Economics Past Questions For JAMB/WAEC/NECO Students V18; These Economics questions are for students who are sitting for the following examinations:

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• NABTEB GCE

Economics Past Questions V18 (JAMB/WAEC/NECO)

Results

#1. The magnitude of the national income of a country depends on all the following except the

A) quantity of natural resources available

A) quantity of natural resources available

B) level of technical know-how

B) level of technical know-how

C) mobility of labour

C) mobility of labour

D) level of productivity

D) level of productivity

E) quality and quantity of factors of production

E) quality and quantity of factors of production

#2. The Quantity Theory of Money state that an increase in the quantity of money would bring about

A) a geometrical rise in price

A) a geometrical rise in price

B) an unequal rise in prices

B) an unequal rise in prices

C) a proportionate rise in prices

C) a proportionate rise in prices

D) an absolute rise in prices

D) an absolute rise in prices

E) a less that proportionate increase in prices

E) a less that proportionate increase in prices

#3. Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a visa for a period of

A) 14 days

A) 14 days

B) 30 days

B) 30 days

C) 60 days

C) 60 days

D) 90 days 100 days

D) 90 days 100 days

#4. Under normal circumstances, a producer will bear the entire burden of taxation on his output if the

A) supply of his goods is more elastic than the demand

A) supply of his goods is more elastic than the demand

B) demand for his products is completely elastic

B) demand for his products is completely elastic

C) production of his commodity is subject to diminishing returns

C) production of his commodity is subject to diminishing returns

D) demand for his products is more elastic than the supply

D) demand for his products is more elastic than the supply

E) demand for his products is completely elastic

E) demand for his products is completely elastic

#5. Limited liability means that

A) the debt of a company can only be paid from its own assets

A) the debt of a company can only be paid from its own assets

B) the debts of a company are paid from business as well as private funds of the owners

B) the debts of a company are paid from business as well as private funds of the owners

C) a company does not have to pay its debts

C) a company does not have to pay its debts

D) the debts of a company must be paid from a private funds only

D) the debts of a company must be paid from a private funds only

E) government cannot tax a company

E) government cannot tax a company

#6. Factory buildings, machinery and raw materials are known in Economics as

A) personal wealth

A) personal wealth

B) social wealth

B) social wealth

C) government wealth

C) government wealth

D) business wealth

D) business wealth

E) public wealth

E) public wealth

#7. Abstention from consumption enables capital to be produced . Such abstention is called

A) savings

A) savings

B) production

B) production

C) accumulation

C) accumulation

D) factors of production

D) factors of production

E) opportunity cost

E) opportunity cost

#8. Tax evasion in Economics means

A) false declaration od assets

A) false declaration od assets

B) paying tax only as and when due

B) paying tax only as and when due

C) declaration of assets

C) declaration of assets

D) tax payments according to income received

D) tax payments according to income received

E) quarrelling with tax collector

E) quarrelling with tax collector

#9. Foreign exchange control in Nigeria is enforced by the

A) Commercial banks

A) Commercial banks

B) Merchant banks

B) Merchant banks

C) Mortgage banks

C) Mortgage banks

D) Central banks

D) Central banks

E) Agricultural development banks

E) Agricultural development banks

#10. The difference between the number of immigrants and emigrants is

A) internal mobility

A) internal mobility

B) internal migration

B) internal migration

C) net migration

C) net migration

D) marginal migration

D) marginal migration

E) external migration Related

E) external migration Related

#11. The difference between the number of immigrants and emigrants is

A) internal mobility

A) internal mobility

B) internal migration

B) internal migration

C) net migration

C) net migration

D) marginal migration

D) marginal migration

E) external migration

E) external migration

#12. Risk bearing and managerial control are the main function of the

A) managing director

A) managing director

B) manager

B) manager

C) entrepreneur

C) entrepreneur

D) chief excecutive

D) chief excecutive

#13. Risk bearing and managerial control are the main function of the

A) managing director

A) managing director

B) manager

B) manager

C) entrepreneur

C) entrepreneur

D) chief excecutive

D) chief excecutive

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

A) productivity of labour

A) productivity of labour

B) law of diminishing marginal utility

B) law of diminishing marginal utility

C) law of diminishing returns

C) law of diminishing returns

D) law of diminishing returns of a variable factors

D) law of diminishing returns of a variable factors

E) internal economies of sales

E) internal economies of sales

#15. When a firm's total revenue is at the maximum , marginal revenue is

A) at the maximum

A) at the maximum

B) negative

B) negative

C) zero

C) zero

D) positive

D) positive

E) constant

E) constant

#16. The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the

A) allowance for total depreciation

A) allowance for total depreciation

B) total interest payment

B) total interest payment

C) net income from abroad

C) net income from abroad

D) total tax and interest payment

D) total tax and interest payment

#17. one of the function of a commercial bank is that it

A) is responsible for formulating monetary policies

A) is responsible for formulating monetary policies

B) accepts demand and time deposits from constomers

B) accepts demand and time deposits from constomers

C) is the lender of the last resort

C) is the lender of the last resort

D) is the banker of the government

D) is the banker of the government

E) is responsible for issuing currency notes

E) is responsible for issuing currency notes

#18. which of the following is not a problem of distribution of goods in Nigeria?

A) poor communication network

A) poor communication network

B) inadequate storage facilities

B) inadequate storage facilities

C) ignorance of consumers

C) ignorance of consumers

D) Dishonesty of middlemen

D) Dishonesty of middlemen

E) inadequate market

E) inadequate market

#19. Mr Idowu needs a television and a refrigerator. Each cost N500.00, the exact amount he has . If Mr. Idowu buys the television , the refrigerator would be regarded as the

A) marginal cost

A) marginal cost

B) inferior item

B) inferior item

C) opportunity cost

C) opportunity cost

D) supplementary item

D) supplementary item

E) prime cost

E) prime cost

#20. Petro-chemicals industries are located in River State of Nigeria due to the presence of

A) a favourable climate

A) a favourable climate

B) coal deposits

B) coal deposits

C) oil palm products

C) oil palm products

D) an undullating terrain

D) an undullating terrain

E) oil deposits

E) oil deposits

#21. which of the following pairs can be referred to as middlemen?

A) wholesalers and agents

A) wholesalers and agents

B) Retailers and consumers

B) Retailers and consumers

C) Consumers and agents

C) Consumers and agents

D) Wholesalers and retailers

D) Wholesalers and retailers

E) Wholesalers and consumers

E) Wholesalers and consumers

#22. Mono-products economics are those that

A) have a rich culture heritage

A) have a rich culture heritage

B) produce only raw materials

B) produce only raw materials

C) live on the exportation of their raw products

C) live on the exportation of their raw products

D) produce one main commodity

D) produce one main commodity

E) specialize in agricultural industries

E) specialize in agricultural industries

#23. Mono-products economics are those that

A) have a rich culture heritage

A) have a rich culture heritage

B) produce only raw materials

B) produce only raw materials

C) live on the exportation of their raw products

C) live on the exportation of their raw products

D) produce one main commodity

D) produce one main commodity

E) specialize in agricultural industries

E) specialize in agricultural industries

#24. A Nigerian household demand curve for semovita is downward sloping because

A) the demand for semovita is high

A) the demand for semovita is high

B) the local markets are flooded with semovita

B) the local markets are flooded with semovita

C) semovita is produced in Nigeria

C) semovita is produced in Nigeria

D) every household can afford to buy semovita

D) every household can afford to buy semovita

E) the higher the price of semovita, the lower the quantity demanded

E) the higher the price of semovita, the lower the quantity demanded

#25. To the economist a stock of goods existing at a a particular time and conforming to certain requirements such as having utility, money value and being limited in supply , is known as

A) consumer goods

A) consumer goods

B) products

B) products

C) wealth

C) wealth

D) commercial goods

D) commercial goods

E) durable goods

E) durable goods

#26. The decision to consume more of one product swill under normal circumstances imply that

A) more of another product will be consumed

A) more of another product will be consumed

B) less of something else will be consumed

B) less of something else will be consumed

C) no other product will be consumed

C) no other product will be consumed

D) decision-making is basic in economics

D) decision-making is basic in economics

E) enough resources are available

E) enough resources are available

#27. Which of the following is not an advantage of government ownership of enterprises?

A) more capital is provided

A) more capital is provided

B) pricing policy may be in the interest of consumers

B) pricing policy may be in the interest of consumers

C) Government workers may be indifferent towards the public

C) Government workers may be indifferent towards the public

D) infrastructure are rapidly developed

D) infrastructure are rapidly developed

E) incomes may be more evenly distributed

E) incomes may be more evenly distributed

#28. if the foreign exchange rate is N80 to £1, then a bicycle bought for £40 will cost

A) N15.00

A) N15.00

B) N60.00

B) N60.00

C) N100.00

C) N100.00

D) N250.00

D) N250.00

E) N320.00

E) N320.00

#29. The central banks controls commercial banks through all the following measures except

A) The uses of directives

A) The uses of directives

B) The use of bank rate

B) The use of bank rate

C) Open market operations

C) Open market operations

D) Accepting deposits

D) Accepting deposits

E) Demanding special deposits

E) Demanding special deposits

#30. If a person supplements his current income by drawing on past savings in order to make both ends meet, he is said to be living

A) good life

A) good life

B) an average life

B) an average life

C) on his savings

C) on his savings

D) a reckless life

D) a reckless life

E) on borrowed money

E) on borrowed money

#31. Which of the following is not a set of measures of central tendency?

A) Mode and Median

A) Mode and Median

B) mean and median

B) mean and median

C) Mean and mode

C) Mean and mode

D) Median and percentage

D) Median and percentage

E) Mode, mean and median

E) Mode, mean and median

#32. Which of the following is true of NEPA as a public corporation in Nigeria? It is

A) a solar energy distribution

A) a solar energy distribution

B) organized in a perfectly competitive market

B) organized in a perfectly competitive market

C) a duopoly

C) a duopoly

D) a monopolistically competitive industry

D) a monopolistically competitive industry

E) a monopoly

E) a monopoly

#33. A situation of full employment exist when

A) every adult is employed

A) every adult is employed

B) all adults who can work are employed

B) all adults who can work are employed

C) all persons who have attained the age of 15 years and above are employed

C) all persons who have attained the age of 15 years and above are employed

D) only the disabled are not employed

D) only the disabled are not employed

E) all those who are able and eligible to work are employed

E) all those who are able and eligible to work are employed

#34. which of the following function of money makes it possible for any person to provide for old age?

A) medium of exchange

A) medium of exchange

B) stores of value

B) stores of value

C) measures of value

C) measures of value

D) unit of account

D) unit of account

E) standard for deferred payment

E) standard for deferred payment

#35. The primary objective of Agricultural Credit Guarantee Scheme is the provision of

A) guarantee for loans granted by by banks for agricultural purposes

A) guarantee for loans granted by by banks for agricultural purposes

B) agricultural inputs to facilitate credits from banks

B) agricultural inputs to facilitate credits from banks

C) loans for every farmer

C) loans for every farmer

D) agricultural products for farmers

D) agricultural products for farmers

E) credit for farmers

E) credit for farmers

#36. which of the following is not an advantage of localization of industries ?

A) enjoyment of externa economies

A) enjoyment of externa economies

B) development of subsidiary industries

B) development of subsidiary industries

C) development of organized markets

C) development of organized markets

D) growth of conurbation

D) growth of conurbation

E) growth of farms

E) growth of farms

#37. The definition of economics as 'the science which studies human behaviuor as a relationship between ends and scarce means which have alternative uses' was given by

A) Adam Smith

A) Adam Smith

B) David Ricardo

B) David Ricardo

C) Lionel Robbins

C) Lionel Robbins

D) Thomas R. Mtithus

D) Thomas R. Mtithus

E) Robert Giffen

E) Robert Giffen

#38. The concept of economics efficiency primarily implies

A) containing the maximum output from available resources at the lowest possible cost

A) containing the maximum output from available resources at the lowest possible cost

B) conserving our petroleum resources

B) conserving our petroleum resources

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

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

D) production without waste

D) production without waste

E) the limited wants unlimited resources dilemma

E) the limited wants unlimited resources dilemma

#39. Cross elasticity of demand can be mathematically expressed as the

A) % change in quantity of commodity X % change in quantity of commodity Y

A) % change in quantity of commodity X % change in quantity of commodity Y

B) % change in quantity demanded % change in price

B) % change in quantity demanded % change in price

C) % change in quantity demanded of commodity X % change in price of commodity Y

C) % change in quantity demanded of commodity X % change in price of commodity Y

D) % change in quantity demanded % change in income

D) % change in quantity demanded % change in income

#40. The main objective of the Economic Community of West African State is to?

A) estabilish a West African Development Bank

A) estabilish a West African Development Bank

B) create a West African army

B) create a West African army

C) introduce a common currency for the sub-region

C) introduce a common currency for the sub-region

D) promote the free movement of persons, goods and services within the sub-region

D) promote the free movement of persons, goods and services within the sub-region

#41. In international trade, shipping and other freight charges are treated as?

A) invisible items

A) invisible items

B) unilateral transfers

B) unilateral transfers

C) capital transactions

C) capital transactions

D) autonomous capital transactions

D) autonomous capital transactions

#42. A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

A) dumping

A) dumping

B) counter trade

B) counter trade

C) bilateral trade

C) bilateral trade

D) trade liberalization

D) trade liberalization

#43. The borrowing rights of a member country of the international Monetary Fund are determined by?

A) the seriousness of the country's economic problems

A) the seriousness of the country's economic problems

B) its balance of payments position

B) its balance of payments position

C) its quota to the fund

C) its quota to the fund

D) the size of gold reserve

D) the size of gold reserve

#44. The national income of a country indicates that the gross domestic production was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents?

A) debt repayment

A) debt repayment

B) investments abroad

B) investments abroad

C) net income from abroad

C) net income from abroad

D) capital consumption

D) capital consumption

#45. One of the ways by which the government can speed up economic development is through the?

A) increase in consumption pattern of the people

A) increase in consumption pattern of the people

B) encouragement of savings, investment and equitable distribution of goods and services

B) encouragement of savings, investment and equitable distribution of goods and services

C) increase in the rate of population growth so as to ensure that the country has a large labour force

C) increase in the rate of population growth so as to ensure that the country has a large labour force

D) encouragement of importation of raw materials to produce consumer goods

D) encouragement of importation of raw materials to produce consumer goods

#46. A sustained increase in the production of goods and service in a country is called economic?

A) development

A) development

B) growth

B) growth

C) diversification

C) diversification

D) planning

D) planning

#47. If national income rises by 6% and population rises by 3%, per capita income will?

A) rise by 6 percent

A) rise by 6 percent

B) fall by 3 percent

B) fall by 3 percent

C) fall by 6 percent

C) fall by 6 percent

D) rise by 3 percent

D) rise by 3 percent

#48. Inflation n the Nigeria economy may be fueled by increase in?

A) import promotion

A) import promotion

B) devaluation

B) devaluation

C) physical intervention

C) physical intervention

D) borrowing from abroad

D) borrowing from abroad

#49. Gresham's law in Economics shows that?

A) good drives out bad money

A) good drives out bad money

B) bad money drives out good money

B) bad money drives out good money

C) the value of money varies inversely with the price level

C) the value of money varies inversely with the price level

D) gold must be available to maintain the price of paper money

D) gold must be available to maintain the price of paper money

#50. Monetary policy aimed at reducing demand-pull inflation in the country maybe carried out through?

A) increase in taxation of private companies, public corporations and private individuals

A) increase in taxation of private companies, public corporations and private individuals

B) increase in cash reserve ratio of commercial banks and the sale of government securities

B) increase in cash reserve ratio of commercial banks and the sale of government securities

C) decrease in goverment expenditure on education

C) decrease in goverment expenditure on education

D) direct price control in the market place

D) direct price control in the market place

#51. Progressive tax structure is designed to?

A) take more from the income of the poor

A) take more from the income of the poor

B) take more from income of the rich

B) take more from income of the rich

C) take equal proportion of income from both the rich and the poor

C) take equal proportion of income from both the rich and the poor

D) reduce the problems emanating from tax imposition

D) reduce the problems emanating from tax imposition

#52. Taxes and government expenditures are instrument of?

A) monetary policy

A) monetary policy

B) tax policy

B) tax policy

C) economic policy

C) economic policy

D) fiscal policy

D) fiscal policy

#53. What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported?

A) Deregulation

A) Deregulation

B) import substitution

B) import substitution

C) Tariff reduction

C) Tariff reduction

D) Backward integration

D) Backward integration

#54. Labour-intensive strategy of industrialization emphasizes the use of?

A) steam energy in the process of production

A) steam energy in the process of production

B) manual method of production

B) manual method of production

C) synthetic raw materials

C) synthetic raw materials

D) hydro-electric power

D) hydro-electric power

#55. Petroleum is the mainstay of the Nigerian economy because it is the?

A) main foreign exchange earner

A) main foreign exchange earner

B) greatest employer of labour

B) greatest employer of labour

C) greatests contributor to the growth of agriculture

C) greatests contributor to the growth of agriculture

D) source of high income for its workers

D) source of high income for its workers

#56. An indigenous company wholly owned by the federal government of Nigeria which currently engaged in prospecting for oil is?

A) the Nigerian National Oil Company

A) the Nigerian National Oil Company

B) Peak Petroleum Industries Nigeria Limited

B) Peak Petroleum Industries Nigeria Limited

C) Nigeria Exploration and Production Company

C) Nigeria Exploration and Production Company

D) the Nigeria National Petroleum Corporation

D) the Nigeria National Petroleum Corporation

Finish

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