Economics Past Questions For JAMB/WAEC/NECO Students V2

Economics Past Questions For JAMB/WAEC/NECO Students V2; These Economics questions are for students who are sitting for the following examinations:

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WAEC GCE
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NABTEB GCE

Economics Past Questions For JAMB/WAEC/NECO Students V2

Results

#1. The quantity supplied of a commodity increases while

A) production incraases

B) demand increses

C) price of the commodity increases

D) population of the country increases

E) more commodites are imported Related

#2. The burden of tax on a commodity whose demand is infinitely inelastic

A) is zero

B) will be borne by the seller alone

C) will be borne by the buyer alone

D) will be borne by both buyer and seller

E) is impossible to tell who bears it

#3. The pre-dominance of non-working housewives and maids in West Africa

A) will understate the national income of the countries

B) will overstate the national income of the countries

C) will lead to constant per capita income over the years

D) will lead to balance of payment deficits

E) will cause unfavourable terms of trade

#4. Inflation can be curbed by

A) increasing aggregate demand

B) paying higher wages

C) increasing government expenditure

D) reducing aggregate demand

E) a deficit budget

#5. In most cases the marginal utility derived from a particular good

A) increases as additional units are consumed

B) increases at a decreasing rate as additional units are consumed

C) decreases at a constant rate as additional units are consumed

D) decreases as additional units are consumed

E) remains constant as additional units are consumed

#6. Infant industries are

A) a baby food and a baby clothing factories

B) those which are introducing new products

C) cases of arrested development

D) industries temporarily protected by tariff barriers until mature enough to compete on world markets

E) industries that are allowed to remain permanent cases of adolescence

#7. The price mechanism

A) regulates supply and demand

B) rations the consumers

C) rewards the producers

D) allocates scarce resources

E) does all of the above

#8. When marginal cost equals marginal revenue of products

A) the firms is producing at a loss

B) the firm is at a break-even point

C) the firm is making the least profit

D) the supplementary cost of the firm is highest

E) the firm has maximum profit

#9. Disposable income equals

A) personal income less business profits

B) personal inome minus taxes and subsidies

C) national income less borrowing from abroad

D) national income plus transfer of payments

E) personal income less taxes plus subsidies

#10. What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices?

A) Free market

B) Perfectly competitive market

C) Controllled market

D) Stock exchange market

E) Open market

#11. A typical corporate form of business organization is owned by

A) President of a country

B) Shareholders

C) The general manager and the executives

D) A local government

E) Foreigners and citizens of the country

#12. which of the financial institutions cannot direct tax loans to individuals?

A) The agricultural bank

B) The Industrial bank

C) The central bank

D) The Co-operative bank

E) The Standard bank

#13. An ad valorem tax means

A) total amount of an income tax

B) a certain percentage on the value of a commodity

C) a certain percentage tax on the volume of commodity

D) a tax on capital gain

E) a profit tax

#14. The foreign exchange rate of a country is

A) the interest rate fixed by the central bank

B) the price of one national currency in terms of another

C) the rate at which the central bank issues money

D) the rate of interest on government bonds

E) None of the above

#15. The 'terms of trade' means

A) the trade agreement between two countries

B) the difference in the volumes of exports of two countries

C) the value of a unit of export in relation to the value of a unit of import

D) the production of total value of exports to the value of total trade

E) None of the above

#16. Which is the most liquid of the following financial assets held by an individual

A) Outstanding balance on the current account of a commercial bank

B) A credit balance on a savings account

C) A crossed postal order

D) An insurance policy

E) All of the above

#17. The proportion of currency in the money supply

A) is higher in developing countries than advanced countries

B) is lower in developing countries than advanced countries

C) is the same in both developing and advanced countries

D) grows as the economy develope

E) none of the above

#18. If a government is running deficit, this means

A) A term of trade are unfavourable

B) more project cannot be undertaken

C) Tax inflow is greater than expenditure

D) aggregate demand is greater than aggregate supply

E) tax inflow is less than expenditure

#19. Pure monopoly describes market where

A) there are many sellers and a few buyers

B) goods are sold at different price

C) entry is not blocked, but no one cares to enter

D) a few sellers and one buyer exist

E) None of the above

#20. Which of the following assets of the commercial bank does not yield revenue?

A) Money in the tills of the bank

B) money at call

C) Treasury certificates

D) Treasury bills

E) Bills of exchange

#21. Which of the following is not a component of national income at factor cost?

A) Wages earned by doctor

B) Rent paid to landlords

C) Indirect tax

D) Undistributed company profits

E) Interest on loan

#22. Net national income is

A) Gross national income minus depreciation

B) gross domestic product plus net income from abroad

C) nominal national income divided by the price level

D) gross national income divided by the total population

E) gross national product plus subsidies minus indirect taxes

#23. If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is

A) Progressive

B) Indirect

C) Regressive

D) Proportional

E) None of the above

#24. Which of the following is not an asset of a commercial bank?

A) cash

B) money at call

C) treasury bills

D) reserve funds

E) loans and over-draft

#25. The lowering of the exchange rate between country's currency and other currencies is known as

A) the foreign exchange rate

B) deflation

C) exchange control

D) the law of comparative advantage

E) None of the above

#26. When the average physical product curve is rising the marginal physical product is Options

A) below it

B) above it

C) falling

D) zero

#27. The value of money is generally measured in reference to

A) the interest rate charged on bank loans

B) the general price level

C) the size of countries gold stock

D) the level of economic development in a country

E) the price of stocks and shareson the stock exchange

#28. If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is

A) zero

B) 1

C) 2

D) 5

E) 10

#29. The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as

A) visible trade

B) invisible trade

C) balance of payments

D) balance of trade

E) terms of trade

#30. Which of the following type of capital is not rewarded by means of dividends?

A) Ordinary shares

B) Preference shares

C) cummulative shares

D) participating preference shares

E) depentures

#31. Which of these is not usually the function of a wholesaler?

A) Transport

B) Storage

C) Advertising

D) After-sale services

E) Branding

#32. Which of the following is not an indirect tax?

A) excise duty

B) company tax

C) import duty

D) export duty

E) sales tax

#33. Average cost is

A) the total cost of production

B) the extra cost of producing one additional unit of output

C) cost of producing a unit of output

D) variable cost

E) overhead cost

#34. opportunity cost is the

A) price of scarce goods

B) resources required for making a commodity

C) cost of luxury goods

D) accrual of financial loses by chance

E) althernative forgone in other to satisfy a want

#35. The quantity supplied of a commodity increases best when

A) Production increases

B) Demand increases

C) Price of the commodity increases

D) Population of the country increases

E) More commodities are imported

#36. The country will be over populated when

A) the rate of birth is high

B) the death rate is low

C) the growth rate is high

D) population is increasing more than resources in the country

E) unemployement is high in the country

#37. which of these alternative is wrong? central banks are

A) bankers to the government

B) bankers to commercial banks

C) merchant banks

D) controllers and regulators of money supply

E) issuers of bank note

#38. The principle of comparative advantage or comparativecost is NOT based on one of the following assumptions

A) there are restrictions in trade

B) there are no cost of transportations

C) ther is perfect competition

D) there are no tariff or import and export quota

E) there are only two countries and only two commodities entering into international trade

#39. Which of the following is not a direct tax?

A) company income tax

B) capital tax

C) purchase tax

D) personal income tax

E) capital gain tax

#40. Division of labour means

A) dividing the labour into different categories

B) splitting the process of production into different parts to be completed by each person

C) dividing the goods and services into different sections

D) assigning different duties to labourers

E) group of labourers working in a factory or shop

#41. By utility we mean Options

A) usefulness

B) power of satisfying a want

C) beneficial

D) advantageous

E) consumable

#42. If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called

A) composite demand

B) elastic demand

C) derived demand

D) competitive demand

E) inelastic demand

#43. when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following

A) a fall in income

B) a rise in the price of a complement

C) a fall in the price of substitute

D) a change in taste against this commodity

E) none of the above

#44. When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as

A) elastic supply

B) joint demand

C) excess supply

D) derived demand

E) none of the above

#45. The central bank controls the activities of other banks by all but one of the following

A) The use of bank rate

B) The purchase or sale of government bonds on the open market

C) special deposite

D) the use of directives

E) taxation

#46. which of the following is not true about occupational distribution of the labour force of West Africa?

A) A large percentage of the labour force is engaged in agriculture

B) Agriculture is the most important occupation in West Africa

C) The manufacturing sector employs a large percentage of the population

D) Agriculture does not constitute an important source of paid employment

E) The public sector forms an important source of paid employment

#47. Which of the following is not true of the theory of optimum population?

A) It is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors

B) The quantity of labour which combined with the other factors gives the minimum output is known as optimum population

C) The quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population

D) The test for over-population is whether it exceed the optimum

E) It is possible for a thinly populated country to be over populated if it has a poor supply of other factor

#48. Production covers all but one of the following activities:

A) changing the position of a good in time as, for example, holding stock of goods until they are required

B) the provision of some kind of service e.g retailing

C) changing the form of a good from the raw material to the finished product

D) changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt

E) the use of good and services to satisfy individual wants

#49. Production covers all but one of the following activities:

A) changing the position of a good in time as, for example, holding stock of goods until they are required

B) the provision of some kind of service e.g retailing

C) changing the form of a good from the raw material to the finished product

D) changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt

E) the use of good and services to satisfy individual wants

#50. Which of the following is not an asset of a commercial bank?

A) cash

B) money at call

C) treasury bills

D) reserve funds

E) loans and over-draft

Finish

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Economics Past Questions For JAMB/WAEC/NECO Students V2

Economics Past Questions For JAMB/WAEC/NECO Students V2

Results

#1. The quantity supplied of a commodity increases while

#2. The burden of tax on a commodity whose demand is infinitely inelastic

#3. The pre-dominance of non-working housewives and maids in West Africa

#4. Inflation can be curbed by

#5. In most cases the marginal utility derived from a particular good

#6. Infant industries are

#7. The price mechanism

#8. When marginal cost equals marginal revenue of products

#9. Disposable income equals

#10. What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices?

#11. A typical corporate form of business organization is owned by

#12. which of the financial institutions cannot direct tax loans to individuals?

#13. An ad valorem tax means

#14. The foreign exchange rate of a country is

#15. The 'terms of trade' means

#16. Which is the most liquid of the following financial assets held by an individual

#17. The proportion of currency in the money supply

#18. If a government is running deficit, this means

#19. Pure monopoly describes market where

#20. Which of the following assets of the commercial bank does not yield revenue?

#21. Which of the following is not a component of national income at factor cost?

#22. Net national income is

#23. If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is

#24. Which of the following is not an asset of a commercial bank?

#25. The lowering of the exchange rate between country's currency and other currencies is known as

#26. When the average physical product curve is rising the marginal physical product is Options

#27. The value of money is generally measured in reference to

#28. If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is

#29. The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as

#30. Which of the following type of capital is not rewarded by means of dividends?

#31. Which of these is not usually the function of a wholesaler?

#32. Which of the following is not an indirect tax?

#33. Average cost is

#34. opportunity cost is the

#35. The quantity supplied of a commodity increases best when

#36. The country will be over populated when

#37. which of these alternative is wrong? central banks are

#38. The principle of comparative advantage or comparativecost is NOT based on one of the following assumptions

#39. Which of the following is not a direct tax?

#40. Division of labour means

#41. By utility we mean Options

#42. If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called

#43. when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following

#44. When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as

#45. The central bank controls the activities of other banks by all but one of the following

#46. which of the following is not true about occupational distribution of the labour force of West Africa?

#47. Which of the following is not true of the theory of optimum population?

#48. Production covers all but one of the following activities:

#49. Production covers all but one of the following activities:

#50. Which of the following is not an asset of a commercial bank?

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