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.

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

48 questions
Question 1 of 20 48 total questions
Question 11
waec 2015

The movement of labour from one grade to an entirely different grade is an example of?

Aindustrial labour mobility
Bhorizontal occupational mobility
Cvertical occupational mobility
Dgeographical mobility
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Question 12
waec 2015

one reason for low agrictural productivity in most west African countries is that?

Afarmers are not capable of producing cash crops
Bit does not provide income to farmers with large families
Cfarmers find it difficult getting help from financial institutions
Dit is not the only source of raw materials for agro-based industries
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Question 13
waec 2015

which of the following will increase the demand for labour

AIncrease wage rate
Blabour's demand for output
Clow wage rate
Dlow marginal productivity
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Question 14
waec 2015

Frictional unemployment occurs when?

Athere is a change in the technique of production
Bjob seekers lack information where jobs exist
Cbad weather prevents work from progressing
Djob seekers have disabilities
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Question 15
waec 2015

Inflation may occur if there is?

Aexcess supply over demand
Bincrease in productivity
Cexcessive demand with limited supply
Dincreased government spending in a depressed economy
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Question 16
waec 2015

which of the following features distinguishes a public limited company from a private limited company

Aperpetual existence
Blimited liability
Clegal entity
Dsales of shares to the public
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Question 17
waec 2015

which of the following is not a method of controlling monopoly

Apreventing mergers
Bindigenization
Cprivatization
Dimposing high profit tax
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Question 18
waec 2015

which of the following business organisations is likely to experience disagreements between management and shareholders

Aco-operative society
Bsole trader
Cpartnership
Djoint-stock company
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Question 19
waec 2015

which of the following curves is not U shaped

Amarginal cost curve
Baverage fixed cost curve
Caverage total cost curve
Daverage variable cost
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Question 20
waec 2015

By adding all the marginal products at each level of employment of the variable input, we obtain a value equal to 

Aaverage product
Btotal product
Caverage variable cost
Dtotal cost
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Question 21
waec 2015

Total cost is obtain by?

Aadding up the marginal cost at each level
Bdividing the total cost of output at each level
Cadding up the average variable cost at each level
Dadding up the total variable cost and total fixed cost
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Question 22
waec 2015

The law of diminishing marginal returns relate to?

Atotal utility
Baverage utility
Ctotal product
Dmarginal utility
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Question 23
waec 2015

All the following are methods of determing prices except?

Amaximum pricing
Brationing
Cminimum pricing
Dauctioning
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Question 24
waec 2015

which of the following will not affect the market price of a commodity

Aincrease in demand
Bchange in taste
Cintersection of demand and supply
Dincrease in supply
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Question 25
waec 2015

In order to calculate total utility (TU) from given levels of marginal utility (MU), one has to?

Asubtract MU from TU
BAdd MU from the various levels
Cmultiply MU by the initial TU
DDivide current MU by previous MU
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Question 26
waec 2015

if the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a

Anecessity
Bgood of ostentation
Cnormal good
Dgiffen good
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Question 27
waec 2015

Government revenue will increase if taxes are levied on goods with?

Aperfectly elastic demand
Bfairly elastic demand
Cperfectly inelastic demand
Dunitary elastic demand
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Question 28
waec 2015

if a given change in price brings a proportionately larger change in quantity demanded, the

Ademand is relatively price elastic
Bdemand is relatively price inelastic
Cprice elasticity of demand is unitary
Dprice elasticity of demand is constant
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Question 29
waec 2015

The market supply curve slopes upward from left to right indicating that?

Aproducers pay high taxes
Btwo commodities can be supplied at the same time
Cat a lower price, less is supplied
Dat a lower price, more is supplied and demanded
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Question 30
waec 2015

increase in production subsidies will shift 

Athe demand curve to the left
Bthe supply curve to the right
Cboth the supply demand curves to the left
Dsupply curve to the left and demand curve to the right
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