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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.

272 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

272 questions
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Question 1 of 20 272 total questions
Question 111
neco 2003
An economy is described as spend-rift if it
Adoes not concern itself with savings and investment
Bhas a great ability to generate foreign exchange from investment
Chas greater opportunity to receive large income from investment
Dinvests in income generating industries
Ehas trade connection with other countries
View Explanation & Discuss
Question 112
neco 2003
Averages cost (AC) equal to
AACTC
BTCAC
CTCAVC
DTCMC
ETCQ
View Explanation & Discuss
Question 113
neco 2003
Which of the following is a characteristic of private enterprises?
Abusiness risks are borne by the buyers
Bcapital is provided by the public
Ccontrol and management of the business is in the hands of customer
Dthe business is owned and run by government
EThe main aim of setting up the business is to maximize profit
View Explanation & Discuss
Question 114
neco 2003
Which of the following is NOT a sources of national income statistics?
AForeign trade figure
Bpay-rolls of various establishment
Cincome tax return
DEconomic surveys
Elevel of infrastructural development
View Explanation & Discuss
Question 115
neco 2003
ECOWAS Visa lasts for
A14 days
B30 days
C60 days
D90 days
E100 days
View Explanation & Discuss
Question 116
neco 2003

A shift of the demand curve leftward from its original position indicate

Aan increase in quantity demanded
Ba decrease in quantity demanded
Can expansion of demand
Da fall in demand
Eprice effect on demand
View Explanation & Discuss
Question 117
neco 2003
In calculating mean one should
Aadd the highest and the lowest number
Bdivide the highest and the lowest number
Cdivide the sum of the figure by the number of the figure
Dfind the most common number
Epick any number that has no partner
View Explanation & Discuss
Question 118
neco 2003

The aim of indigenization policy was to

Abuild more industries in the economy
Bincrease the drain in foreign exchange
Cincrease foreign domination of the economy
Dincrease the participation of Nigerians in commerce and industry
Esend all the foreigners away from Nigeria
View Explanation & Discuss
Question 119
neco 2002
The main function of retailer in the distribution channel is
Aadvertising the product on behalf of manufacturers
Bbulk breaking
Cbranding and packaging of good
Ddirect customer services
Estorage facilities for finished products
View Explanation & Discuss
Question 120
neco 2002
The 1962-1968 development plan in nigerian failed because of
Aabsence of indigenous bank
Bhigher exchange rate
Cnon availability of finance house
Dmovement of colonial masters
Eover dependency on foreign capital
View Explanation & Discuss
Question 121
neco 2002
In production, total cost comprises of
Aaverages cost and marginal cost
Bvariable cost and averages cost
Cvariable cost and fixed cost
Dmarginal cost and variable cost
Efixed cost and averages cost
View Explanation & Discuss
Question 122
neco 2002
The demand for labour in an economy is a depiction of
Acompetitive demand
BComposite demand
CComplementary demand
DDeductive demand
Ederived demand
View Explanation & Discuss
Question 123
neco 2002
One of the function of united nation conference on trade and development (UNTAD) is to
Acarry out feasibility study for projects in less developed countries
Bincrease impact of developed countries over less developed countries
Cincrease share of less developed countries in world trade
Dmake goods available in developed countries
Etransfer technology from developed to less developed countries
View Explanation & Discuss
Question 124
neco 2002
Disposable income in national income accounting is an income which
Acannot be used again
Bis available for consumption and saving
Cis a available to disabled people
Dmust be wasted once and for all
Epensioners receive from the treasury board
View Explanation & Discuss
Question 125
neco 2002
The following are reward for factors of production EXCEPT
Ainterests
Bprofit
CRent and commissions
Drates and deposits
Ewage and salaries
View Explanation & Discuss
Question 126
neco 2002
Which of these is a necessary condition for trade by barter?
Adouble coincidence of wants
Bdouble exchange rate
Cdurability of goods
Ddivisibility of commodities
Ehomogeneity of goods
View Explanation & Discuss
Question 127
neco 2002
In a two-sector economy, income is a function of
Aconsumption + investment
Bconsumption + investment + tax
Cconsumption + investment + expenditure
Dconsumption + exports + imports
Esaving + investment
View Explanation & Discuss
Question 128
neco 2002

An economic system in which the decision on what and how to produce is determined by the individual is called

Acapitalism
Bcommunism
CSocialism
Dtraditionalism
Ewelfarism
View Explanation & Discuss
Question 129
neco 2002
If the consumer demand for product X increases, as the demand for product, Y increases then the goods X and Y are
Acomplimentary goods
Bcomposite goods
Cderived good
Dindependent goods
Esubstitute good
View Explanation & Discuss
Question 130
neco 2002
Which of the folowing NOT among the objectives of OPEC?
Ato stabilize the revenue from oil to producing countries
Bto stabilize the price of iol in the world market
Cto make sure that oil flows to all the consuming countries
Dto estabilished petroleum refineries in all member state
Eto co-ordinate and harmonize the oil policies of member countries
View Explanation & Discuss
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