Economics Past Questions

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

46 questions
Question 1 of 20 46 total questions
Question 11
waec 2013

The introduction of tariffs and quotas

Areduce th prices of imports
Bincrease the demand for locally made goods
Cdiscourage domestic industries from becoming more efficient
Dreduce the prices of locally made goods
View Explanation & Discuss
Question 12
waec 2013

Which of the following is the main outcome of a trade union's interference with the wage rate? Wages are

Alowered but more employment opportunities are created
Blowered but employment level remains unchanged
Cincreased and employment levels are unchanged
Dincreased but employment levels are reduced
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Question 13
waec 2013

The demand for money is described as a

Acompetitive demand
Bjoint demand
Cderived demand
Dcomposite demand
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Question 14
waec 2013

Which of the following best explains what to produce?

AHow much goods are to be produced
BThe combination of resources to be used
CWhich goods and services to be produced
DHow many wants are to be satisfied
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Question 15
waec 2013

Post harvest losses in West African countries can be reduced if

Athe land tenure system could be reformed
Bmore irrigation schemes could be provided
Cbetter storage facilities could be provided
Derosion is controlled
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Question 16
waec 2013

Which of the following will enhance productivity in an economy?

AThe use of obsolete capital
BTechnological change
CExpansion of land under cultivation
DAn increase in the labour force
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Question 17
waec 2013

In the long term run factors of production are considered to be

Aat maximum
Bfixed
Cvariable
Dincreasing
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Question 18
waec 2013

Goods are said to be in competitive demand when they are

Asubstitutes
Bcomplementary
Cjointly demanded
Didentical
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Question 19
waec 2013

Goods which have to be paid for are known as

Aphysical goods
Beconomic goods
Cfree goods
Dintangible goods
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Question 20
waec 2013
The type of monopoly that develops as a result of uneven distribution of resources is called
Alegal monopoly
Bnatural monopoly
Cstate monopoly
Dinternational monopoly
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Question 21
waec 2013

Why would an individual increase his level of consumption during inflationary periods?

AThe real value of any amount saved falls over time
BInterest rates are generally low
CThere are varieties of goods to buy
DWages and salaries stagnate during inflation
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Question 22
waec 2013

An increase in the supply of a commodity X automatically results in an increase in the supply of another commodity Y. This is a cause of

Aelastic supply
Bjoint supply
Cexceptional supply
Dcompetitive supply
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Question 23
waec 2013

Which of the following is an asset of a commercial bank?

AReserve funds
BShareholders capital
CCustomers' deposits
DTreasury bills
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Question 24
waec 2013
Which of the following is a function of money?
AMedium of Communication
BMeasure of securities
CStore of Wealth
DDiscounting bills of exchange
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Question 25
waec 2013
The value of money is effected by the
Aspeculative motive
Bprice level
Cprecautionary motive
Dintervention of development
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Question 26
waec 2013
A co-operative society is a
Afinance house
Bself -help business organization
Cpublic corporation
Dnon-democratic business organization
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Question 27
waec 2013
A budget is balance when expected total revenue is
Agreater than expected expected expenditure
Bless than total expenditure
Cequal to expected expenditure
Dgreater than total expenditure
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Question 28
waec 2013
Which of the following is a function of merchant banks?
AActing as bankers' bank.
BLending to the commercial banks as a last resort
Ccontrolling inflation in the economy
Dunderwriting and issuing of shares
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Question 29
waec 2013
General rise in the price level induced by increased price of inputs is referred to as
Arun-away inflation
Bcost -push inflation
Cdemand -pull inflation
Dimported inflation
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Question 30
waec 2013
In the balance of payments of a country, tourism is classified under
Acapital account
Binvisible trade
Cmerchandise trade
Dofficial reserves
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