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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.

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

47 questions
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Question 1 of 20 47 total questions
Question 1
waec 2008

The Economic Commission for Africa is an agency of the

AOrganization of African Unity
BAfrican Development Banks
CEuropean Union
DUnited Nation Organization
View Explanation & Discuss
Question 2
waec 2008

Balance of payment surplus implies that the value of the country’s

Aexports exceeds its imports
Bimports exceed its exports
Cexports is equal to its imports
Dterms of trade is constant
View Explanation & Discuss
Question 3
waec 2008

Invisible trade refers to trade in?

Aservices
Bgoods and services
Ctangible goods
Dcrude oil
View Explanation & Discuss
Question 4
waec 2008

Trades among nations is desirable because

Aenables people in a country to know those in other countries
Bmakes it possible for people in a country to enjoy the goods and services produced in other countries
Cenables residents in country a to understand the language of residents of other countriesd
Dmakes it possible for a country to have the currencies of other countries
View Explanation & Discuss
Question 5
waec 2008

An important feature of economic development is

Apopulation explotion
Breduction in exports
Chigh literacy level
Dlow exports
View Explanation & Discuss
Question 6
waec 2008

Which of the following will have a more destabilizing effect on the economy?

Aa tax on the price of vehicle
Ba tax on petrol
Ca decrease in the supply of vehicle
Dmoderate increase in wages
View Explanation & Discuss
Question 7
waec 2008

All indirect taxes tend to be

Aprogressive
Bregressive
Ccertain
Dequitable
View Explanation & Discuss
Question 8
waec 2008
Public finance is basically an analysis of the
Aincome and expenditure of government
Bexpenditure patterns of the government
Ccurrent and capital receipts of the government
Dcurrent and capital expenditure of the government
View Explanation & Discuss
Question 9
waec 2008
Creation of money by commercial bank is done by
Aincreasing the cash ratio
Bprinting money
Clending to borrowers
Dissuing cheques
View Explanation & Discuss
Question 10
waec 2008
The Central Bank can restrict credit through
Adepreciation of assets
Bgranting overdraft
Cdirect investment
Dopen market operation
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Question 11
waec 2008
The indicator of the value of money is
Athe general price level
Bthe equilibruim price
Cconsumer''s income
Dthe interest rate
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Question 12
waec 2008
A continuous fall in the general price level is called
Arecession
Bdepression
Cdeflation
Dstagflation
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Question 13
waec 2008
The supply of money in the economy includes
Abank notes only
Bbank note and coins
Cbank notes and bank deposits
Dbank notes, coins and bank deposits
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Question 14
waec 2008
Since money is demanded for what it can buy, the demand is said to be
Aderived
Bjoint
Ccomposite
Dcomplementary
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Question 15
waec 2008
A medium of exchange which is generally acceptable is
Abater
Ba cheque
Cgovernment bond
Dmoney
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Question 16
waec 2008
The national income off a country can be estimated through the
Aoutput approach
Binput approach
Cempirical approach
Dcensus approach
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Question 17
waec 2008
Which of the following is a disadvantage of large scale production?
Amarket economies
Bmanagerial economies
Cpersonal organization
Ddivision of labour
View Explanation & Discuss
Question 18
waec 2008
Which of the following is a disadvantage of large scale production?
Amarket economies
Bmanagerial economies
Cpersonal organization
Ddivision of labour
View Explanation & Discuss
Question 19
waec 2008
industry can be define as
Aseveral firms producing different commodities
Bgroup of firms producing similar commodities
Cdifferent firms producing equal number of commodities
Dmany firms producing for exports
View Explanation & Discuss
Question 20
waec 2008
the main objective of specialization is to
Aallocate resources
Blimit worker's skills
Cincrease the use of labour
Dincrease productivity
View Explanation & Discuss
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