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 181
jamb 2021

Which of the following sets fully represents factors of production?

ASunlight, machinery, man, land
BLand, water, weather
CMoney, market, middlemen
DLand, labour, capital, enterprise, technology
View Explanation & Discuss
Question 182
jamb 2021

Palm oil industry is located in Old Bendel State because the state______

ALand is suitable for oil
BIs a palm tree growing area
CSoil is unsuitable for other crops
DImports raw materials for palm oil industry
View Explanation & Discuss
Question 183
jamb 2021

In a sole proprietorship, the decisions are made by the ______

AGovernment
BManagement
COwner
DBoard of Directors
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Question 184
jamb 2021

Retailers in an economy perform the function of ______

ADistribution.
BExchange
CInvestment
DProduction
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Question 185
jamb 2021

Petroleum 'glut' in international trade means______

AHigher prices for the Consumption of petroleum.
BAn Oversupply of petroleum.
CA fall in in petroleum production.
DA higher petroleum price offered by the buyer.
View Explanation & Discuss
Question 186
jamb 2021

Mono production economies are those that____

AProduce one main commodities
BHave a rich cultural heritage.
CSpecialize in agricultural industries.
DProduce only raw materials.
View Explanation & Discuss
Question 187
jamb 2021

Full employment is a situation in which _______

AEvery adult is employed.
BOnly the disable are not employed.
CAll adults who can work are employed.
DAll those who are able and eligible can find employment
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Question 188
jamb 2021

Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

AMonopoly
BOligopoly
CMonopolistic competition
DPerfect competition
View Explanation & Discuss
Question 189
jamb 2021
Units of Quality Consumes Total Utility Marginal Utility

0

1

2

3

4

5

-

10

15

17

18

18

-

10

5

2

1

0

This table illustrates the law of _________

AIncreasing returns
BDiminishing returns
CDiminishing marginal utility
DIncreasing total utility
View Explanation & Discuss
Question 190
jamb 2021

The petro-chemical industries are located in Rivers State of Nigeria due to ________

ACoal deposit
BPalm oil products
CFavourable soil
DOil deposits
View Explanation & Discuss
Question 191
jamb 2021

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________

A100 days
B30 days
C90 days
D14 days
View Explanation & Discuss
Question 192
jamb 2021

A firm is at its optimum size when ___________

AIt has a motive to increase output
BIt produces the greatest output at a minimum cost
CMarginal cost equals marginal revenue
DMarginal cost is less than marginal revenue
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Question 193
jamb 2020

Economic growth is different from economic development because economic growth

Adescribes expansion and changes
Bis measurable but not objective
Cdescribes expansion and not change
Dis not measurable but objective
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Question 194
jamb 2020

Utility is the satisfaction derived from?

Aproduction
Bdistribution
Cconsumption
Ddemand
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Question 195
jamb 2020

One of the major criticism of the 1962 -1968 National Development Plan was that?

Ait failed to incorporate lessons gained from earlier plans to enhance its efficiency
Bit came too quickly after the country's independence
Cplanned expenditure was based too heavily on expected earnings from crude oil
Dits execution was based largely on foregn-sourced financial resources
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Question 196
jamb 2020

A major effect of a long distribution chain is 

Ascarcity of commodities
Bhigh retail
Clow retails prices
Dlow producer earnings
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Question 197
jamb 2020

Crude petroleum is a good example of a 

Alasting asset
Bwasting asset
Csynthetic product
Dcostless resources
View Explanation & Discuss
Question 198
jamb 2020

One of the techniques of monetary control used by the central bank of Nigeria is

Aselective credit control
Bbudget deficit
Cforeign exchange control
Dmonitoring the general price level
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Question 199
jamb 2020

The Economic Commission for Africa was set up by the?

AUNO
BECOWAS
COAU
DIMF
View Explanation & Discuss
Question 200
jamb 2020

The use of legally permissible means to reduce tax liabilities is known as tax?

Aevasion
Bavoidance
Crelief
Dexemption
View Explanation & Discuss
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