand is infinite

D) None of the above

D) None of the above

#43. A firm owned and managed by a family is an example of ______?

A) joint stock exchange

A) joint stock exchange

B) cooperative society

B) cooperative society

C) sole proprietorship

C) sole proprietorship

D) partnership

D) partnership

#44. Which modal of the factor is inelastic?

A) Wages

A) Wages

B) capital

B) capital

C)labour

C)labour

D) land

D) land

#45. Which of the following budgets will increase government expenditure?

A) zero base budget

A) zero base budget

B) surplus budget

B) surplus budget

C) deficit budget

C) deficit budget

D) balanced policy

D) balanced policy

#46. The economic questions about what and how to produce in an economy is solely answered by the _______?

A) government

A) government

B) labour union

B) labour union

C) private and public enterpriser

C) private and public enterpriser

D) system of economy practised

D) system of economy practised

#47. The following are Methods of measuring National Income of a country EXCEPT; ?

A) Expenditure method

A) Expenditure method

B) Consumption method

B) Consumption method

C) Input Method

C) Input Method

D) Output method

D) Output method

#48. The production within the domestic territory of a country is called the

A) net national product

A) net national product

B) gross domestic product

B) gross domestic product

C) net income

C) net income

D) disposable income

D) disposable income

E) gross national product

E) gross national product

#49. A major liability of a commercial bank arises from

A) Customer's deposits

A) Customer's deposits

B) Loans and advances

B) Loans and advances

C) Overdrafts

C) Overdrafts

D) Staff allowances

D) Staff allowances

Finish