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.

4,545 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

4,545 questions

Question 1 of 20 4,545 total questions

Question 1061

waec 2007

one characteristics of labour is that it is

Afixed in demand

Bfixed in supply

Cmobile

Duntrainable

View Explanation & Discuss

Question 1062

waec 2007

The Malthusian theory of population does not concern itself with

Agrowth of food production in arithmetical progression

Bgrowth of population in geometric progression

Cpositive check to population growth

Ddevelopment and growth of manpower

View Explanation & Discuss

Question 1063

waec 2007

The reward which accrues to labour for participating in production is

Ainterest

Bwage

Cbonus

Dprofit

View Explanation & Discuss

Question 1064

waec 2007

The satisfaction derived from the use of a commodity is its

Ademand

Belasticity

Cwealth

Dutility

View Explanation & Discuss

Question 1065

waec 2007

The three principal economic unit in any system are

Atrade, industry and banking

Bworkers, consumers and shareholders

Chouseholds, firms and governments

Dcomapnies, industry and plants

View Explanation & Discuss

Question 1066

jamb 2007

One way of solving the problem of double counting is by

AValue-added method

BIncome method

COutput method

DExpenditure method

View Explanation & Discuss

Question 1067

jamb 2007

Life insurance companies contribute to economic development by holding a part of their assets in

ALong-term financial instruments

BEquipment

CCash and near money

DMoney-market instruments

View Explanation & Discuss

Question 1068

jamb 2007

In the circular flow of income model, the outflow variables represent

AIncome

BExpenditure

CInjections

DLeakages

View Explanation & Discuss

Question 1069

jamb 2007

Corrections in the GNP figures for price changes require the use of a

ARetail price index

BProducer price index

CPrice index

DPrice deflator

View Explanation & Discuss

Question 1070

jamb 2007

A reduction in the bank rate encourages commercial banks to create money by

ADecreasing the interest rate

Bmaintaining the interest rate

CDoubling the interest rate

DRaising the interest

View Explanation & Discuss

Question 1071

jamb 2007

The non-bank financial institutions that are entrusted with workers contributions towards retirements are

AMortgage institutions

BInvestment companies

CPension funds custodians

DPension funds administrators

View Explanation & Discuss

Question 1072

jamb 2007

An advantage of electronic banking is that it

AEnables many customers to operate joint accounts

BReduces risk of bank fraud

CEnables a customer to operate many accounts from different locations

DEnables a customer to operate his account from different locations

View Explanation & Discuss

Question 1073

jamb 2007

The logical sequence of basic concepts in economics is

AWants, scarcity, choice and opportunity cost

BWants , choice, scarcity and opportunity cost

CScarcity, wants , choice and scale of perference

DScarcity, choice ,scale of preference and opportunity cost.

View Explanation & Discuss

Question 1074

jamb 2007

If P = \(\frac{1}{2}\)(Qs + 15). What is the quantity supplied at N9.00?

A33.0

B12.0

C3.0

D1.5

View Explanation & Discuss

Question 1075

jamb 2007

The term ceteris paribus implies that

AResources are scarce

BHuman problems can be solved

CHuman beings are unpredictable

DAll factors are fully utilized

View Explanation & Discuss

Question 1076

jamb 2007

An increase in the marginal cost of production causes

AA downward movement along the supply curve

BA leftward shift of the supply curve

CA rightward shift of the supply curve

DAn upward movement along the supply curve

View Explanation & Discuss

Question 1077

jamb 2007

A firm incurs short-run costs when

AIt cannot increase prices

BOperation is at its later stages

COperation is at its early stages

DSome inputs cannot be varied

View Explanation & Discuss

Question 1078

jamb 2007

When a firm's average revenue curve is downward-slopping , it's price elasticity of demand will be

AZero

BGreater than one

COne

DBetween zero and infinity

View Explanation & Discuss

Question 1079

jamb 2007

The price per unit of a commodity to a buyer is the same as the

ANormal profit of the seller

BAverage revenue of the seller

CMarginal cost of the commodity

DMarginal revenue of the seller

View Explanation & Discuss

Question 1080

jamb 2007

What is the median wage?

AN8.00

BN 5.00

CN11.00

DN6.50

View Explanation & Discuss

Question Navigator

Current

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