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.

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

80 questions
Question 1 of 20 80 total questions
Question 1
jamb 2025

Acceptability , durability, homogeneity , and portability are all attributes of good

Amoney
Bmarkets
Cgovernment
DBANK
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Question 2
jamb 2025

The reward to land as a factor of production is

AInterest
Bwage
Crent
Dprofit
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Question 3
jamb 2025

One disadvantage of direct taxes is that they

Acan be evaded
Bare not rigid
Ccan be progressive
Dallocate scarce resources
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Question 4
jamb 2025

Which of the following is not a function of an insurance company?

 

ACollection of deposits from the public for investment
BEncouragement of savings habits through life assurances
CMobilization of funds through premiums collected
DGranting of loans on long-term basis for investment
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Question 5
jamb 2025

The greatest foreign exchange earner for Nigeria before the advent of petroleum was

 

Ahandicraft
Bagriculture
Cmining
Dmanufacturing
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Question 6
jamb 2025

Which of the following is necessary for the survival of small firms in West Africa?

 

AHigh transportation costs
BInadequate collaterals for bank loans
CGovernment assistance in the form of loans and tax holidays
DAccess to land for development
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Question 7
jamb 2025

The charging of different prices to different groups of buyers for the same goods or services is called?

AMonopolistic competition
BMonopoly
CPrice discrimination
DPrice determination
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Question 8
jamb 2025

Which of the following equation is appropriate for determining the Net Domestic Product (NDP)

 

ANDP = GNP - depreciation
BNDP = GDP - depreciation
CNDP = GDP x Net Income from abroad
DNDP - GDP + Net Income from abroad
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Question 9
jamb 2025

The transfer of ownership of a public enterprise to individual and firms is called

Arestructuring
BCommercialization
Cnationalization
Dprivatization
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Question 10
jamb 2025

Which of the following institutions is concerned with expanding developing countries' commodity trade?

 

AWorld Trade Organization (WTO)
BEconomic Commission for Africa (ECA)
CAfrican Development Bank (AfDB)
DUnited Nations Conference on Trade and Development (UNCTAD)
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Question 11
jamb 2025

An agricultural production process which uses more machinery relative to labour is referred to as

 

Aland intensive farming
Blarge scale farming
Ccapital intensive farming
Dcommercial farming
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Question 12
jamb 2025

Development plans in West Africa tend to deviate from their targets mainly due to

 

Alow level of education
Bhigh population growth rate
Clack of manpower
Dpolitical instability
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Question 13
jamb 2025

In the event of bankruptcy, owners of joint-stock companies lose

Atheir private properties
Bonly the capital invested
Conly their dividends
Dboth company and private assets
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Question 14
jamb 2025

Population growth rate can be calculated as

 

Abirth rate- death rate + immigrants - emigrants
Bbirth rate-death rate+migration rate-immigration rate
Cbirth rate- death rate
Dbirth rate- death rate-emigrants-immigrants
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Question 15
jamb 2025

A country's balance of payments is in deficit when

 

Aa country's payments for imports of invisible goods are greater than her receipts from exports of invisible goods
Bthe total receipts from her export of visible and invisible goods are greater than her payments for visible and
invisible imports
Cthe total payments for visible and invisible imports are greater than the total receipts from her exports of visible and
invisible goods
DIt can record a surplus on current account of her balance of payments accounts
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Question 16
jamb 2025

Which of the following serves as a banker's bank?

ACommercial Bank
BThe Central Bank
CDevelopment Bank
DThe Mortgage Bank
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Question 17
jamb 2025

The United Nation Conference on Trade and Development (UNCTAD) is a forum designed specifically for discussing the

Areligious affairs in the Southern Africa
Beducational needs of the developed countries
Cbetter terms of trade in the world
Dpolitical conflicts in the United Nation Security Council
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Question 18
jamb 2025

One advantage of a sole proprietorship is that

 

Ait makes an increase in the volume of business possible
Bit can be managed without conflicts
Cthe sole proprietor raises money from the public
Dthere is no limit to the number of people who may bring in capital
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Question 19
jamb 2025

In calculating the Gross National Product (GNP) by the income approach, all the following are included except

Adirect taxes paid by persons and companies
Bwages and salaries
Crents on houses
Dretirement benefits
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Question 20
jamb 2025

Which of the following best describe token money?

ACurrency and coins in circulation
BCoins and notes made of poor quality materials
CMoney in the vault of commercial banks
DMoney with face value higher than its material content
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