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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.

50 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

50 questions

Question 1 of 20 50 total questions

Question 1

waec 2009

The headquarters of the African Development Bank (ADB) was originally located at

ACotonou

BHarare

CAbidjan

DLagos

View Explanation & Discuss

Question 2

waec 2009

The five countries that established the Organization of Petroleum Exporting Countries (OPEC) are

ANigeria, Iraq, Venezuela, Kuwait and Ghana

BSaudi Arabia, Kuwait, Sierra Leon, Iran and Iraq

CAlgeria, Kuwait, Venezuela, Iran and The Gambia

DKuwait, Venezuela, Iran Iraq and Saudi Arabia

View Explanation & Discuss

Question 3

waec 2009

One major aim of a cartel is to

Aincrease production

Bregulate output through quota system

Chave a joint account

Dshare profits equally

View Explanation & Discuss

Question 4

waec 2009

Expenditure by foreign tourist in a country will be recorded as

Avisible exports

Bofficial transfers

Ctransfer income

Ddivisible exports

View Explanation & Discuss

Question 5

waec 2009

The terms of trade is described as unfavourable when

Athe price of imports rises relative to those of exports

Bthe price of exports rises relative to those of imports

Cthe net income from aabroad does not change

Dthe value of exports exceeds those of imports

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Question 6

waec 2009

Terms of trade may be define as the

Atrade between one country and another

Brelationship between country's receipt from others and payment to others

Crate at which a country's export exchange for imports

Ddifferent between the value of export and imports

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Question 7

waec 2009

Economic development is reflected in the

Ascarcity of capital

Bincrease in the price level

Cdecline in the agricultural production

Dincrease in productive capacity

View Explanation & Discuss

Question 8

waec 2009

The need for development planning arises largely from the fact that

Aaggregate savings exceeds aggregate consumption

Baggregate consumption equals aggregate savings

Cproductive resource are in excess of the demand for them

Dproductive resource are scarce relative to the demand for them

View Explanation & Discuss

Question 9

waec 2009

Fiscal policy is associated with

Ataxation and government expenditure

Bre-structuring of the banks

Cinjection of more money into the economy

Dreduction in economic activities

View Explanation & Discuss

Question 10

waec 2009

Government expenditure on the construction of roads and bridges is

Arecurrent expenditure

Bcapital expenditure

Csupplementary expenditure

Dvariable expenditure

View Explanation & Discuss

Question 11

waec 2009

The tax imposed on good manufacture within a country is

Aan excise tax

Ba capital gain tax

Cprofit tax

Da sales tax

View Explanation & Discuss

Question 12

waec 2009

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

ACommercial banks

BThe Mortgage Bank

CThe Central Bank

DDevelopment Bank

View Explanation & Discuss

Question 13

waec 2009

The marketing of government security by the Central Bank is termed

Aretail banking

Bopen market operation

Cselective credit control

Dcredit creation

View Explanation & Discuss

Question 14

waec 2009

which of the following is specialized in lending money for the purpose of developing real estate?

Amerchant banks

Bmortgage banks

Cdiscount houses

Dcommercial banks

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Question 15

waec 2009

Depreciation = $40,000
Gross Domestic Product = $100,000
Factor Payments to Foreigners = $20,000
Factor Receipts from Abroad = $25,000

The Net Domestic Product is

A$55,000

B$60,000

C$140,000

D$165,000

View Explanation & Discuss

Question 16

waec 2009

Depreciation = $40,000
Gross Domestic Product = $100,000
Factor Payments to Foreigners = $20,000
Factor Receipts from Abroad = $25,000

The National Income is equal to

A$45,000

B$60,000

C$65,000

D$195,000

View Explanation & Discuss

Question 17

waec 2009

Use the information below to answer these questions

Depreciation = $40,000
Gross Domestic Product = $100,000
Factor Payments to Foreigners = $20,000
Factor Receipts from Abroad = $25,000
The Gross National Product is equal to

A$40,000

B$50,000

C$105,000

D$125,000

View Explanation & Discuss

Question 18

waec 2009

disposable income is total income

Aless tax

Bdivided by tax

Cplus tax

Dmultiplied by tax

View Explanation & Discuss

Question 19

waec 2009

manufacturing involves the process of

Amaking goods available

Bproviding finished products

Cchanging items to new states

Dproducing capital goods only

View Explanation & Discuss

Question 20

waec 2009

The population density of town Y made up of 50 square kilometre land area and 100 million people is

A50,000 people per square kilometre

B0.2 million people per square kilometre

C0.5 million people per square kilometre

D2 million people per square kilometre

View Explanation & Discuss

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