Economics Past Questions For JAMB/WAEC/NECO Students V19

Economics Past Questions For JAMB/WAEC/NECO Students V19; These Economics questions are for students who are sitting for the following examinations:

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

Economics Past Questions V19 (JAMB/WAEC/NECO)

Results

#1. Where is the headquarter of the African Development Bank (ADB) located?

A) Lome

B) Adis Ababa

C) Accra

D) Lagos

E) Abdijan

#2. International trade takes place because of difference in

A) production cost

B) langunage

C) government policy

D) currency

#3. Balance of trade can be define as

A) the value of import in relation to the value of a country's exports

B) the price ratio of imports as against that of exports

C) equality in the total receipts and payments of a country in a year

D) percentage value of imports over percentage value of exports

E) price of exports versus price of imports

#4. Which of the following is not a feature of a perfect market

A) large number of buyersand sellers

B) Homogeneity of products

C) Preferential treatment

D) Absence of transport cost

#5. Which of the following is the source of raising funds for a public limited liability company in West Africa?

A) Bank loans

B) issue of shares

C) issue of debentures

D) ploughing back profits

E) Sales of bonds

#6. Which of the following is not an objective of the Indigenisaton policy in Nigeria? To

A) Make Nigerians dominate their economy

B) increase Nigerians participation in the economy

C) prevent foreign monopoly of the economy

D) eliminate foreign participation in the Nigerian economy

E) protect the national interst and security

#7. Where was oil first discovered in commercial quantities in Nigeria?

A) Oloibiri

B) Warri

C) Elesa Eleme

D) Onitsha

E) Port Harcourt

#8. The real value of money is

A) its face value

B) what it can buy ata a particular time

C) its rate of exchange with other currencies

D) its intrinsic worth

E) its rate of circulation

#9. A tax whose rate increases as income increases is

A) an indirect tax

B) a progressive tax

C) a regressive tax

D) a direct tax

E) a proportional tax

#10. Which of the following best describes the multiplier?

A) products of income and expenditure

B) Curves of savings and expenditure

C) Ratio of change in income to the expenditure that brought it about

D) Constant level of income

E) Equality of marginal propensity to consume and save

#11. Net National Product (NNP) is equal to the

A) Gross Domestic Product (GDP) less depreciation

B) Gross National Products (GNP) less depreciation

C) Gross Domestic Products (GDP) plus depreciatio

D) Gross National Products (GNP) plus depreciation

E) Gross National Income plus Taxation

#12. Terms of trade simply means the price

A) ratio of import to export

B) ratio of export multiplied by import

C) ratio of export to import

D) ratio of export multiplied by price ratio of import

E) of export minus price of import

#13. Which of the following constitute the major components of money supply in a development economy?

A) Demand deposits

B) Paper money

C) Bank drafts

D) Coins

E) Time deposits

#14. A point along a consumer's indifference curve shows

A) the difference commodities he can consume

B) a combination of all commodities he is willing to buy

C) a combination of two commodities from which he derive the same satisfaction

D) the quantity of commodities demanded by him

E) the difference between quantity supplied and quantity demanded

#15. If a monopolist is attempting to maximize profit , which of the following should he attempt to do?

A) Equate average cost to average revenue

B) Equate marginal cost to marginal revenue

C) Equate marginal cost to average revenue

D) fix price and output

E) Equate price to total cost

#16. The greatest foreign exchange earner for Nigeria before the advent of petroleum was

A) mining

B) handicraft

C) agriculture

D) manufacturing

E) tourism

#17. A budget is define as a

A) Summary of expected expenditure by individuals and government

B) summary of expected income

C) record of value of services rendered in a year

D) record of goods produced in a year

E) summary of expected income and expenditure

#18. Which of the following does not require the use of information from census?

A) allocating central government revenue among states or regions

B) planning for development in the states of regions

C) Demarcating constituencies for election in the states or regions

D) providing adequate social amenities and services in the states or regions

E) Controlling geographical mobility of labour among the states or regions

#19. Which of the following is not a function of an insurance company?

A) Mobilization of funds through premiums collected

B) Encouragement of savings habits through life assurances

C) Collection of deposits from the public

D) Granting of loans on long-term basis for investment

E) Encouragment of investment by security of capital

#20. Malthus observed in his theory that population was growing

A) at a regular rate

B) in arithmetical progression

C) in geometrical progression

D) in mathematical progression

E) in trigonometrical progression

#21. At optimum population level, a country has its

A) maximum population

B) ageing population

C) highest birth rate

D) highest output per head

E) lowest death rate

#22. Which of the following does not give a characteristics of money

A) Durable

B) Portable

C) Divisible into small units

D) Generally acceptable

E) Medium of exchange

#23. Under the socialist economy , the decision on what to produce is determined by the

A) producer

B) level of expected profit

C) price

D) Government

E) preference of consumers

#24. Credit creation by banks is limited by

A) an increase in bank deposits

B) the establishment of specialized banks

C) the non-availability of clllateral security

D) the use of cheques for all transactions of the banks

E) abolishing the reverse ratio

#25. Which of the following explains marginal cost?

A) Overhead cost plus variable cost resulting from production

B) the average cost of producing more units of the products

C) The extra cost of producing more units of products

D) Overhead cost minus variable cost

E) The additional to total cost resulting from the production of an additional unit

#26. The effect of an increase in price on the demand for a commodity with elastic demand will be

A) an increase in the demand for the commodity

B) a decrease in the demand for the commodity

C) a further increase in the price of the commodity

D) reduction in the number of the distributors of the commodity

E) a general increase in the cost of the production

#27. In perfect competition , the marginal cost curve intersects the average cost curve

A) from below at its lowest point

B) from above at its lowest point

C) from below before the lowest point

D) at the zero point

E) from below after the lower point

#28. which of the following economic system is in operation in Nigeria?

A) Capitalist economy

B) Socialist cum Maxist economy

C) Socialist economy

D) Capitalist and free economy

E) mixed economy

#29. Giffen commodities are those commodities

A) which gives rise to a cobweb situation

B) for which demand increases as price increases

C) which have a low price elasticity of demand

D) which are in short supply

E) which have a high income elasticity of demand

#30. Effective demand in economics means

A) the desire for a commodity

B) a proposal to purchase a good on credit

C) the desire for a commodity or service backed by purchasing power

D) an irrevocable instruction to the seller to meet up the need of the buyers

E) the propensiyt to consume googd produced by manufacturers

#31. Government can influence aggregate demand through all the following measures except

A) reduction in personal income tax

B) retirement of director-general in the public service

C) creation of employment opportunities

D) compulsory deduction from salaries of all categories of workers

E) upward revision of workers fringe benefits

#32. The term production in Economics means

A) manufacturing of goods

B) the creation of utilities

C) giving birth to children

D) the distribution of goods and services

E) using labour in creating something

#33. The decision on what to produce is a problem in

A) all economics system

B) a mixed economic system only

C) a democratic socialist economy only

D) a free enterprise system only

E) a planned eceonomic system only

#34. The law of demand states that

A) as price increases, quantity demanded remains constant

B) demand increases as price increases

C) as price falls, quantity demanded also falls

D) as price falls, quantity demanded increases

E) demand and supply remains constant whether price fall or increase

#35. which of the following is an important limiting factor in the application of division of labour?

A) market size

B) availability of an infrastructure

C) wage rate

D) Raw materials

E) Availabily of land

#36. Which of the following does not encourage the location of industries?

A) Nearness to the market

B) Availability of infrastructural facilities

C) Government influence in sitting industries

D) political instability

E) Abundance of cheap labour

#37. All the under listed factors directly affects the supply of a commodity except

A) price

B) improved production method

C) access to capital

D) demand for the commodity

E) level of income

#38. Economics is a social science which studies how

A) to redistrubute income

B) human beings behave

C) the market price is fixed

D) scarce resources are allocated to satisfy human wants

E) high cost of a commodity

#39. Scarcity in economics means

A) shortage of commodity

B) unlimited demands for consumer goods

C) limited supply of goods and services

D) total absence of a commodity in the market

E) high cost of a commodity

#40. Given that TC = TFC + TVC and TR = AR x Q, profit is equal to

A) (AR + Q) - TFC

B) (TFC + TVC) Q

C) (AR x Q) - TC

D) (TC x Q) A R

#41. The demand made on each other by the agriculture and industrial sector as the economy grows are reflected in?

A) backward and forward linkages

B) horizontal and vertical linkages

C) vertical linkages

D) functional linkages

#42. Foreign exchange rate in a free market economy is determined by?

A) the government

B) the Central Bank

C) demand and supply

D) commercial banks

#43. The primary objective of all international economic organizations is to?

A) ensure that third world countries get a better share of the world's resources

B) promote international economic co-operation for the mutual benefit of all members

C) enforce structural adjustment programmes on less developed countries

D) encourage exports from the developed to the less developed countries

#44. One method through which the Central Bank can restrict the commercial banks' power of credit expansion is to?

A) demand for increased special deposit

B) decrease the cash ratio

C) buy securities in the open market

D) reduce the rate of interests at which banks borrow from it

#45. Which of the following is the cheapest for the government in improving the welfare of its citizens?

A) Subsidy

B) Income supplement

C) Donation to specific projects

D) Wages increase

Finish

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Economics Past Questions For JAMB/WAEC/NECO Students V19

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Economics Past Questions For JAMB/WAEC/NECO Students V19

Results

#1. Where is the headquarter of the African Development Bank (ADB) located?

#2. International trade takes place because of difference in

#3. Balance of trade can be define as

#4. Which of the following is not a feature of a perfect market

#5. Which of the following is the source of raising funds for a public limited liability company in West Africa?

#6. Which of the following is not an objective of the Indigenisaton policy in Nigeria? To

#7. Where was oil first discovered in commercial quantities in Nigeria?

#8. The real value of money is

#9. A tax whose rate increases as income increases is

#10. Which of the following best describes the multiplier?

#11. Net National Product (NNP) is equal to the

#12. Terms of trade simply means the price

#13. Which of the following constitute the major components of money supply in a development economy?

#14. A point along a consumer's indifference curve shows

#15. If a monopolist is attempting to maximize profit , which of the following should he attempt to do?

#16. The greatest foreign exchange earner for Nigeria before the advent of petroleum was

#17. A budget is define as a

#18. Which of the following does not require the use of information from census?

#19. Which of the following is not a function of an insurance company?

#20. Malthus observed in his theory that population was growing

#21. At optimum population level, a country has its

#22. Which of the following does not give a characteristics of money

#23. Under the socialist economy , the decision on what to produce is determined by the

#24. Credit creation by banks is limited by

#25. Which of the following explains marginal cost?

#26. The effect of an increase in price on the demand for a commodity with elastic demand will be

#27. In perfect competition , the marginal cost curve intersects the average cost curve

#28. which of the following economic system is in operation in Nigeria?

#29. Giffen commodities are those commodities

#30. Effective demand in economics means

#31. Government can influence aggregate demand through all the following measures except

#32. The term production in Economics means

#33. The decision on what to produce is a problem in

#34. The law of demand states that

#35. which of the following is an important limiting factor in the application of division of labour?

#36. Which of the following does not encourage the location of industries?

#37. All the under listed factors directly affects the supply of a commodity except

#38. Economics is a social science which studies how

#39. Scarcity in economics means

#40. Given that TC = TFC + TVC and TR = AR x Q, profit is equal to

#41. The demand made on each other by the agriculture and industrial sector as the economy grows are reflected in?

#42. Foreign exchange rate in a free market economy is determined by?

#43. The primary objective of all international economic organizations is to?

#44. One method through which the Central Bank can restrict the commercial banks' power of credit expansion is to?

#45. Which of the following is the cheapest for the government in improving the welfare of its citizens?

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