30 FREE ECONOMICS QUESTIONS FOR JAMB, WAEC, NECO AND GCE
30 FREE ECONOMICS QUESTIONS
ANSMYQUES BLOG
Given TC=30+4q, what is the value of TC at an output of 25 units (a) 130 (b)100 (c) 70 (d)25
In the long run, all factors of production are (a) expensive (b) variable (c) durable (d) fixed
Which of the following are fixed cost (a) expenditure in raw materials (b) expenditure on fuel (c) expenditure on power(d) rent on land
Revenue is (a) cost of goods sold multiplied by quantity sold (b) price of goods plus price (c) quantity of goods plus price (d) quantity supplied less quality sold
What accounts for the “U-shape” of the short run average cost (a) the law of variable proportion (b) increase return to scale (c) decreasing return to scale (d) none
Which of this is not true of AFC (a) it is triangular hyperbola (b) it increases as output increases (c) it decreases as output increases (d) it determines the shutdown point of a firm
Which of the following is not true? (a) TC=TFC+TVC (b) ATC=AVC+AFC (c) AFC=
A quantity supplied of a commodity increases when (a) demand increase (b) production increases (c) price increases (d) population increases
Demand for factors of production is (a) joint (b) composite (c) derived (d) competitive
A movement along a given demand curve for a good is caused by change in (a) income (b) taste (c) price (d) population
Two goods X and Y are said to be complementary when (a) a fall in the price of X raises the demand for Y (b) a fall in the price of X causes a fall in the demand of Y (c) a fall in the price of X does not affect the demand of Y (d) none
An increase in the price of butter causes an increase in the demand for margarine. This indicates that butter and margarine are (a) substitute goods (b) complementary goods (c) inferior goods (d) inelastic goods
If an increase in price of yam from #10 to #20 results to a fall in quantity bought from 200 to 100 units. Demand is said to be (a) elastic (b) inelastic (c) unit elastic (d) infinite
if FC=1000 and VC=5000 what is Average cost at an output of 20 units (a) 200 (b) 300 (c) 400 (d) 500
A table that shows relationship between price and quantity demand for a product is (a) supply schedule (b) cost schedule (c) demand schedule (d) none
Zero price elastic demand of a commodity means that (a) the product has no value when it comes to price evaluation (b) the product is a public good, thus no price is to be paid to consume it (c) the quantity purchases of the product remain the same at all price level (d) the quantity purchases of the product can be changed to any level without any change in price
Economic problems arise mainly as a result of (a) inaccurate statistical data (b) excessive wastage of available resources (c) lack of foresight on the part of resource user (d) limitation in available resources
In economics, the pleasure, happiness or satisfaction received from product is called (a) Marginal cost (b) rational income (c) status fulfilment (d) utility
Demand as a factor of production (a) a composite demand (b) a joint demand (c) a derived demand (d) an elasticity of demand
Optimum population is desired because it enable an economy to attain maximum (a) per capita income (b) per capita output (c) per capita real income (d) per capita revenue
The supply and demand for goods and services are influenced by the (a) supermarkets (b) Entrepreneurs (c) Mechanism of law (d) Price Mechanism
In a sole proprietorship, the decisions are made by the (a) Government (b) Board of Directors (c) shareholder’s conference (d) owner
Which of the following determines price in a capitalist economy? (a) Government (b) invisible hand (c) producer (d) consumer
In short run, firms increase output by (a) increasing the amount of labour used (b) Decreasing the size of their plant (c) Increasing the size of their plant (d) decreasing the amount of labour used
A firm maximizes profit when (a) total revenue equals total cost (b) total cost exceeds total revenue by the greatest amount (c) total revenue exceeds total cost by the greatest amount (d) It is at the break – even point
Consumers are referred to as “The King” in which of these economic system (a) planned economy (b) mixed economy (c) socialist economy (d) free market economy
In economics, human wants are usually described as (a) many (b) insatiable (c) limited (d) numerous
MEANS in economics refers to (a) choice (b) factors (c) output (d) resources
The law of diminishing returns begins to operate when (a) the total product begins to rise (b) total product begins to fall (c) marginal product begins to rise (d) marginal begins to fall
If at 10k, 1000kg of yam were purchased and at 5k, 1500kg were produced, the resultant point elasticity of demand is (a) 0.33 (b) 0.0001 (c) 1 (d) 10,000
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