Economics Past Questions For JAMB/WAEC/NECO Students V6

Economics Past Questions For JAMB/WAEC/NECO Students V6; 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 V6

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#1. Which of the following are direct taxes?

A) Sales taxes

B) Excise taxes

C) Income and company taxes

D) Tarrif duties

E) Commodity taxes

#2. In the diagram P1 S is a supply curve for a manufactured. itis shows that

A) when price is OP1 quantity supplied is infinitely elastic

B) the higher the price the greater the quantity supplied

C) the higher the price the lower the quantity supplied

D) when price is zero quantity supplied becomes infinite

E) when price is infinite quantity supplied becomes zero

#3. In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

A) Curve I

B) Curve ll

C) Curve lll

D) Curve lV

E) Curves l and lll

#4. The curves Do Do and SoSo are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

A) The supply curve will shift from SoSo to S2S2

B) The supply curve will shift from SoSo to S1S1

C) The supply curve will shift fromS 2S2 to S1S1

D) The supply curve will shift from S1S1 to SoSo

E) The demand curve will shift from DoDo to D1D1

#5. When demand is elastic, it means that consumers

A) react more proportionately to price change

B) are not sensitive to price changed

C) will stop buying when price increases

D) react less proportionately to price change

E) react equally to price change

#6. Full employment is a situation in which?

A) every adult is employed

B) all adults who can work are employed

C) all person who attained the age of 15 and above are employed

D) only the disabled are not employed

E) all those who are able and eligible can find employment

#7. Demand for a factor of production is?

A) a composite demand

B) a joint demand

C) a derived demand

D) an elastic demand

E) cross-elasticity of demand

#8. Differentiated product is the characteristic feature of?

A) perfect competition

B) pure competition

C) monopolistic competition

D) monopoly

E) oligopoly

#9. Nigeria is currently implementing the?

A) third development plan

B) second development plan

C) fourth development plan

D) fifth development plan

#10. Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?

A) money is regarded as a medium of exchange

B) measure for value

C) unit of account

D) store of value

E) standard for deferred payments

#11. Agriculture plays a dominant role in West Africa economics because

A) the green Revolution in Nigeria is agriculture

B) it supplies all the foodstuff consumed in West Africa

C) there are large plantation of cocoa, groundnut and palm oil in West Africa

D) it is the main source of revenue in Nigeria

E) it employs more than 50% of the total labour force in West Africa

#12. Which of the following defines Economics most comprehensively?

A) Buying and selling

B) Organization and Industries

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

D) National development planning and budgeting

E) Banking and Insurance

#13. Age-structure in Nigeria is such that the working age-group is in the years

A) 1-15

B) 15-65

C) 30-40

D) 40-65

E) 65 and above

#14. NEPA as a public corporation is?

A) a power generating industry in Nigeria

B) organized in a perfect competitive market

C) a duopoly

D) a monopolistically competitive industry

E) a monopoly

#15. A major function of middlemen in Nigeria is the distribution of?

A) commodities to all consumers regardless of income

B) commodities to consuming centres and the collection of money income to producing centres

C) economic welfare to all

D) wealth to all

E) poverty within the society

#16. When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages?

A) More capital is provided

B) Price policy may be the interest of consumers

C) Government workers may be indifferents towards the public

D) Infrasturcture are rapidly developed

E) income may be more evenly distributed

#17. Which of the following is NOT an advantage of localization of industries?

A) Reaping of external economies

B) Development of a pool or skilled labour for industry

C) Development of subsidiary industries

D) Development of organized markets

E) Growth of conurbations

#18. The monetary system that requires double coincidence of want is known as?

A) the gold standard

B) barter

C) the commodity system

D) the gold exchange standard

E) the cheque system

#19. The effect of emigration on a country's population, all other things remaining equal, is to

A) increase its size

B) cause overpopulation

C) increase its growth rate

D) reduce the proportion of children

E) reduce its size

#20. Petroleum 'glut' in international trade means

A) a fall in petroleum production

B) an over supply of petroleum

C) a higher petroleum price offered by the buyer

D) a higher petroleum price demanded by the seller

E) higher prices for the consumtion of petroleum

#21. International trade is necessary because?

A) no country can live in economic isolation

B) different countries are differently endowed in natural and man-made resources

C) some countries have comparative costs advantage in the production of particular commodities over other countries

D) the word demand for and supply of various categories of commodities is expanding very fast

E) countries want to build up their foreign exchange reservers

#22. Mono production economies are those that?

A) have a rich cultural heritage

B) produces only raw materials

C) live from the export of their raw product

D) produce one main commodities

E) specialized in agricultral industries

#23. The quickest way of achieving an economic union on regional basis is to remove all?

A) currency barriers

B) language barriers

C) politcal barriers

D) customs barriers

E) legal barriers

#24. If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?

A) land and related factors

B) abundance of natural resources

C) level of human capital

D) technical progress or other factors

E) the discipline of political leadership

#25. In the event of a limited liability company going into liquidation each

A) shareholder may lose the maximum of the amount he has invested

B) shareholder loses nothing

C) shareholders loses everything including his house

D) shareholder''s liability becomes unlimited

E) shareholder will lose the amount he has invested plus a proportion of his bank account

#26. A greater burden of the taxes on essential goods is borne by the?

A) middle income group

B) higher income group

C) lower income group

D) people falling between the middle and higher income groups

E) top few richest people of the country

#27. Comparative cost doctrine of international trade means specialization in production

A) according to absolute cost advantage

B) according to absolute cost disadvantage

C) according to comparative cost disadvantage

D) according to comparative cost advantage

E) on the basis of the availability of labour

#28. The meaning of 'Dumping' is selling goods in a foreign market

A) at a low price that recieved in the home market

B) at a price higher than that recieved in the foreign market

C) at a price equal to the cost price in the home market

D) in order to encourage indigenous producers

E) at a price equal to the selling price in the home market

#29. Disequilibrium in the balance of payment means?

A) imports of the country exceeding its exports

B) overall deficit or surplus in the current account and capital account of the balance of payment

C) capital flowing out of the country exceeds the capital flowing into the country

D) deficit in the trade balance

E) export earnings exceeds cost of imports

#30. Which of the following enterprises does NOT pursue the sole objective of profit maximization?

A) Roads of Nigeria Ltd

B) Union Bank of Nigeria Ltd

C) Nigeria Electric Power Authority

D) Volkswagen (VW) Nigeria Ltd

E) Kingsway Nigeria Ltd

#31. Public expenditure creates expansionary effects in the economy when it is

A) in excess of government revenune

B) channelled into capital products

C) diverted into imports

D) financed through part of the year's total collected of taxes

#32. The maintenance of general economic stability in the country necessarily relies heavily on?

A) federal fiscal policy

B) coordinated federal, state and local fiscal policies

C) tax and revenue policies of state governments

D) federal grants to state and local government

E) federal grants to local governments

#33. The supply of loanable funds is significantly influenced by?

A) commercial banks

B) mortage banks

C) financial intermediaries

D) the Central Bank

E) insurance companies

#34. Division of labour has many advantages . Not withstanding, it is greatly limited by?

A) monotony of work

B) decline of craftmanship

C) risk of unemployment

D) extent of market demand

E) boredom

#35. Palm oil industry is located in Bendel State because the State?

A) imports raw material for palm oil Industry

B) is a palm tree growing area

C) soil is unsuitable for other crops

D) government does engage land for other crops

E) land is suitable for oil

#36. The meaning of ‘wage-price spiral’ is?

A) demand pull and cost push inflation pulling each other in different director

B) demand pull and cost push inflation intensifying each other

C) both of them bringing about a reduction in the price level

D) that demand pull and cost push inflation increases employment

E) that wages and prices are rising at a proportional rate

#37. In an inflationary period which of the following statements is NOT true?

A) Wages rise simultaneously with prices

B) The purchasing power of money diminishes

C) More money runs after a limited quantity of goods

D) Money supply increases

E) Aggregate real demand exceeds aggregate real supply

#38. Retailers in an economy perform the function of

A) production

B) exchange

C) distribution

D) horading

E) investment

#39. In a sole proprietorship, the decisions are made by the?

A) governmnet

B) borad of directors

C) management

D) shareholders'conference

E) owner

#40. Production possibilities(alternatives) P Q R S T Units of shelter 5 4 3 2 0 Units of food 0 5 9 12 15 Basedon the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

A) one unit of shelter

B) three units of shelter

C) one third of a unit of shelter

D) six units of shelter

E) two units of shelter

#41. The concept of economic efficiency primary refers to?

A) obtaining the maximum output from available resources at the lowest cost

B) conservation of our petroleum resources

C) equity in the distribution of the nation's wealth

D) producing without waste

E) the limited wants-unlimited resources dilemma

#42. If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?

A) the productivity of labour

B) the law of diminishing marginal

C) the law diminishing returns

D) the concept of factor intensity

E) labour intensive production

#43. A Nigerian household's demand curve for semovita is downward because?

A) the demand for semovita is high

B) the loal markets are flooded with semovita

C) it is produced in Nigeria

D) every household can afford to buy semovita

E) higher prices attract lower quantities while lower prices attract larger quantities

#44. Marginal cost curve intersects average cost curve ?

A) from above at its lowest point

B) from below before the lowest point

C) from below at its lowest point

D) from below after the lowest point

E) at zero point

#45. Which of the following is NOT include in measuring national income by the income approach?

A) Wages and salaries of public servant

B) student grants and scholarship

C) Profit of companies

D) income earned by self employed persons such as lawyers

E) Rents on property

#46. A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?

A) both price and quantity will increased

B) only price increases

C) only quantity increases

D) the price remains constant

E) the price falls

#47. Which of thefollowing items is NOT an argument for locating industries in rural areas?

A) Rural areas supply agricultural raw material

B) The pace of development will be quickened in rural areas

C) Employment will be provided for rural inhabitants

D) Capital is easily available in rural areas

E) Suitable humid climate is sometimes found in rural areas

#48. The natural growth rate of a population is the

A) sum of the birth rate and the death rate

B) sum of the birth rate and the net migrate rate

C) birth rate minus death rate

D) birth rate divided by the net migration

E) death rate minus the net imgration

#49. Which of the following sets fully represents factors of production?

A) Sunlight, machinery, man , land,

B) Land, labour, capital, enterprise, technology

C) Capital, technology, idaes, markets, land

D) Land, water, weather

E) Money, market , middlemen

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Economics Past Questions For JAMB/WAEC/NECO Students V6

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Economics Past Questions For JAMB/WAEC/NECO Students V6

Economics Past Questions For JAMB/WAEC/NECO Students V6

Results

#1. Which of the following are direct taxes?

#2. In the diagram P1 S is a supply curve for a manufactured. itis shows that

#3. In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

#4. The curves Do Do and SoSo are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

#5. When demand is elastic, it means that consumers

#6. Full employment is a situation in which?

#7. Demand for a factor of production is?

#8. Differentiated product is the characteristic feature of?

#9. Nigeria is currently implementing the?

#10. Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?

#11. Agriculture plays a dominant role in West Africa economics because

#12. Which of the following defines Economics most comprehensively?

#13. Age-structure in Nigeria is such that the working age-group is in the years

#14. NEPA as a public corporation is?

#15. A major function of middlemen in Nigeria is the distribution of?

#16. When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages?

#17. Which of the following is NOT an advantage of localization of industries?

#18. The monetary system that requires double coincidence of want is known as?

#19. The effect of emigration on a country's population, all other things remaining equal, is to

#20. Petroleum 'glut' in international trade means

#21. International trade is necessary because?

#22. Mono production economies are those that?

#23. The quickest way of achieving an economic union on regional basis is to remove all?

#24. If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?

#25. In the event of a limited liability company going into liquidation each

#26. A greater burden of the taxes on essential goods is borne by the?

#27. Comparative cost doctrine of international trade means specialization in production

#28. The meaning of 'Dumping' is selling goods in a foreign market

#29. Disequilibrium in the balance of payment means?

#30. Which of the following enterprises does NOT pursue the sole objective of profit maximization?

#31. Public expenditure creates expansionary effects in the economy when it is

#32. The maintenance of general economic stability in the country necessarily relies heavily on?

#33. The supply of loanable funds is significantly influenced by?

#34. Division of labour has many advantages . Not withstanding, it is greatly limited by?

#35. Palm oil industry is located in Bendel State because the State?

#36. The meaning of ‘wage-price spiral’ is?

#37. In an inflationary period which of the following statements is NOT true?

#38. Retailers in an economy perform the function of

#39. In a sole proprietorship, the decisions are made by the?

#40. Production possibilities(alternatives) P Q R S T Units of shelter 5 4 3 2 0 Units of food 0 5 9 12 15 Basedon the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

#41. The concept of economic efficiency primary refers to?

#42. If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?

#43. A Nigerian household's demand curve for semovita is downward because?

#44. Marginal cost curve intersects average cost curve ?

#45. Which of the following is NOT include in measuring national income by the income approach?

#46. A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?

#47. Which of thefollowing items is NOT an argument for locating industries in rural areas?

#48. The natural growth rate of a population is the

#49. Which of the following sets fully represents factors of production?

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