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.

49 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

49 questions
Question 1 of 20 49 total questions
Question 11
waec 2012

The following are means of reducing the population of a country except encouraging

Aemigration
Bfamily planning
Cearly marriage
Dsex education
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Question 12
waec 2012

The financial institution that specializes in risk spreading is called

Aan investment bank
Ba development bank
Can insurance company
Dthe stockexchange
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Question 13
waec 2012

All of the following is the features of optimum population except

Afull employment of available resources
Bunlimited amount of unexploited resources
Cmaximum per capita production and income
Dhigh standard of living
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Question 14
waec 2012

`The difference between the number of immigrants and emigrants is

Anatural growth rate
Bnatural increase
Cnet migration
Dcensus
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Question 15
waec 2012

Which of the following is a function of a retailer?

ABanking services
BHoarding services
CStorage services
DSales services
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Question 16
waec 2012

The type of monopoly that develops as a result of granting patent right is known as

Anatural monopoly
Bstate monopoly
Clegal monopoly
Ddiscriminating monopoly
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Question 17
waec 2012

The factor of production which takes the initiative in combining resources for production is known as

Acapital
Bland
Centrepreneur
Dlabour
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Question 18
waec 2012

A public limited company could finance its operations through

Agovernment taxes
Bequity shares
Cdividend payments
Dimport duties
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Question 19
waec 2012

One reason why small scale businesses are very common in West Africa is that

Athey can easily float shares
Btheir management boards are easily formed
Ctheir initial capital is easy to rise
Dtheir dividened payments are very regular
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Question 20
waec 2012

An arrangement in which the debts of a company can only be paid from its own assets implies

Aunlimited liability
Btransferred liability
Climited liability
Dcapital liability
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Question 21
waec 2012
If a firm's price is less than average cost but more than part of variable cost, the firm is covering
Aall of its fixed cost and variable cost
Ball of its fixed cost and part of variable cost
Call of its variable cost and part of fixed cost
Dpart of its fixed cost and part of varible cost
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Question 22
waec 2012

In the firm's production process, marginal cost

Afalls continuously throughout
Bfalls and later rises
Cremains unchanged throughout
Drises and later falls
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Question 23
waec 2012

Which of the following is capable of increasing the population of a country?

Aincrease in birth rate
Bincrease in death rate
Cpoor medical facilities
Ddecrease in birth rate
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Question 24
waec 2012

why is the law of diminishing returns a short run phenomenon?

Aall inputs are fixed
Ball inputs are variable
Csome outputs are variable
Dsome inputs are variable
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Question 25
waec 2012

The law of diminishing marginal utility applies to a

Afirm which minimizes cost
Bconsumer who maximizes satisfaction
Cproducer who maximizes marginal product
Dconsumer who minimizes total utility
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Question 26
waec 2012

If a particular consumer derives total utility of 22 utils having consumed 4 units of a given product, his average utility will be

A88 utils
B18 utils
C5.5 utils
D3.5 utils
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Question 27
waec 2012
Given the demand function Qd = 20 - 1/ 2P. What is Qd when P is $12?
A6 units
B10 nits
C12 units
D14 units
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Question 28
waec 2012

The allocation of goods and services in a free market economy is performed by

Athe price system
Bthe banking system
Cthe central planning body
Dgovernment budgets
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Question 29
waec 2012

Any price below the equilibrium price will lead to

Aincrease in supply
Bexcess demand
Cequality of demand and supply
Ddecreases in demand
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Question 30
waec 2012

A decrease in the demand for a product X resulted in a decrease in the demand for another product Y. The demand for X and Y is

Aderived
Bcomposite
Cjoint
Dcompetitive
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