Classroom

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.

50 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

Select subject

Download PHP app Ask a Question Check Syllabus Past Question Videos Topic Video Lessons

Take a test

Custom CBT

Create and set up a CBT environment with your preferred subjects.

JAMB CBT Simulator

Practice JAMB CBT with real UTME past questions in CBT format.

WAEC CBT Practice 2026 Simulator

CB-WASSCE styled past question practice.

NECO CBT Practice 2026 Simulator

SSCE & GCE styled past question practice.

Past Questions

50 questions

Question 1 of 20 50 total questions

Question 11

jamb 2001

The raising of funds by selling stocks to the public is called?

Aequity financing

Bstock financing

Cdebt financing

Dloan financing

View Explanation & Discuss

Question 12

jamb 2001

An industry is?

Acompany producing unrelated commodities

Bgroup of firms producing related commodities

Cgroup of firms producing distinct commodities

Dfirms producing differentiated commodities

View Explanation & Discuss

Question 13

jamb 2001

To facilitate the exportation of crude oil from Nigeria, special?

Aairstrips were constructed for jets to evacute the oil

Broads were built to connect the major oil wells to the ports

Cpipelines were laid to connect the major oil wellsto the ports

Drailway lines were constructed to connect the major oil wells to the ports

View Explanation & Discuss

Question 14

jamb 2001

The losses suffered by a sole proprietor are?

Ausually equal to the amount invested

Busually less than the amount invested

Climted to the amount invested

Dnot limited to the amount invested

View Explanation & Discuss

Question 15

jamb 2001

A disadvantage of concentrating industries in an area is that it could?

Alead to conclusion among the firms

Bresult in evironmental pollution

Cbring about diseconomies of scale

Dincrease the cost of production

View Explanation & Discuss

Question 16

jamb 2001

In the agricultural sector, improved extension services facilitate?

Aacquistion of techniques

Barable crop production

Cmobility of labour

Dlivestock production

View Explanation & Discuss

Question 17

jamb 2001

Which of the following is an example of a fixed cost?

AFuel cost

BElectricity bill

CRent on building

DTransportation cost

View Explanation & Discuss

Question 18

jamb 2001

A major advantage of specialization and division of labour is that?

Atime wastage will be minimized

Btrade unions will be encouraged

Cthere will be a ready market for labour

Dworkers will be adequately rewarded

View Explanation & Discuss

Question 19

jamb 2001

A production function relates?

Acost to output

Bwages to profit

Ccost to input

Doutput to input

View Explanation & Discuss

Question 20

jamb 2001

An imperfect market exist where?

Athe product is homogenous

Bthere is perfect information among sellers

Cboth buyers and sellers have free entry into and free exits from the market

Dthe location of some sellers gives them an advantage over others

View Explanation & Discuss

Question 21

jamb 2001

If government fixes price below the equilibrium price, what effect will it have on demand?

AQuantity demanded and supplied will be equal

BQuantity supplied will be greater than quantity demanded

CQuantity demanded will increase

DQuantity demanded will decrease

View Explanation & Discuss

Question 22

jamb 2001

An important feature of perfect competition is that?

Athe movement of goods and services is restricted

Bthere is adequate knowledge of existing prices

Cprices are centrally administered

Dindividual economic units can influence prices

View Explanation & Discuss

Question 23

jamb 2001

The long run is a period during which a firm?

Asells inputs to purchase fixed assets

Bvaries all its inputs

Csources all its inputs from within

Dreplaces all its inputs

View Explanation & Discuss

Question 24

jamb 2001

In the long-run, a monopolist maximized his profit when the marginal cost equals?

Atotal revenue

Bmarginal revenue

Caverage revenue

Dprice

View Explanation & Discuss

Question 25

jamb 2001

Internal economies of scale are expected to bring about?

Aan increase in short-run average cost

Ban increase in long-run average cost

Ca decrease in long-run average cost

Da decrease in short-run average cost

View Explanation & Discuss

Question 26

jamb 2001

A firm's shut-down point is reach when the average revenue fails to cover the?

Aaverage variable cost

Bmarginal cost

Caverage total cost

Daverage fixed cost

View Explanation & Discuss

Question 27

jamb 2001

A consumer's scale of preference is an arrangement of his?

Ascarce resources in order of importance

Bneeds in order of importance

Csources of income and their importances

Drequirements and how to satisfy them

View Explanation & Discuss

Question 28

jamb 2001

The fixing of the price of an item above or below the equilibrium price is most likely to take place in a?

Acentrally planned economy

Bfree market economy

Cdeveloped economy

Dmixed economy

View Explanation & Discuss

Question 29

jamb 2001

If the arithmetic mean of 1,2,3,4,5,6,x, 16 and 18 is 8.0, find the value of x?

A7.0

B6.0

C8.5

D17.0

View Explanation & Discuss

Question 30

jamb 2001

In a demand curve, the relationship between price and quantity is?

Aindeterminate

Bdirect

Cnil

Dinverse

View Explanation & Discuss

Question Navigator

Current

Economics Past Questions

Take a test

Custom CBT

JAMB CBT Simulator

WAEC CBT Practice 2026 Simulator

NECO CBT Practice 2026 Simulator

Past Questions

Question Navigator

MathsFaculty