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 1291

neco 2003

One of the following is NOT a reason for increase in public expenditure

Adecrease arising from public debt and its servicing

Bincrease in capital expenditure to provide social services

Cincrease financial commitment for defence and security

Dincrease in recurrent expenditure with regard to wages and salary paid to public servant

Ereturns on viable public corporation

View Explanation & Discuss

Question 1292

neco 2003

Which of the following is NOT a cause of inflation?

Aexcessive bank lending

Bexcessive deficit financing

Cincrease in domestics productivity

Dincrease in wages and salaries of workers

Eincrease in government expenditure

View Explanation & Discuss

Question 1293

neco 2003

Efficiency of labour implies

Aeducation and training

Bgood working condition

Chealthier workforce

Dincreased productivity worker accompanied by improvement in the quality of output

Ethe amount of incentives or remuneration given to workers

View Explanation & Discuss

Question 1294

neco 2003

A tax system which takes lesser percentage of a tax payers income as his income increase is known as

Adirect tax

Bindirect tax

Cprogressive tax

Dproportional tax

Eregressive tax

View Explanation & Discuss

Question 1295

neco 2003

In economics, electricity, water supply, communication networks, road, etc are known as

Acapital structure

Bdevelopment induces

Cdevelopment projects

Dinfrastructural facilities

Eproject growth

View Explanation & Discuss

Question 1296

neco 2003

Equilibrium prices is

Aa price which equates demand with supply

Ba price where there is excess demand

Cwhere consumers gain much

Dwhere producers gain much

Ewhere supply is more than demand

View Explanation & Discuss

Question 1297

neco 2003

According to the theory of comparative advantages, countries are to specialize based on their

Aabsolute cost advantages

Babsolute cost disadvantages

Ccomparative cost advantages

Dcomparative cost disadvantages

Ethe availability of labour

View Explanation & Discuss

Question 1298

neco 2003

Which of the following is a major export crop in Nigeria?

Acocoa

Bcoffee

Ccopper

Dkola nut

Esoy beans

View Explanation & Discuss

Question 1299

neco 2003

In the equation MV = PT; V stand for

Avelocity of circulation of money

Bvelocity of price change

Cvolume of goods produced

Dvolume of money

Evolume of transaction

View Explanation & Discuss

Question 1300

neco 2003

The best way of presenting data in tabular form is in

Abars and columns

Bcharts and lines

Cmaps and rows

Dpictographs and histogram

Erows and columns

View Explanation & Discuss

Question 1301

neco 2003

Which of the following is true of a perfect market situation?

Aprice = AR=MC=AC

Bprice = DD = MC = AC

Cprice = AC = MC = AR

Dprice = AR = MR = DD

Eprice = MR but MR < AR

View Explanation & Discuss

Question 1302

neco 2003

The professional that view cost in term of alternatives sacrificed is the

Aaccountant

Bcashier

Ceconomist

Dmanager

Etax collector

View Explanation & Discuss

Question 1303

neco 2003

Which of the following is NOT a component of agriculture?

Acrop farming

Bdrilling

Cfishing

Dforestry

Elivestock farming

View Explanation & Discuss

Question 1304

neco 2003

Data presented in a circular chart is known as

Acircular chart

Bcomponent chart

Chistogram

Dpictograph

Epie chart

View Explanation & Discuss

Question 1305

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 1306

neco 2003

Averages cost (AC) equal to

AAC_TC

BTC_AC

CTC_AVC

DTC_MC

ETC_Q

View Explanation & Discuss

Question 1307

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 1308

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 1309

neco 2003

ECOWAS Visa lasts for

A14 days

B30 days

C60 days

D90 days

E100 days

View Explanation & Discuss

Question 1310

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 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