Classroom

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.

87 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

Select subject

Download PHP app Ask a Question Check Syllabus Past Question Videos Topic Video Lessons

Take a test

Custom CBT

Create and set up a CBT environment with your preferred subjects.

JAMB CBT Simulator

Practice JAMB CBT with real UTME past questions in CBT format.

WAEC CBT Practice 2026 Simulator

CB-WASSCE styled past question practice.

NECO CBT Practice 2026 Simulator

SSCE & GCE styled past question practice.

Past Questions

87 questions

Question 1 of 20 87 total questions

Question 1

waec 1998

A major setback in any mixed economy is

Athat is combined both the capitalist and socialist systems

Bthe freedom of choice in the production and consumption of goods and services

Cthat government intervenes to secure full utilization of resources

Dthat economy decisions are determined by market forces

Ethat the absence of profit motive in the public sector may reduce incentives for hard work

View Explanation & Discuss

Question 2

waec 1998

The economic system in which the decision s about what to produce , how to produce and for whom to produce are made by private firms is called

Asocialism

BWelfarism

Ccommunism

Dcapitalism

Etraditionalism

View Explanation & Discuss

Question 3

waec 1998

The instrument used in many countries to restrict imports includes

Ahigh tarrifs

Bprice index

Cexcise duties

Dbank rate

Esubsidies

View Explanation & Discuss

Question 4

waec 1998

Which of the following countries is a major trading partner of Nigeria?

ABritain

BCanada

CJapan

DGermany

EChina

View Explanation & Discuss

Question 5

waec 1998

The stability of Nigerian economy depends mainly on the export price of

Agroundnut

Bcotton

Ccocoa

Dmineral oil

Epalm kernel

View Explanation & Discuss

Question 6

waec 1998

The level of economic development is low in Nigeria because

Aplanning has nopractical relevance

Bof the pattern of the consumers' spending

Cthe country is too large

Dof ineffective plan implementation

Ethere is no unique planning model

View Explanation & Discuss

Question 7

waec 1998

development plans in Nigeria have deviated from their targets due to

Alack of manpower

Bpolitical instability

Chigh population growth rate

Dbrain drain in the country

Einadequate land

View Explanation & Discuss

Question 8

waec 1998

progressive system of taxation implies that the

Apoor pay relatively more

Btax rate falls as the tax base increases

Ctax rate increases as the tax base increases

Daverage and marginal rate of tax will be the same

Erich and the poor pay the same amount as tax

View Explanation & Discuss

Question 9

waec 1998

An increase in marginal propensity to save will lead to

Aan increase in marginal propensity to consume

Ba decrease in the level of consumption

Can immediate decrease in the net national income

Dan increase in the level of consumption

Ea decrease in the level of savings

View Explanation & Discuss

Question 10

waec 1998

The expenditure of a firm on goods and services for the expansion of its productive capacity is known as

Aincome

Binvestment

Csavings

Dprofits

Einterest

View Explanation & Discuss

Question 11

waec 1998

which of the following is a factor affecting the size of national income?

Asize of the active population

Btaste of the consumers

CNumber of registered trade unions

DCredit-worthiness of the neighbouring countries

ERegularity of payment of national debt

View Explanation & Discuss

Question 12

waec 1998

The West African house was established to

Afinance development projects in Africa

Benhance financial transaction among memebers countries

Cprovide technical assistance to memebers countries

Dstabilize price in developing countries

Eservice the debts of the African Countries

View Explanation & Discuss

Question 13

waec 1998

Banks create money by

Agiving drafts to customers

Bprinting more money

Clending our deposits to borrowers

Dissuing cheques

Edepositing exes cash in the trills

View Explanation & Discuss

Question 14

waec 1998

If a government which owned a company N10,000 in 1966 paid the debt fully in 1985 when the value of money has depreciated by 20 Percent, such a government had

Alost

Bbeen placed at par with the company

Cgained

Dstabilizing the value of money

Eincreased the value of money

View Explanation & Discuss

Question 15

waec 1998

Which of the following is used to measure inflation?

AOpem market operation

BCash-deposit ratio

Cprice index

DMultiplier

EFiscal policy

View Explanation & Discuss

Question 16

waec 1998

An imperfect competitor is in equilibrium when

AMarginal cost (MC) is equal to Marginal Revenue (MR)

BMarginal Revenue (MR) equal to Price (P)

CAverage Revenue(AR) is equal to Average Cost (AC)

DOutput (Q) is equal to Average Revenue (AR)

EAverage Revenue (AR) is equal to Marginal Revenue (MR)

View Explanation & Discuss

Question 17

waec 1998

The problem of small markets in West Africa can be solved through

Aseparate planning among the West African countries

Bmeaningful- co-operation among the West African countries

Cpolitical stability in West Africa

Dimposing of high tarrifs on West African exports

Ethe central banks of West African countries

View Explanation & Discuss

Question 18

waec 1998

Malthus' contention is that

Apopulation increase in arithmetic progression while food production increased in geometric progresion

Bpopulation increased in geometric progression whil food production increased in arithmetic progression

Cpopulation and food growth rate will, in future, be at par

Dnations have to get enough manpower to cultivate available land for food

Eoutput from agriculture decreased as more and more of the poorer lands were brought into cultivation

View Explanation & Discuss

Question 19

waec 1998

The power of trade union may be weakened when there is

Aoptimum population

Ba weak government in power

Cover population

Da civilian government in power

Eunder-population

View Explanation & Discuss

Question 20

waec 1998

An appropriate industrialization strategy in an under-populated country is

Aimport substitution

Bcapital intensive

Cthe contract method

Dthe use of foreigners in the factories

Elabour intensive

View Explanation & Discuss

Question Navigator

Current

1 2 3 … 5 Next »

Economics Past Questions

Take a test

Custom CBT

JAMB CBT Simulator

WAEC CBT Practice 2026 Simulator

NECO CBT Practice 2026 Simulator

Past Questions

Question Navigator

MathsFaculty