Economics Past Questions For JAMB/WAEC/NECO Students V25; 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 V25 (JAMB/WAEC/NECO)

Results

#1. The formular used by the Expenditure approach to calculate National income is

A) Y = C + I + X - M - G

A) Y = C + I + X - M - G

B) Y = C + X - M - I + G

B) Y = C + X - M - I + G

C) Y = C + I + G + X - M

C) Y = C + I + G + X - M

D) Y = C - I + X - M + G

D) Y = C - I + X - M + G

#2. The demand for labour in an economy is a depiction of

A) competitive demand

A) competitive demand

B) Composite demand

B) Composite demand

C) Complementary demand

C) Complementary demand

D) Deductive demand

D) Deductive demand

E) derived demand

E) derived demand

#3. In production, total cost comprises of

A) averages cost and marginal cost

A) averages cost and marginal cost

B) variable cost and averages cost

B) variable cost and averages cost

C) variable cost and fixed cost

C) variable cost and fixed cost

D) marginal cost and variable cost

D) marginal cost and variable cost

E) fixed cost and averages cost

E) fixed cost and averages cost

#4. The 1962-1968 development plan in nigerian failed because of

A) absence of indigenous bank

A) absence of indigenous bank

B) higher exchange rate

B) higher exchange rate

C) non availability of finance house

C) non availability of finance house

D) movement of colonial masters

D) movement of colonial masters

E) over dependency on foreign capital

E) over dependency on foreign capital

#5. The main function of retailer in the distribution channel is

A) advertising the product on behalf of manufacturers

A) advertising the product on behalf of manufacturers

B) bulk breaking

B) bulk breaking

C) branding and packaging of good

C) branding and packaging of good

D) direct customer services

D) direct customer services

E) storage facilities for finished products

E) storage facilities for finished products

#6. In a two-sector economy, income is a function of

A) consumption + investment

A) consumption + investment

B) consumption + investment + tax

B) consumption + investment + tax

C) consumption + investment + expenditure

C) consumption + investment + expenditure

D) consumption + exports + imports

D) consumption + exports + imports

E) saving + investment

E) saving + investment

#7. Which of these is a necessary condition for trade by barter

A) double coincidence of wants

A) double coincidence of wants

B) double exchange rate

B) double exchange rate

C) durability of goods

C) durability of goods

D) divisibility of commodities

D) divisibility of commodities

E) homogeneity of goods

E) homogeneity of goods

#8. The following are reward for factors of production EXCEPT

A) interests

A) interests

B) profit

B) profit

C) Rent and commissions

C) Rent and commissions

D) rates and deposits

D) rates and deposits

E) wage and salaries

E) wage and salaries

#9. Disposable income in national income accounting is an income which

A) cannot be used again

A) cannot be used again

B) is available for consumption and saving

B) is available for consumption and saving

C) is a available to disabled people

C) is a available to disabled people

D) must be wasted once and for all

D) must be wasted once and for all

E) pensioners receive from the treasury board

E) pensioners receive from the treasury board

#10. One of the function of united nation conference on trade and development (UNTAD) is to

A) carry out feasibility study for projects in less developed countries

A) carry out feasibility study for projects in less developed countries

B) increase impact of developed countries over less developed countries

B) increase impact of developed countries over less developed countries

C) increase share of less developed countries in world trade

C) increase share of less developed countries in world trade

D) make goods available in developed countries

D) make goods available in developed countries

E) transfer technology from developed to less developed countries

E) transfer technology from developed to less developed countries

#11. Tc/Q =

A) marginal cost

A) marginal cost

B) Average coat

B) Average coat

C) total cost

C) total cost

D) equilibrium level

D) equilibrium level

#12. The following are type of business organization EXCEPT

A) co-operative society

A) co-operative society

B) Entrepreneurship

B) Entrepreneurship

C) partnership

C) partnership

D) public corporation

D) public corporation

E) Sole proprietorship

E) Sole proprietorship

#13. Which of the folowing NOT among the objectives of OPEC?

A) to stabilize the revenue from oil to producing countries

A) to stabilize the revenue from oil to producing countries

B) to stabilize the price of iol in the world market

B) to stabilize the price of iol in the world market

C) to make sure that oil flows to all the consuming countries

C) to make sure that oil flows to all the consuming countries

D) to estabilished petroleum refineries in all member state

D) to estabilished petroleum refineries in all member state

E) to co-ordinate and harmonize the oil policies of member countries

E) to co-ordinate and harmonize the oil policies of member countries

#14. If the consumer demand for product X increases, as the demand for product, Y increases then the goods X and Y are

A) complimentary goods

A) complimentary goods

B) composite goods

B) composite goods

C) derived good

C) derived good

D) independent goods

D) independent goods

E) substitute good

E) substitute good

#15. An economic system in wich the decision on what and how to produce is determined by the individual is called

A) capitalism

A) capitalism

B) communism

B) communism

C) Socialism

C) Socialism

D) traditionalism

D) traditionalism

E) welfarism

E) welfarism

#16. To discourage the consumption of harmful commodities, government should tax such commodities if they have

A) elastic demand

A) elastic demand

B) inelastic demand

B) inelastic demand

C) negative demand

C) negative demand

D) positive demand

D) positive demand

E) unitary demand

E) unitary demand

#17. The formular used by the Expenditure approach to calculate National income is

A) Y=C + I + X - M –G

A) Y=C + I + X - M –G

B) Y= C + X – M – I + G

B) Y= C + X – M – I + G

C) Y = C + I + G + X – M

C) Y = C + I + G + X – M

D) Y = C – I + X – M + G

D) Y = C – I + X – M + G

E) Y = C + G – X + M – I

E) Y = C + G – X + M – I

#18. A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to as

A) duopoly

A) duopoly

B) monopolist

B) monopolist

C) monopsonist

C) monopsonist

D) oligopoly

D) oligopoly

E) perfect competitor

E) perfect competitor

#19. Government expenditure on universal basic education and subsidy on agriculture are aimed at

A) encouraging growth of the economy

A) encouraging growth of the economy

B) projecting images of government

B) projecting images of government

C) re-allocation of resources

C) re-allocation of resources

D) redistribution of income and wealth

D) redistribution of income and wealth

E) stabilization of the economy

E) stabilization of the economy

#20. Which of the following measure will NOT serves as a control during inflation period?

A) increase in personal income tax

A) increase in personal income tax

B) increase in bank rate and interest

B) increase in bank rate and interest

C) increase in government capital expenditure

C) increase in government capital expenditure

D) reduction in money supply

D) reduction in money supply

E) reduction in government recurrent expenditure

E) reduction in government recurrent expenditure

#21. Remuneration of labour based on number of hours worked is known as

A) fees

A) fees

B) commission

B) commission

C) time-rates

C) time-rates

D) salary

D) salary

E) wages

E) wages

#22. Which of the following is NOT a feature of capitalism

A) detailed economics planning

A) detailed economics planning

B) Free enterprise

B) Free enterprise

C) competition

C) competition

D) private ownership of property

D) private ownership of property

E) Entrepreneurs and the pursuit of profit

E) Entrepreneurs and the pursuit of profit

#23. If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity?

A) 0.5

A) 0.5

B) 0.8

B) 0.8

C) 1

C) 1

D) 1.5

D) 1.5

E) 1.8

E) 1.8

#24. When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as

A) demand curve

A) demand curve

B) indifference curve

B) indifference curve

C) opportunity curve

C) opportunity curve

D) utility curve

D) utility curve

E) supply curve

E) supply curve

#25. Long-run in economic mean a period of time in which

A) all factor inputs are not being used

A) all factor inputs are not being used

B) all factor inputs are variable

B) all factor inputs are variable

C) all factor inputs are fixed

C) all factor inputs are fixed

D) only few factor inputs are variable

D) only few factor inputs are variable

E) firms are not producing at all

E) firms are not producing at all

#26. If commodities A & B are jointly demanded, what will be the effect of an increase in the price of A on the demand for commodity B?

A) decrease in demand for commodityB

A) decrease in demand for commodityB

B) decrease in price of commodity B

B) decrease in price of commodity B

C) demand for commodity B remain constant

C) demand for commodity B remain constant

D) increase in demand for commodity B

D) increase in demand for commodity B

E) increase in the price of commodity B

E) increase in the price of commodity B

#27. Which of the following factors will NOT account for an outward shift of production possibility curve?

A) budgeting and planning based on expectations

A) budgeting and planning based on expectations

B) expansion in employment

B) expansion in employment

C) discovering and exploration of new resources

C) discovering and exploration of new resources

D) introduction of improved production techniques

D) introduction of improved production techniques

E) skill improvement through education and training

E) skill improvement through education and training

#28. When an economy is having a balance of payment surplus the best alternative opened to it is to

A) borrow from abroad

A) borrow from abroad

B) devalue its currency

B) devalue its currency

C) increase its foreign reserve

C) increase its foreign reserve

D) promote imports into the counrty

D) promote imports into the counrty

E) sell out its foreign assets

E) sell out its foreign assets

#29. The bank established to finances project aimed at promoting economic and social development within the African continent is

A) African bank for commerce and industry

A) African bank for commerce and industry

B) African development bank

B) African development bank

C) economic bank for African

C) economic bank for African

D) recovery fund bank for Africa

D) recovery fund bank for Africa

E) Africa currency board bank

E) Africa currency board bank

#30. What is the median term in the distribution below ;14, 13 29 ,15 ,13,17 ,12,

A) 12

A) 12

B) 13

B) 13

C) 14

C) 14

D) 15

D) 15

E) 29

E) 29

#31. The middle value of an array figure arranged in descending order is referred to as the

A) equation

A) equation

B) mean

B) mean

C) Median

C) Median

D) mode

D) mode

E) Variance

E) Variance

#32. Transcationary motive implies, holding money

A) for future investment

A) for future investment

B) for day to day expenses

B) for day to day expenses

C) for unforeseen contingencies

C) for unforeseen contingencies

D) to settle previous debts

D) to settle previous debts

E) to buy share in the stock exchange market

E) to buy share in the stock exchange market

#33. One of the fundamental economic problem of every society is

A) allocation of scarce resource

A) allocation of scarce resource

B) availability of market

B) availability of market

C) consumption pattern of inhabitant

C) consumption pattern of inhabitant

D) presence of middle man

D) presence of middle man

E) inadequate labour force

E) inadequate labour force

#34. Which of these is NOT associated with the problem of internal trade?

A) bargaining

A) bargaining

B) lack of specialization

B) lack of specialization

C) market trade unions

C) market trade unions

D) natural barriers

D) natural barriers

E) large number of middlemen

E) large number of middlemen

#35. A market situation with few sellers and many buyers is called

A) monopoly

A) monopoly

B) duopoly

B) duopoly

C) oligopoly

C) oligopoly

D) perfect competition

D) perfect competition

E) monopsony

E) monopsony

#36. In income determination theory, acceleration principles shows that

A) income is the cause, while investment is the effect investment

A) income is the cause, while investment is the effect investment

B) income and investment are both causes

B) income and investment are both causes

C) income and investment are both effects

C) income and investment are both effects

D) incomes is of on effect on investment

D) incomes is of on effect on investment

E) investment is the causes, while income is the effects

E) investment is the causes, while income is the effects

#37. If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

A) balanced budget

A) balanced budget

B) deficit budget

B) deficit budget

C) favorable budget

C) favorable budget

D) surplus budget

D) surplus budget

E) unfavorable budget

E) unfavorable budget

#38. he act of cultivating land and rearing of animal for man’s use is

A) agriculture

A) agriculture

B) mono culture

B) mono culture

C) forestry

C) forestry

D) aqua-science

D) aqua-science

E) horticulture

E) horticulture

#39. An economic system in which individual control the productive resources is known as

A) capitalism

A) capitalism

B) communism

B) communism

C) freedomism

C) freedomism

D) socialism

D) socialism

E) welfarism

E) welfarism

#40. The contribution of petroleum to the economy of nigerian is most prominent in the area of

A) employment generation

A) employment generation

B) fuel provision

B) fuel provision

C) infrastructural development

C) infrastructural development

D) revenue generation

D) revenue generation

E) technical know-how

E) technical know-how

#41. The Nigerian indigenization decree process involves

A) 5 phases

A) 5 phases

B) 6 phases

B) 6 phases

C) 4 phases

C) 4 phases

D) 3 phases

D) 3 phases

E) 2 phases

E) 2 phases

#42. A nation's net export is negative when her

A) stock of goods is declining

A) stock of goods is declining

B) depreciation exceeds investment

B) depreciation exceeds investment

C) exports is adjusted upwards

C) exports is adjusted upwards

D) imports exceeds exports

D) imports exceeds exports

#43. Deficit in the balance of payment is financed through

A) capital account

A) capital account

B) current account

B) current account

C) invisible trade

C) invisible trade

D) visible trade

D) visible trade

#44. Devaluation of a currency in a country is likely to lead to

A) increasing population

A) increasing population

B) increasing imports

B) increasing imports

C) exports becoming cheaper

C) exports becoming cheaper

D) reduced exports

D) reduced exports

#45. which of the following is not a benefit derived by Nigeria from the petroleum industry?

A) increased foreign exchange earning

A) increased foreign exchange earning

B) establishment of refineries and petrochemical industries

B) establishment of refineries and petrochemical industries

C) employment of a greater proportion of the population

C) employment of a greater proportion of the population

D) development of airports, seaports and other social infracstructures

D) development of airports, seaports and other social infracstructures

#46. Gross Domestic Product (GDP) at market price plus net factor income from abroad gives

A) gross capital formation

A) gross capital formation

B) net capital formation

B) net capital formation

C) disposable income

C) disposable income

D) gross national product

D) gross national product

Finish

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