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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.

39 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

39 questions

Question 1 of 19 39 total questions

Question 11

waec 1993

Division of labour may be restricted when

Aan ailing economy has improved

Bproducers live in villages

Cmarket is small

Dthere is full employment

Ethere is inflation

View Explanation & Discuss

Question 12

waec 1993

Robert T. Malthus postulated in his population theory that

Athe death rate may become so high that people may not survive

Bpeople will eventually stop having children

Cpeople will migrate from one place to another in search of food

Dposititve efforts should be made to increase population

Epopulation growth rate may out-grow the means of subsistence

View Explanation & Discuss

Question 13

waec 1993

which of the following is the correct way to calculate total cost?

AAddition of fixed cost to variable cost

BDivision of total cost by total output

CMultiplication of fixed cost by the variable cost

DSubtraction of fixed cost from total cost

EAddition of marginal cost to average cost

View Explanation & Discuss

Question 14

waec 1993

Production is not complete until the

Agoods gets to the wholesaler

Bgoods reached the final consumer

Cfactors of production are combined

Dgoods are ready for transportation

Ewholesalers ask the firms to produce

View Explanation & Discuss

Question 15

waec 1993

which of the following business establishment are not motivated mainly by profit?

APublic Limited Companies

BPrivate Limited Companies

CHolding companies

DPatnershps

ECo-operatives

View Explanation & Discuss

Question 16

waec 1993

Which of the following may not be included in explaining the term production?

Aprovision of services

Bmanufacture of goods

Cchanging raw materials ti finishing goods

Duse of consumer goods

Emaking goods available where and when they are needed

View Explanation & Discuss

Question 17

waec 1993

A nation with a working population that is insufficient to exploit its resources is said to be

Aover-populated

Bunder-populated

Cexperiencing decrease population

Dexperiencing increasing population

Ehaving optimum population

View Explanation & Discuss

Question 18

waec 1993

In , Economics the reward for labour is in the form of

Awages

Bprofit

Crent

Ddividends

Einterest

View Explanation & Discuss

Question 19

waec 1993

Which of the following does not apply to private companies?

Athe number of shareholders is limited

Bthe liability of shareholders is limited

Caccounts have to be publicized

Dthe companies are separate legal entities

Eshares are not easily transferable

View Explanation & Discuss

Question 20

waec 1993

which of the following reasons is mainly responsible for the inefficient distribution of goods in West African countries?

Alarge number of distribution companies

Bimport and export restrictions by the government

Cnarrow markets for commodities produced

Dpoor transportation and communication system

Elarge influence of foreign traders

View Explanation & Discuss

Question 21

waec 1993

An entrepreneur will locate his industry in a place

Anearest to his homw town

Bwhere the cost of production will be minimized

Cnearest to his wife's hometown

Dwhere the government direct him to locate

Ewhere there is no other industry

View Explanation & Discuss

Question 22

waec 1993

The rural area of West Africa lack industries because

Arural people are not meant to work in industries

Brural people are uneducated

Cof inadequate infrastructure

Dof low population density

Ethey are not suitable for industries

View Explanation & Discuss

Question 23

waec 1993

Price elasticity of demand is define as the

Aresponsiveness of demand to change in price

Bresponsiveness of price to change in demand

Cincrease in demand resulting form a rise in price

Dunit decrease in price resulting from a a fall in demand

Eunit increase in quantity demanded when price rises

View Explanation & Discuss

Question 24

waec 1993

An inferior goods is one

Athat is too bad for consumption

Bwhose price is lower than the price of other goods

Cthat is easily perishable

Dwhose demands fall when the income of its consumer increases

Ethat is not durable

View Explanation & Discuss

Question 25

waec 1993

Supply in Economics means making

Agoods and services available to consumers

Bgoods available to the market at a given price and at a given period

Cavailable the goods and services which consumers require

Dcraete goods

Eimport goods

View Explanation & Discuss

Question 26

waec 1993

Public corporation in West Africa are set up to

Amake maximum profit

Bprovide jobs for the people

Cprovide welfare service for the people

Dshow that the government can do business

Ecompete with private enterprises

View Explanation & Discuss

Question 27

waec 1993

The real cost of a commodity is

Athe cost of the alternative that has to be sacrificed for it

Bthe alternative that has to be forgone in order to purchase it

Cits market price

Dthe alternative cost involved when the opportunity of buying the commodity is missed

Ethe sacrifice that is made after buying the commodity

View Explanation & Discuss

Question 28

waec 1993

Scarcity in economics arises because

Athe resources availoable are adequate

Bindividuals have limited time

Cresources are limited in supply

Dhuman beigns have limited wants

Eindividual wants are equal to the resources available

View Explanation & Discuss

Question 29

waec 1993

Economics is the study of how to

Achoose between alternatives, given limited resources

Bregulate the money that is in circulation in a country

Cbe prudent in the use of available resources

Dimprove the standard of living of the society at large

Earrange our needs in order of usefulness before satisfying them

View Explanation & Discuss

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