Economics Past Questions | JAMB, WAEC, NECO and Post UTME Past Questions

The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously

total utility must fall
marginal utility must fall
marginal utility may rise
marginal utility may fall even though his total utility may be rising

Which of the following rewards is associated with entrepreneurship

salaries
profits
interest
rent

Which of the following is likely to be inflationary

taxes increase
increase in unemployment
budget surplus
wages increase

Economics 2020 JAMB Question 18

The relationship between the tax rate and income relevant to progressive tax is shown by the?

curve X
curve Y
curve Z
curve X and Z

Economics 2020 JAMB Question 19

The relationship between tax rate and income relevant to a proportional tax is depicted by the?

curve Z and Y
curve X
curve Z
curve Y

Fiduciary issue is that part of?

the issue of notes backed entirely by gold
a country's currency that is not negotiable
the issue of notes not backed by gold
a country's currency officially issued

The Nigerian bank for commerce and industry is?

a commercial bank
a development bank
an industrial bank
a merchant bank

The type of business finances that entitles the holder to a fixed rate of dividend is?

preference stock
common stock
debentures
bank loan

To control inflation, the monetary authorities of a country can

reduce taxes
Exports and importsadvise the government to increase its expenditure
engage in expansive monetary policies
engage in restrictive monetary policies

A company’s expenditure on raw materials is regarded as?

explicit cost
implicit cost
prime cost
average cost

Which of the following is used by the central bank to control the rate of interest

bill of exchange
banker's order
fixed deposit account
open market operation

Firms are often set up close to each other in order to take advantage of?

supply of skilled labour
agglomeration economies
internal economies of scale
external economies of scale

What form of market is found in an imperfect competition where there are few buyers and many sellers?

Monopoly
Oligopoly
Duopoly
Oligopsony

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

dumping
counter trade
bilateral trade
trade liberalization

A budget with a projected revenue in excess of its expenditure is said to be?

balanced
surplus
deficit
inflationary

The problem of conducting census include

high rate of rural-urban migration
poor geographical distribution of population
high birth rate in the country
poor town planning in urban areas

In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demand

elastic
inelastic
perfectly elastic
unitary elastic

The factor of production that has the highest degree of mobility is?

land
labour
capital
entrepreneur

If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?

0.20
0.80
1.25
2.00

In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of?

lack of an effective agricultural policy
employment opportunities in the agricultural sector
rural-urban drift
low prices of agricultural products

Collectivism refers to the management of state enterprises in a?

mixed economy
co-operative organizations
capitalist economic system
socialist economy

Efficiency in production means?

reducing the size of the work force
producing a given output with the lowest cost of combination of factors of production
adoption of capital intensive technology
increasing the quantity of the fixed factors of production

In economic life, the choice among alternatives depends on the?

income of the decision maker
scarcity of resources
the scale of preference of the decision-maker
status of the decison maker

Scarcity in economics means?

human wants are limitless
the economy has very few resources
the economy can scarcely produce anything
resources are limited in relation to wants

Which of the following is an example of an invisible item on the balance of payments account?

Shipping and aviation
Exports and imports
Merchandise
Bullion

A major factor affecting the value of money is the?

price level
banking habits
transaction motive
divisible nature of money

Economics is often described as a social science because?

laboratory experiments are performed
It makes use of controlled experiments
It uses scientific methods to explain an observed phenomenon and predict future events
It makes use of fieldwork