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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.

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

1,723 questions
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Question 1 of 20 1,723 total questions
Question 111
waec 2021

Use this data below to answer the question

The following data relates to the national income of a country.
Gross domestic product = $2800
Net factor income from abroad = $250
Depreciation = $700
Indirect taxes = $120

 

What is the country's Net National Product (NNP) at factor cost?

A$3.050
B$2,680
C$2,230
D$2.220
View Explanation & Discuss
Question 112
waec 2021

Use this data below to answer the question

The following data relates to the national income of a country.
Gross domestic product = $2800
Net factor income from abroad = $250
Depreciation = $700
Indirect taxes = $120

 

What is the country's Gross National (GNP)?

A$ 3.050
B$ 2.680
C$ 2,350
D$2,100
View Explanation & Discuss
Question 113
waec 2021

Which of the following is not an argument for the policy of privatization in West Africa?

ATo make businesses more profitable
BGovernment is able to participate and control the operation of the privatized businesses
CMembers of the public are able to acquire shares
DIt encourages the inflow of capital and expertise from local and foreign sources
View Explanation & Discuss
Question 114
waec 2021

Non-economic factors that influence the location of firms include ________

Athe existence of required materials for production
Bavailability of population of buyers
Cadequate supply of power, good road and rail network
Dthe activities of politicians in deciding location of firms
View Explanation & Discuss
Question 115
waec 2021

The supply of land for agricultural purpose can be increased through _______

AThe introduction of mechanized farming
Breclamation and irrigation
Cincrease in prices of land
Dconversion of building sites to farmlands
View Explanation & Discuss
Question 116
waec 2021

The age distribution of a country's population is shown below. Use the information is answer the question below.

Age group (YEARS) Population
0 - 15
16 - 40
41 - 60
Over 60		 30%
45%
15%
10%

 

What is the dependency ratio?

A2:3
B3:2
C1:2
D6:1
View Explanation & Discuss
Question 117
waec 2021

The age distribution of a country's population is shown below. Use the information is answer the question below.

Age group (YEARS) Population
0 - 15
16 - 40
41 - 60
Over 60		 30%
45%
15%
10%

 

What is the percentage of the working population?

 

A75%
B60%
C45%
D15%
View Explanation & Discuss
Question 118
waec 2021

Two factors which can improve the efficiency of labour are_________

Apopulation size and age of retirement
Bschool leaving age and number of disabled workers
Cwork environment and health status of workers
Dschool leaving age and number of part-time workers
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Question 119
waec 2021

By passing the middlemen in the chain of distribution can lead to _________

Aa problem of unemployment of labour
Bthe creation of artificial scarcity
Chigh prices of goods and services
Dan increase in government tax revenue
View Explanation & Discuss
Question 120
waec 2021

Separation of ownership of resources and their control is mostly found in a __________

Asole proprietorship
Bpartnership
Cjoint stock company
Dconsumer co-operative
View Explanation & Discuss
Question 121
waec 2021

A major source of finance to the Railway Corporation in West African countries is_______

Asale of shares
Bgovernment subvention
Ctrade credit
Dsurplus
View Explanation & Discuss
Question 122
waec 2021

The relationship between the marginal revenue (MR) and the average revenue(AR) of a monopolist is that the marginal revenue curve____ 

Ais above the average revenue curve
Bslopes down to the right and is below the AR curve.
Cand the AR curve are downward sloping and are identical.
Dis vertical while the average revenue curve is horizontal.
View Explanation & Discuss
Question 123
waec 2021

A firm incurred the following costs in production. Use the information in the table to answer the question below.

Output
(bags of rice		 0 10 20 30 40 50 60
Total Cost ($) 100 200 300 380 440 520 600

 

The average cost of producing 40 bags of rice is_____

A$10
B$11
C$60.
D$80
View Explanation & Discuss
Question 124
waec 2021

A firm incurred the following costs in production. Use the information in the table to answer the question below.

Output
(bags of rice		 0 10 20 30 40 50 60
Total Cost ($) 100 200 300 380 440 520 600

 

The fixed cost of production is___________

A$I00.
B$200.
C$300.
D$600
View Explanation & Discuss
Question 125
waec 2021

The law of diminishing returns is applicable to the__________

Afixed inputs of production.
Bvariable factors of production.
Cplants and machinery of the firm.
Dequipment and other capital.
View Explanation & Discuss
Question 126
waec 2021

The output of an extra unit of an input is referred to as________

AOutput of the input.
BMarginal product of the input
CAverage product of the input
DUtility of the input employed
View Explanation & Discuss
Question 127
waec 2021

The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?

A$1.50
B$15.00
C$150.03
D$166.67
View Explanation & Discuss
Question 128
waec 2021

When market supply increases , the equilibrium price_________

ARises and quantity falls.
BFalls and quantity rises.
CAnd quantity increase
DAnd quantity fall.
View Explanation & Discuss
Question 129
waec 2021

Government can increase farmers' incomes by__________

AFixing maximum prices.
BFixing minimum prices.
CEncouraging them to produce surplus output.
DIncreasing taxes on inputs.
View Explanation & Discuss
Question 130
waec 2021

Market supply may increase if there is an increase in the________

APrice of the product
BPrices of factors of production.
CTax paid on raw materials
DSubsidies on raw materials.
View Explanation & Discuss
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