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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.

35 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

35 questions

Question 1 of 15 35 total questions

Question 11

waec 1994

A Nigerian household demand curve for semovita is downward sloping because

Athe demand for semovita is high

Bthe local markets are flooded with semovita

Csemovita is produced in Nigeria

Devery household can afford to buy semovita

Ethe higher the price of semovita, the lower the quantity demanded

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Question 12

waec 1994

Mono-products economics are those that

Ahave a rich culture heritage

Bproduce only raw materials

Clive on the exportation of their raw products

Dproduce one main commodity

Especialize in agricultural industries

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Question 13

waec 1994

Which of the following pairs can be referred to as middlemen?

Awholesalers and agents

BRetailers and consumers

CConsumers and agents

DWholesalers and retailers

EWholesalers and consumers

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Question 14

waec 1994

Which of the following is not a set of measures of central tendency?

AMode and Median

Bmean and median

CMean and mode

DMedian and percentage

EMode, mean and median

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Question 15

waec 1994

If a person supplements his current income by drawing on past savings in order to make both ends meet, he is said to be living

Agood life

Ban average life

Con his savings

Da reckless life

Eon borrowed money

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Question 16

waec 1994

The central banks controls commercial banks through all the following measures except

AThe uses of directives

BThe use of bank rate

COpen market operations

DAccepting deposits

EDemanding special deposits

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Question 17

waec 1994

if the foreign exchange rate is N80 to £1, then a bicycle bought for £40 will cost

AN15.00

BN60.00

CN100.00

DN250.00

EN320.00

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Question 18

waec 1994

Which of the following is not an advantage of government ownership of enterprises?

Amore capital is provided

Bpricing policy may be in the interest of consumers

CGovernment workers may be indifferent towards the public

Dinfrastructure are rapidly developed

Eincomes may be more evenly distributed

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Question 19

waec 1994

which of the following is not an advantage of localization of industries ?

Aenjoyment of externa economies

Bdevelopment of subsidiary industries

Cdevelopment of organized markets

Dgrowth of conurbation

Egrowth of farms

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Question 20

waec 1994

The primary objective of Agricultural Credit Guarantee Scheme is the provision of

Aguarantee for loans granted by by banks for agricultural purposes

Bagricultural inputs to facilitate credits from banks

Cloans for every farmer

Dagricultural products for farmers

Ecredit for farmers

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Question 21

waec 1994

which of the following function of money makes it possible for any person to provide for old age?

Amedium of exchange

Bstores of value

Cmeasures of value

Dunit of account

Estandard for deferred payment

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Question 22

waec 1994

a situation of full employment exist when

Aevery adult is employed

Ball adults who can work are employed

Call persons who have attained the age of 15 years and above are employed

Donly the disabled are not employed

Eall those who are able and eligible to work are employed

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Question 23

waec 1994

Which of the following is true of NEPA as a public corporation in Nigeria? It is

Aa solar energy distribution

Borganized in a perfectly competitive market

Ca duopoly

Da monopolistically competitive industry

Ea monopoly

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Question 24

waec 1994

The concept of economics efficiency primarily implies

Acontaining the maximum output from available resources at the lowest possible cost

Bconserving our petroleum resources

Cequity in the distribution of the nation's wealth

Dproduction without waste

Ethe limited wants unlimited resources dilemma

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Question 25

waec 1994

The definition of economics as 'the science which studies human behaviuor as a relationship between ends and scarce means which have alternative uses' was given by

AAdam Smith

BDavid Ricardo

CLionel Robbins

DThomas R. Mtithus

ERobert Giffen

View Explanation & Discuss

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