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 2019

Natural resources that are renewable are found in the

Amining sector
Btraditional sector
Cagricultural sector
Dsecondary sector
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Question 2
waec 2019

Exploitation of forest resources becomes a major problem when

Acommunities fight over ownership
Bthey are not renewed
Cthey are neglected
Dthe supply is fixed in the long-run
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Question 3
waec 2019

One measure for financing a country's balance of payments deficit is through

Aexport diversification
Bimport substitution
Cshort-term borrowing from IMF
Dinternal borrowing from commercial banks
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Question 4
waec 2019

The major achievement of the Economic Community of West African States (ECOWAS) is that it has

Amade capital more mobile
Bmade possible the use of common currency
Cincreased members' allegiance to former colonial masters
DwIdened the market for goods produced
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Question 5
waec 2019

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

AWorld Trade Organization (WTO)
BUnited Nations Conference on Trade and Development (UNCTAD)
CEconomic Commission for Africa (ECA)
DAfrican Development Bank (AfDB)
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Question 6
waec 2019

An improvement in a country's terms of trade means that the

Anation can export more services
Bnation's receipts on export are equal to payments on imports
Cvalue of her imports is lower than her exports
Dvisible exports is less than visible imports
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Question 7
waec 2019

Devaluation of currency may not correct a balance of payments deficit if the demand for export is

Aperfectly inelastic
Bperfectly elastic
Cfairly elastic
Dunitary elastic
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Question 8
waec 2019

Balance of trade involves the exchange of

Agoods only
Bservices only
Cgoods and services
Dgoods and capital
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Question 9
waec 2019

In a period of unemployment and falling prices, the government should adopt a

Azero-based budget
Bbudget deficit
Cbalanced budget
Dsurplus budget
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Question 10
waec 2019

In most underdeveloped countries, development plans do not achieve their objective due to

Apoor coordination between local and national governments
Bexportation of more primary products
Clack of educational institutions in those countries
Durban-rural migration of citizens
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Question 11
waec 2019

In most developing countries, a large percentage of the labour force is engaged in

Atrading
Bmining
Cagriculture
Dmanufacturing
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Question 12
waec 2019

Insurance Companies are similar to commercial banks in that they

ACompensate their customers for losses
Bact as lender of last resort
Chelp in maintaining monetary stability in a nation
Dhelp in mobilizing savings for investment
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Question 13
waec 2019

What happens when the central bank increases the bank rate?

AAmount of borrowing increases
BAmount of borrowing decreases
CSupply of money increases
DCommercial banks are not affected
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Question 14
waec 2019

Citizens are protected from the government's arbitrariness in taxation by the canon of

Aelasticity
Bflexibility.
Ceconomy
Dcertainty
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Question 15
waec 2019

An increase in the prices of factor inputs may result in

Ademand-pull inflation
Bstagflation
Copen inflation
Dcost-push inflation
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Question 16
waec 2019

The motive for holding money to meet unforeseen events is termed

Aprecautionary demand
Btransactions demand
Cliquidity demand
Dspeculative demand
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Question 17
waec 2019

Which of the following is true of the value of money? It

Ais positively related to the price level
Bdepends on the value people attach to it
Cis determined by the government
Dis inversely related to the price level
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Question 18
waec 2019

Which of the following items is not considered as a transfer payment?

APension pay
BGovernment subsidy
CStudents' grant
DDoctor's salary
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Question 19
waec 2019

Which of the following factors will not underestimate the national income?

ARapid decrease in prices
BIncreased subsistence production
CPractice of specialization of labour
DIncrease in value of services not paid for
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Question 20
waec 2019

The total value of goods and services produced within the borders of a country is

Anet national product
Bnet domestic product
Cgross domestic product
Dgross national product
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