Economics Past Questions

Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.

89 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

89 questions
Question 1 of 20 89 total questions
Question 1
jamb 2022

Which of the following cannot be classified as a natural resource?

AIron rod
BWild life
CSolar energy
DGold
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Question 2
jamb 2022

One benefit a country can derive from the extraction of crude oil is increase in

Apopulation
Bemployment
Cmoney supply
Ddemand for imports
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Question 3
jamb 2022

An electrical engineer who is teaching physics in a secondary school is said to be

Aunder-employed
Bunemployed
Cfully employed
Dtechnologically unemployed
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Question 4
jamb 2022

The International Bank for Reconstruction and Development(IBRD) performs the following functions except-------

Agranting long-term loans
Bassisting with technical expertise
Creducing tariff among members
Ddeveloping human resource
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Question 5
jamb 2022

The line labelled M in the diagram above represent

 

Atotal cost
Bfixed cost
Cvariable cost
Daverage cost
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Question 6
jamb 2022

The curve labelled x is the

Atotal revenue curve
Btotal product curve
Cmarginal product curve
Dmarginal revenue curve
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Question 7
jamb 2022

What type of price elasticity of demand is the diagram above representing?

 

Aperfectly inelastic demand
Bperfectly elastic demand
Cfairly elastic demand
Dcomposite demand
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Question 8
jamb 2022

The pie chart above represents the total population of a school of 1,200. The shaded area of 60º shows the population of the underaged pupils.

What is the population of the matured students?
 

A600
B800
C1000
D1200
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Question 9
jamb 2022

Which of the following forms of economic integration is a member nation free to impose duty against non-members

ACustoms union
Bfree trade area
CCommon market
DEconomic community
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Question 10
jamb 2022

Nation engage in external trade because of difference in

Acomparative cost
Babsolute cost
Cfixed cost
Dvariable cost
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Question 11
jamb 2022

Which of the following activities will not lead to economic growth?

AMassive importation of capital goods
BIntensive capital formation
CUse of modern technology
DMassive importation of consumer goods
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Question 12
jamb 2022

The figure above shows change in demand for commodity x which is a normal good. Use it to answer the questions that follows

Which of the following caused the change in demand from D0 D0 to D2 D2?

AFall in income of consumer
BRise in the price of a substitute
CRise in the price of a complement
DFall in the supply of commodity x
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Question 13
jamb 2022

In order to increase revenue, government should tax commodities for which demand is

Aperfectly price inelastic
Bprice inelastic
Cprice elastic
Dunitary elastic
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Question 14
jamb 2022

What happens when the central bank increases the bank rate in an economy

Aborrowing is discouraged
Bcustomers increase their borrowing
Cbanks can increase their lending
Dmoney supply increases
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Question 15
jamb 2022

The stock exchange is an example of the

Alabour market
Bmoney market
Ccommodity market
Dcapital market
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Question 16
jamb 2022

If a housewife has meat and wants tomatoes, she must find someone who has tomatoes to give and wants meat. This concept is described as

Ascale of preference
Bopportunity cost
Ccomplementary demand
Ddouble coincidence of wants
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Question 17
jamb 2022

Holding money to take care of contingencies is

Aa speculative motive
Ba transactions motive
Ca precautionary motive
Dan expansionary motive
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Question 18
jamb 2022

Demand-pull inflation is likely to be caused by

Aan increase in the cost of factor inputs
Bincrease in the income tax rate
Cincrease in bank lending rate
Dincreasingly large budget deficit
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Question 19
jamb 2022

In a country with large population of full-time house wives, national income

Awill be composed of goods produced by women
Bfigures will be grossly over-stated
Cstatistics will be difficult to calculate
Dfigures will be grossly under-estimated
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Question 20
jamb 2022

A baker bought flour and other ingredients for S250.00, spent S52.00 on distribution, sold the bread for S320.00. The value added by the baker.

A$302.00
B$52.00
C$18.00
D$622.00
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