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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.

80 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

80 questions

Question 1 of 20 80 total questions

Question 11

jamb 2025

If an increase in the price of crude oil led to an increase in the prices of kerosene and grease,then kerosene and grease are in

Ajoint supply.

Bcompetitive supply.

Ccomposite supply.

Dmarket supply.

View Explanation & Discuss

Question 12

jamb 2025

When the death rate for old people and the infant mortality rate are high, with no migration, there will be in the population a
higher number of

Achildren in the population

Bwomen in the population

Cyounger people in the population

Dold people in the population

View Explanation & Discuss

Question 13

jamb 2025

The following are advantages of large scale agriculture except

Ause of simple implements

Buse of sophisticated implements

Cintegration of crop and animal farming?

Dincrease in employment

View Explanation & Discuss

Question 14

jamb 2025

The function that distinguishes commercial banks from the central bank is that the former

Aaccepts deposits from the public

Bservices the public debt

Cregulates foreign exchange

Dis a leader of last resort

View Explanation & Discuss

Question 15

jamb 2025

Which of the following is not a feature of economic under development?

AMonocultural economy

BLow life expectancy

CIncome inequality

DHigh productivity

View Explanation & Discuss

Question 16

jamb 2025

Which of the following factors does not encourage the location of industries?

ANearness to the market

BGovernment influence in sitting industries

CAvailability of infrastructural facilities

Dpolitical instability

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Question 17

jamb 2025

What is the mean wage?

A$36

B$35

C$37

D$38

View Explanation & Discuss

Question 18

jamb 2025

The major achievement of the Economic Community of West African States (ECOWAS) is that it has

Amade possible the use of common currency.

Bincreased members allegiance to former colonial masters.

Cwidened the market for goods produced.

Dmade capital more mobile.

View Explanation & Discuss

Question 19

jamb 2025

If 20% rise in the price of Whisky leads to a 30% increase in quantity demanded of Schnapps, the cross elasticity of demand is

A3.0

B1.5

C2.3

D2.5

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Question 20

jamb 2025

The exploitation of mineral resources constitutes which form of production?

Aservices production

Bsecondary production

Cprimary production

Dtertiary production

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Question 21

jamb 2025

Harmonised monetary and fiscal policies is a feature of

Aan economic union

Ba customs union

Ca common market

Da free trade area

View Explanation & Discuss

Question 22

jamb 2025

The market supply curve slopes upwards from left to right indicating that

Atwo commodities can be supplied at the same time

Bproducers pay high taxes

Cat a lower price, more is supplied

Dat a lower price, less is supplied

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Question 23

jamb 2025

One disadvantage of inflation is that?

AStandard of living rises

BFixed income earners lose

CFixed income earners gain

DBusinessmen lose

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Question 24

jamb 2025

In determining the growth of a country's population, infant mortality is a component of

Anet migration

Bdeath rate

Cfertility rate

Dimmigration rate

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Question 25

jamb 2025

An entrepreneur is encouraged to adopt division of labour in production because it

Aleads to increased cost of production and lower output

Bprovides more employment opportunities

Cbrings about equal cost and employment opportunities

Dleads to increased output and lower cost of production

View Explanation & Discuss

Question 26

jamb 2025

Table I above illustrates the law of

Adiminishing returns.

Bdiminishing marginal productivity.

Cdiminishing marginal utility.

Dvariable proportion.

View Explanation & Discuss

Question 27

jamb 2025

Another term for equilibrium price is

Ademand price

Bsatisfactory price

Cmarket clearing price

Dprice floor

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Question 28

jamb 2025

The following are reasons for the failure of agricultural policies in West Africa except

Avague policy statements

Bnegation of policies

Ccreation of agro-service stations

Dprovision of obsolete implements

View Explanation & Discuss

Question 29

jamb 2025

A budget is balanced when expected total revenue is

Aless than total expenditure

Bgreater than total expenditure

Cgreater than expected expenditure

Dequal to expected expenditure

View Explanation & Discuss

Question 30

jamb 2025

When more of tax on a product is borne by the buyer than the seller, the commodity involved has

Aelastic demand

Bperfectly elastic demand

Cfairly inelastic demand

Dperfectly inelastic demand

View Explanation & Discuss

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