Economics Past Questions

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1,723 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

1,723 questions
Question 1 of 20 1,723 total questions
Question 101
waec 2022

A minimum price legislation is also called

Aprice ceiling
Bprice mechanism
Cprice control
Dprice floor
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Question 102
waec 2022

The sufficient condition for a firm to be in equilibrium is that the

Amarginal revenue curve is above the average revenue curve
Bmarginal cost curve cuts the marginal revenue curve from below
Cfirm must show that it is profitable
Dmarginal cost must be equal to average revenue
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Question 103
waec 2021

Abundant natural resources do not contribute to economic growth in developing countries because of_________

Ahigh rate of inflation
Burban congestion.
Cover-reliance on multiple commodities.
Dmismanagement and corruption.
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Question 104
waec 2021

Examples of land that are non-renewable include___________

Amarshy and water-logged land.
Bfarmland already used tor many years.
Csome natural resources such as natural gas.
Doxygen and carbon dioxide in the atmosphere
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Question 105
waec 2021

Balance of payments and trade problems that arose after the world wars were resolved by the____________

AInternational Bank tor Reconstruction and Development.
BInternational Monetary Fund.
CAfrican Development Bank.
DOrganization of Petroleum Exporting Countries.
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Question 106
waec 2021

A customs union is an economic grouping which has___________

Afree movement of factors of production
Bcommon tariffs against non-Members.
Ccommon currency for trading
Dcommon military defence
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Question 107
waec 2021

A country may be able to earn more from exports if she_____________

Aincrease her export duty
Bdevalues her currency
Cincreases her import duty
Dallows her currency to appreciate
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Question 108
waec 2021

If a country imposes a barrier on trade, the resultant effect will be _________

Aa halt in buying and selling
Bhigh quality goods from local industries
Can increase in the demand for locally produced goods
Dshutdown of infant industries
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Question 109
waec 2021

If a country's import bill is high, she can encourage exports by___________

AAllowing her currency to depreciate
BAllowing her currency to appreciate
CLiberalizing importation
DIncreasing taxes on all locally produced goods
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Question 110
waec 2021

Records of a country's invisible trade are recorded in her_____________-

ATrade account.
BCapital account.
CCurrent account
DFinancial account.
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Question 111
waec 2021

A measure that can be adopted to correct a country 's balance of payments deficit is ____________

AAllow the currency to appreciate to encourage imports.
BAllow the currency to depreciate to encourage imports
CAdopt import substitution strategy
DRestrict trade with all countries
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Question 112
waec 2021

A floating exchange rate means that the exchange rate is fixed by the __________

ACentral bank of the country
BForces of demand and supply
CInternational monetary fund (IMF)
DMinistry of Finance
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Question 113
waec 2021

People who dispose of their assets are expected to pay ______________

Avalue added tax
Bcapital gains tax
Cexpenditure tax
Dsales tax
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Question 114
waec 2021

In order to enable the government of a country to increase its tax revenue, it will be advisable for it to increase taxes on_______

ATextile materials with elastic demand
BAlcoholic beverages with inelastic demand
CAgricultural products with inelastic supply
DLuxury goods with elastic supply
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Question 115
waec 2021

When a government cuts down her expenditure to reduce inflation, she has embarked on___________

AA restrictive Fiscal policy.
BAn expansionary monetary policy.
CPhysical policy.
DImplementing budget deficit
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Question 116
waec 2021

An increase in cash ratio by the central bank will_______

AIncrease the supply of money.
BIncrease banks lending
CEncourage borrowing.
DReduce the supply of money.
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Question 117
waec 2021

Demand-pull inflation can be as a result of___________

Aincrease in the cost of production.
Bexcessive supply of foodstuff
Cdeficit financing by the government.
Dincrease in import duties.
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Question 118
waec 2021

Functions of money does not include_______

Astore of value.
Bmedium of exchange
Cstandard of deferred payment.
Dgeneral acceptability.
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Question 119
waec 2021

Government can curb inflation by_________

Aencouraging banks to lend for any purpose.
Bincreasing her own expenditure.
Cbuying treasury bills in the open market.
Dselling securities in the open market
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Question 120
waec 2021

The standard of living in two countries can be compared using the___________

Anumber of industries in each country
Bsize of their arms and ammunition
Csize of their national incomes only
Dgross national product per head
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