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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.

4,545 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

4,545 questions
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Question 1 of 20 4,545 total questions
Question 131
custom 2024
The satisfaction derived from consuming a good is its
Avalue
Butility
Ccost
Dprice
Question 132
custom 2024
When government spends more than it earns, it runs a
Acapital budget
Bbudget surplus
Cbudget deficit
Dbalanced budget
Question 133
custom 2024
Which of these is a resource?
Aland
Btaste
Cdemand
Dprice
Question 134
custom 2024
The rate at which one currency exchanges for another is the
Atax rate
Bexchange rate
Cdiscount rate
Dinterest rate
Question 135
custom 2024
A tax on goods imported into a country is a
Asubsidy
Btariff
Cquota
Dgrant
Question 136
custom 2024
The difference between total revenue and total cost is
Arent
Binterest
Cprofit
Dloss
Question 137
custom 2024
Which factor of production is provided by the entrepreneur?
Aland
Blabour only
Ccapital only
Dmanagement/initiative
Question 138
custom 2024
Money is used as a
Aform of labour
Bmedium of exchange
Ctype of tax
Dfactor of production
Question 139
custom 2024
When price falls, quantity demanded usually
Arises
Bdisappears
Cstays constant
Dfalls
Question 140
custom 2024
Which is a basic economic problem?
Aabundance
Bscarcity
Cwealth
Dplenty
Question 141
waec 2023

Which of the following is not a problem facing Economic Community of West African States (ECOWAS)?

ALanguage barriers
BInadequate supply of labour
CProduction of the same commodities
DPoor transportation and communication
View Explanation & Discuss
Question 142
waec 2023

A joint stock company enjoys perpetual existence because

Athere is a higher degree of specialization
Bit is a corporate entity
Cit is formed by a minimum of seven members
Dits shares are easily
View Explanation & Discuss
Question 143
waec 2023

A country is described as developing if

Athe income per head is low
Bthe contribution of tertiary sector to national income is high
Cthe population is decreasing
Dthere is low labour supply
View Explanation & Discuss
Question 144
waec 2023

Trade protection will assit economic growth in developing countries if it can

Aallow the importation of cheaper goods people want
Beffectively safeguard newly established firms
Celiminate importation of all commodities
Dgenerate enough revenue through export duties
View Explanation & Discuss
Question 145
waec 2023

Tariffs, quotas and embargoes are examples of

Atrade restriction policies
Bmonetary policies
Cfiscal policies
Dforeign exchange policies
View Explanation & Discuss
Question 146
waec 2023

The marks obtained by 9 students in a class test are recorded below: 9, 8, 7, 5,7, 6, 8, 9 and 7. What is the median mark?

A7
B8.5
C8
D7.5
View Explanation & Discuss
Question 147
waec 2023

When more of tax on a product is borne by the buyer than the seller, the commodity involved has

Aperfectly elastic demand
Bperfectly inelastic demand
Cfairly inelastic demand
Delastic demand
View Explanation & Discuss
Question 148
waec 2023

The fixing of maximum prices by government is mainly on

Aimported capital goods
Binferior goods
Cselected essential goods
Dluxury goods
View Explanation & Discuss
Question 149
waec 2023

Petrol and Kerosene are jointly obtained from crude oil. If the supply of petrol increases, the

Acost of crude oil production has increased
Bsupply of kerosene will rise
Csupply of kerosene will remain unchanged
Dsupply of kerosene will fall
View Explanation & Discuss
Question 150
waec 2023

The most liquid asset among the following is

Acheque
B
Ccash
Dshares
View Explanation & Discuss
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