Updated on July 17, 2023

Economics Past Questions For JAMB/WAEC/NECO Students V26

Economics Past Questions For JAMB/WAEC/NECO Students V26; 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 V26 (JAMB/WAEC/NECO)

Results

#1. Which of the following is NOT a factor determining supply?

A) cost of production

B) climatic condition or weather

C) income of the producers

D) number of producers

E) technological development

#2. Central bank of Nigerian started operation

A) 1958

B) 1959

C) 1960

D) 1963

E) 1973

#3. What is meant by utility?

A) amount of money derived by a manufacture

B) A number of things a consumer will enjoy at a time

C) amount of satisfaction derive from the consumption of a commodity at a particular time

D) amount of satisfaction giving to a producer

E) total profit producers will get at a particular time

#4. Total revenue can be obtained by multiplying

A) price by quantity sold

B) averages revenue by the demand

C) marginal revenue by marginal cost

D) average revenue plus marginal revenue

E) average cost by variable cost

#5. Which of these is NOT a basic economic problem of society?

A) efficiency of resource use

B) for whom to produces

C) how to produce

D) scale of production

E) what to produce

#6. Economic growth is the

A) growth in a nation’s life expectancy

B) increase in a nation’s population

C) rate of increase in aggregate demand in a country

D) rate of increase in a country’s full employment and real output

E) rate of increase

#7. In the demographic transition theory, stage II represents a stage where

A) declining birth rates with low death rates lead to little or no population growth

B) high birth rate with low death rates lead to no population growth

C) there is population growth due to high birth rates and low death rates at that stages

D) there is a slow rate of population growth as a result of high birth rate accompanied by high but slightly fluctuating death rate

E) there is a very high growth as population as a result of high birth rates accompanied by high but slightly fluctuating death rates

#8. The central point of the Malthusian theory is that

A) everybody should become a farmer

B) government should provide enough accommodation and food

C) increasing population will get enough food

D) population increase in geometric progression while food arithmetic progression

E) wages has nothing to do with cost of living

#9. The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point,

A) each successive unit of the variable factor brings about a decreasing marginal product

B) each successive unit of the variable factor bring about equal increase in marginal product

C) each successive unit of the variable factor bring about an increasing marginal product

D) each successive unit of the variable factor bring about four time increase in marginal product

E) each successive unit of the variable factor bring about more than equal increase in marginal product

#10. Which of the following is NOT a reason for the absence of an industry in the rural areas?

A) Absence of financial institution

B) restricted market

C) inadequate power and water supply

D) inadequate transportation

E) presence of external economies

#11. In a free market economy, wages are determined by

A) the employees

B) the employers

C) trade unions

D) interaction of demand and supply forces

E) the government

#12. Of what importance is a wholesaler in the chain of distribution

A) creation of artificial scarcity

B) bulk breaking

C) formation of trade unionism

D) hoarding of goods

E) making prompt payment to producers

#13. For a monopolist, the demand curve is

A) inelastic

B) perfectly elastic

C) perfectly inelastic

D) elastic

E) unitary elastic

#14. A problem of price control is

A) development of black-market

B) increased earning and higher profit

C) increase in employment

D) increase investment

E) redistribution of income

#15. The most generally accepted definition of economics is

A) an inquiry into the nature and causes of the wealth of nations

B) the science of material welfare

C) the science which studies human behavior as a relationship between ends and scarce means which have alternative use

D) the science that treats phenomena from the stand point of price

E) the practical science of production and distribution of wealth

#16. The demand for a commodity for the sake of what it will yield is

A) competitive demand

B) composite demand

C) effective demand

D) joint demand

#17. The first commercial oil well in Nigeria was discovered in

A) 1938

B) 1951

C) 1956

D) 1958

E) 1961

#18. An economic system where both the public and individuals own and control means of production is known as ……… system

A) capitalism

B) communist

C) mixed

D) socialist

E) welfarist

#19. Which of the following is NOT an internal dis-economy of scales?

A) Easy management and less administrative cost

B) large firm suffers from bureaucracy or red tapism

C) less personal relationship between management and employees

D) Motivation may be lackiing in large firm

E) slow response to changes

#20. Abdul is faced with a choice between buying a new notebook and a pen with ₦10. Since the ₦10 cannot give him both items he decide to buy the notebook. The money cost to him is

) ₦10

B) ₦20

C) ₦30

D) ₦40

E) ₦50

#21. The theory of income determination is traced to

A) Rev Thomas Mathus

B) Lord John Mynard Keynes

C) Prof Adam Smith

D) R G Lipsey

E) Prof Umar SI

#22. The per capita income is calculated as

A) GNP- working age population

B) GNP- real national income

C) GNP- total capital expenditure

D) GNP- dependency ratio

E) GNP- population

#23. To finance a deficit balance of payment, a country may decide to

A) borrow from abroad

B) increase its foreign investment

C) privatizes its economy

D) reduce domestic consumption

E) secure more factor of production

#24. One of the following is NOT a reason for increase in public expenditure

A) decrease arising from public debt and its servicing

B) increase in capital expenditure to provide social services

C) increase financial commitment for defence and security

D) increase in recurrent expenditure with regard to wages and salary paid to public servant

E) returns on viable public corporation

#25. Which of the following is a motive for holding money?

A) celebration

B) daily purchases

C) election campaign

D) payment of taxes

#26. Price legislation means

A) directing market specialist to fix prices

B) interplay of either demand or supply

C) producers are prices givers

D) regulating the price system by the government

E) the use of market forces

#27. Which of the following is NOT a function of taxation?

A) make few people rich in the country

B) raise revenue for the government

C) redistribution of income

D) reduces production and consumption of harmful goods

E) used as anti-inflationary device

#28. Using functional relationship in economics QX = f (px, po, y, T); po stand for

A) level of income of the consumer

B) price of x

C) price of other commodities

D) production function of x

E) price index

#29. Equilibrium prices is

A) a price which equates demand with supply

B) a price where there is excess demand

C) where consumers gain much

D) where producers gain much

#30. In economics, electricity, water supply, communication networks, road, etc are known as

A) capital structure

B) development induces

C) development projects

D) infrastructural facilities

E) project growth

#31. A tax system which takes lesser percentage of a tax payers income as his income increase is known as

A) direct tax

B) indirect tax

C) progressive tax

D) proportional tax

E) regressive tax

#32. Efficiency of labour implies

A) education and training

B) good working condition

C) healthier workforce

D) increased productivity worker accompanied by improvement in the quality of output

E) the amount of incentives or remuneration given to workers

#33. Which of the following is NOT a cause of inflation?

A) excessive bank lending

B) excessive deficit financing

C) increase in domestics productivity

D) increase in wages and salaries of workers

E) increase in government expenditure

#34. Which of the following is true of a perfect market situation?

A) price = AR=MC=AC

B) price = DD = MC = AC

C) price = AC = MC = AR

D) price = AR = MR = DD

E) price = MR but MR < AR

#35. The best way of presenting data in tabular form is in

A) bars and columns

B) charts and lines

C) maps and rows

D) pictographs and histogram

E) rows and columns

#36. In the equation MV = PT; V stand for

A) velocity of circulation of money

B) velocity of price change

C) volume of goods produced

D) volume of money

E) volume of transaction

#37. Which of the following is a major export crop in Nigeria?

A) cocoa

B) coffee

C) copper

D) kola nut

E) soy beans

#38. According to the theory of comparative advantages, countries are to specialize based on their

A) absolute cost advantages

B) absolute cost disadvantages

C) comparative cost advantages

D) comparative cost disadvantages

E) the availability of labour

#39. Averages cost (AC) equal to

A) ACTC

B) TCAC

C) TCAVC

D) TCMC

E) TCQ

#40. In a planned economy, the emphasis is on

A) public ownership and control

B) prices and competition

C) individual choices and decisions

D) private ownership and control

#41. If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be

A) a monopolistic competitor as it can have a limited influence on price

B) a monopolist as it can have a great influence on pric

C) a perfect competitor as it cannot influence the market price

D) an oligopolist as it can collude with other firms to have some influence on price

#42. When two variables are positively related, the graph of the relationship?

A) is a downward-sloping curve

B) has a negative intercept

C) is a straight line

D) is an upward-sloping curve

#43. For an inferior good, a decreased in real income will lead to?

A) a lower equilibrium price

B) a change in quantity demanded

C) an outward shift of the demand curve

D) an inward shift of the demand curve

#44. In economic analysis, a statement is said to be normative if it?

A) relates to value judgement

B) is incorrect

C) can be tested scientifically

D) is contradictory

#45. Utility is the satisfaction derived from?

A) demand

B) production

C) distribution

D) consumption

#46. The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is

A) perfectly inelastic

B) fairly inelastic

C) perfectly elastic

D) fairly elastic

Finish

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Economics Past Questions For JAMB/WAEC/NECO Students V26

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Economics Past Questions For JAMB/WAEC/NECO Students V26

Results

#1. Which of the following is NOT a factor determining supply?

#2. Central bank of Nigerian started operation

#3. What is meant by utility?

#4. Total revenue can be obtained by multiplying

#5. Which of these is NOT a basic economic problem of society?

#6. Economic growth is the

#7. In the demographic transition theory, stage II represents a stage where

#8. The central point of the Malthusian theory is that

#9. The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point,

#10. Which of the following is NOT a reason for the absence of an industry in the rural areas?

#11. In a free market economy, wages are determined by

#12. Of what importance is a wholesaler in the chain of distribution

#13. For a monopolist, the demand curve is

#14. A problem of price control is

#15. The most generally accepted definition of economics is

#16. The demand for a commodity for the sake of what it will yield is

#17. The first commercial oil well in Nigeria was discovered in

#18. An economic system where both the public and individuals own and control means of production is known as ……… system

#19. Which of the following is NOT an internal dis-economy of scales?

#20. Abdul is faced with a choice between buying a new notebook and a pen with ₦10. Since the ₦10 cannot give him both items he decide to buy the notebook. The money cost to him is

#21. The theory of income determination is traced to

#22. The per capita income is calculated as

#23. To finance a deficit balance of payment, a country may decide to

#24. One of the following is NOT a reason for increase in public expenditure

#25. Which of the following is a motive for holding money?

#26. Price legislation means

#27. Which of the following is NOT a function of taxation?

#28. Using functional relationship in economics QX = f (px, po, y, T); po stand for

#29. Equilibrium prices is

#30. In economics, electricity, water supply, communication networks, road, etc are known as

#31. A tax system which takes lesser percentage of a tax payers income as his income increase is known as

#32. Efficiency of labour implies

#33. Which of the following is NOT a cause of inflation?

#34. Which of the following is true of a perfect market situation?

#35. The best way of presenting data in tabular form is in

#36. In the equation MV = PT; V stand for

#37. Which of the following is a major export crop in Nigeria?

#38. According to the theory of comparative advantages, countries are to specialize based on their

#39. Averages cost (AC) equal to

#40. In a planned economy, the emphasis is on

#41. If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be

#42. When two variables are positively related, the graph of the relationship?

#43. For an inferior good, a decreased in real income will lead to?

#44. In economic analysis, a statement is said to be normative if it?

#45. Utility is the satisfaction derived from?

#46. The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is

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