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
Question 1 of 20 1,723 total questions
Question 171
waec 2019

Which of the following factors is not a condition for a change in the supply of a commodity

Aimproved technoly
Bcost of production
Cthe price of the commodity
Dgovernment tax policies
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Question 172
waec 2019

What effect will an increase in the supply of fish have on the meat market

Aa fall in equilibrium price and quantity
Ban increase in equilibrium price and quantity
Can increase in equilibrium price and a fall in quantity
Dboth equilibrium price and quantity will remain unchanged
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Question 173
waec 2019

The demand for coffee and tea is 

Ajoint
Bcompetitive
Ccomposite
Dderived
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Question 174
waec 2019

If less of a good is bought as one's income increases, such a good is

Aa normal good
Ba luxury
Ca necessity
Dan inferior good
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Question 175
waec 2019

If the demand function is Qd = -0.5 + 20, calculate the quantity demanded when price is $15.0

A-%12.50
B
C$12.50
D-$27.50
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Question 176
waec 2019

If the coefficient of price elasticity of demand of a product is zero, then its demand curve will be

Aparallel to the quantity axis
Bparallel to the price axis
Cnegatively sloped
Dpositively sloped
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Question 177
waec 2019

The desire for profits is a major feature of 

Atraditional economy
Bmixed economy
Cmarket economy
Dcommand economy
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Question 178
waec 2019

The wages of a group of workers in dollars is stated below;

40, 30, 70, 20, 60, 10, 10, 80, 30, and 10.

What is the mean wage

A$35
B$36
C$37
D$38
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Question 179
waec 2019

The major employer of labour in developing countries is the

Atertiary sector
Bsecondary sector
Cprimary sector
Dindustrial sector
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Question 180
waec 2019

A point X inside the production possibility curve indicates that

Aresources are fully utilized
Bthe country is poor
Csome resources are idle
Dresources are not available
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Question 181
waec 2019

The fundamental economic problem in every society is

ALimited supply of productive resources
Binadequate supply of money
Ccorruption and mismanagement
D
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Question 182
waec 2018

at output level 5, the total variable cost is?

A$5.00
B$20,00
C$55.00
D$35.00
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Question 183
waec 2018

the total fixed cost is?

A$7.00
B$30.00
C$20.00
D$135.00
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Question 184
waec 2018

which of the following cannot be classified as a natural resource

Airon rod
Bwild life
Csolar energy
Dgold
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Question 185
waec 2018

one benefit a country can derive from the extraction of crude oil is increase in?

Apopulation
Bemployment
Cmoney
Ddemand for imports
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Question 186
waec 2018

An electrical engineer who is teaching physics in a secondary school is said to be 

Aunder-employed
Bunemployed
Cfully employed
Dtechnically unemployed
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Question 187
waec 2018

The International bank for reconstruction and development (IBRD) performs the following functions except?

Agranting long-term loans
Bassisting with technical expertise
Creducing tariff among members
Ddeveloping human resource
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Question 188
waec 2018

which of the following forms of economic integration is a member nation free to impose duty against

Acustom union
Bfree trade area
Ccommon market
Deconomic community
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Question 189
waec 2018

one advantage of international trade is that

Aprices of goods become stable
Bcountries become self-sufficient
Cgoods consumed are produced at a very high cost
Dit makes possible the consumption of variety of goods
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Question 190
waec 2018

Nations engage in international trade because of difference in?

Aabsolute cost
Bcomparative cost
Cfixed cost
Dvariable cost
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