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.

2,540 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

2,540 questions
Question 1 of 20 2,540 total questions
Question 141
jamb 2022

Producers operating in a free market economy are more efficient as a result of

Athe existence of competition
Bthe very few number of participants
Cthe commitment of the shareholders
Dgovernment regulation of their activities
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Question 142
jamb 2022

Which of the following is not emphasized in a product possibility curve?

AScarcity of resources
BEconomic development
CInefficiency in the use of resources
DUnemployment of labour
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Question 143
jamb 2022

Economics problems arise in all societies because

Aresources are mismanaged by leaders
Bthere is no proper planning
Cresource are not in adequate supply
Dthe services of economists are not employed
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Question 144
jamb 2022

Fiscal policy measures imply a change in

Aonly taxation to control aggregate demand
Bbank rate to infulence lending
Conly government expenditure to regulate an economy
Dgovernment revenue and expenditure to regulate an economy
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Question 145
jamb 2022

The use of the bank rate, cash ratio and open market operations constitute

Afiscal policy
Bmonetary policy
Cimport policy
Dexport policy
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Question 146
jamb 2022

Commercial banks are different from development banks in that the latter

Alend on short-term basis
Bpay interest on current accounts only
Care mostly joint-stock companies
Ddo not deal in foreign currencies
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Question 147
jamb 2022

If the Central Bank increases its bank rate

Amany banks will shut down their operations
Bcustomers will borrow more from banks
Cthe supply of money may be reduced
Dinterest charges by banks will fall
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Question 148
jamb 2022

If inflation is anticipated, people may

Asave more money
Bspend more money
Cgive out more loans
Dspend less money
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Question 149
jamb 2022

An example of commodity money is

Acurrency note
Bmobile money
Ccheques
Dsilver
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Question 150
jamb 2022

Increasing national income without effective control of population size in a country can lead to

Ahigher per capita income
Bincrease in poverty
Cincreased outflow of aid
Dunderutilization of resources
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Question 151
jamb 2022

An example of transfer payments in national income accounting is

Amoney transferred to another country
Bunemployment allowance paid to the citizens
Cthe amount paid to a worker on transfer
Dtransfer of funds from one bank to another
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Question 152
jamb 2022

Gross National Product (GNP) less the provision for the wear and tear of assets is the

Anet present value
Bnet national product
Cnet factor income
Dnet indirect taxes
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Question 153
jamb 2022

Which of the following industries will add more value to primary products?

AService industry
BConstruction industry
CMining industry
DProcessing industry
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Question 154
jamb 2022


The point x inside the ppc indicate?

Aresources are fully utilized
Bthe country is poor
Csome resources are idle
Dresources are not available
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Question 155
jamb 2022

The main objective of marketing boards is to

Aaccumulate revenue for government
Beducate farmers on pricing of cash crops
Cstabilize the incomes of cash crop farmers
Dprovide warehousing facilities
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Question 156
jamb 2022

The type of unemployment found among workers who leave their jobs in search of other jobs is termed

Aseasonal unemployment
Bstructural unemployment
Cfrictional unemployment
Dcyclical unemployment
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Question 157
jamb 2022

Which of the following factors may not affect the efficiency of labour?

AEducation and training
BProvision of welfare service
CRace and colour of workforce
DQuality of other factor inputs
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Question 158
jamb 2022

A positive effect of a rapid population increase is

Aan excessive budget deficit
Ba reduction in standard of living
Ca wider market for goods and services
Da higher dependency ratio
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Question 159
jamb 2022

A major function of the retailer is to

Agrant credit to the wholesaler
Bbreak bulk and sell products in small units
Creduce cost of distribution
Dgenerate demand for products through advertisement
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Question 160
jamb 2022

The middlemen is responsible for

Aproviding research facilities
Bpurchasing raw materials
Cdesigning the product
Dbreaking the bulk
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