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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

Question 1 of 20 4,545 total questions

Question 1411

jamb 2002

The middlemen in the chain of distribution are?

Amanufacturers and consumers

Bwholesalers and retailers

Cconsumers and wholesalers

Dretailers and consumers

View Explanation & Discuss

Question 1412

jamb 2002

Excess demand inflation can be controlled through?

Acontractionary fiscal policy

Bcontractionary trade policy

Cexpansionary fiscal policy

Dexpansionary monetary policy

View Explanation & Discuss

Question 1413

jamb 2002

The primary objective of the NDIC is to?

Agive protection to the CBN against fraud

Bprovide regulations guiding the finance houses

Cgive protection against fraud

Dgive protection to bank depositors

View Explanation & Discuss

Question 1414

jamb 2002

Creeping inflation implies that there is a?

Agentle and persistent increase in the general price level

Brapid and persistent increase in the general price level

Cgentle but not permanent increase in the general price level

Drapid but not permanent increase in the general price level

View Explanation & Discuss

Question 1415

jamb 2002

Liquidity preference refers to the?

Aneeds to borrow money for short periods to meet some temporary crises

Bwish to hold more funds for precautionary purpose

Cneed to increase the money supply in order to lower the interest rate

Ddemand to hold money as assets rather than as stocks

View Explanation & Discuss

Question 1416

jamb 2002

Insurance companies invest mainly in instruments trade on the?

Acapital market

BMoney market

Ccommodity market

Dopen market

View Explanation & Discuss

Question 1417

jamb 2002

If a country's GNP in the current year is N65 billion, and the GNP in the base year is N50 billion, the GNP deflator is?

A130.0

B30.0

C15.0

D1.3

View Explanation & Discuss

Question 1418

jamb 2002

In Nigeria, the bank that can correctly be described as a unit bank is?

Athe Central Bank

Bpeople's bank

Cmortgage bank

Dcommunity bank

View Explanation & Discuss

Question 1419

jamb 2002

National Income estimates can be used to?

Adifferentiate between the rich and the poor in a country

Bprepare a country's annual budget

Cprotect the level of a country's economic develompent

Dcompare a country's growth rate with that of another over a period of time

View Explanation & Discuss

Question 1420

jamb 2002

The stock exchange is a market for the buying and selling of?

Amonetary instruments

Bnew shares

Cexisting shares

Dtreasury bills

View Explanation & Discuss

Question 1421

jamb 2002

The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely?

Acompetitve

Bcomposite

Csupplementary

Dcomplementary

View Explanation & Discuss

Question 1422

jamb 2002

In a centrally planned economy, the economic problem of deciding what to produce is dependent on?

Aaverage profit

Bstate command

Caverage cost

Drelative prices

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Question 1423

jamb 2002

A scientific approach in economic analysis entails?

Aa deductive method only

Bboth inductive and normative methods

Ca normative method only

Dboth inductive and deductive methods

View Explanation & Discuss

Question 1424

jamb 2002

One of the reason for an exceptional demand curve is the?

Aexpectation of a future change in price

Bavailability of credit facilities

Cchange in the price of the commodity

Davailability of substitutes

View Explanation & Discuss

Question 1425

jamb 2002

A shift in supply curve indicates that a different quantity will be supplied at each possible price because?

Aconsumers are willing to pay higher prices

Bsupply is facing competition

Cother factors than price have changed

Dprice has changed

View Explanation & Discuss

Question 1426

jamb 2002

A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is?

Athe ruler

Bthe exercise book

CN25.00

D18.00

View Explanation & Discuss

Question 1427

jamb 2002

The demand for factors of production is an example of?

Ajoint demand

Bcompetitive demand

Cderived demand

Dcomposite demand

View Explanation & Discuss

Question 1428

jamb 2002

The elasticity of supply of perishable goods is?

Aunitary

Binelastic

Czero

Delastic

View Explanation & Discuss

Question 1429

waec 2001

The main role of the Organization of Petroleum Exporting Countries (OPEC) is

Afixing oil production levels

Bensuring optimum production of oil

Cpromoting efficiency in the management of oil

Dsupply oil at affordable rates

View Explanation & Discuss

Question 1430

waec 2001

A country is economically rich if

AIf there is a lot of money in circulation relative to its population

BIt has a large volume of goods and services relative to its population

CIt has a large reserve of idle skilled manpower

DThere is a large amount of reserved mineral resources

View Explanation & Discuss

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