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.

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

50 questions
Question 1 of 20 50 total questions
Question 11
waec 2016

Location of firm in rural areas may

Aenable the firm to enjoy existing infrastructural facilities
Bmake finance readily avalaible
Cenhance even or balanced development
Dmake such firm enjoy external economics of scale
View Explanation & Discuss
Question 12
waec 2016

Which of the following best explains why more foreign investments are not attracted to West Africa

ASmall population size
Bsmall sizes of market places
Cinstability in political and industrial policies
Dlack of manpower needed to work in industries
View Explanation & Discuss
Question 13
waec 2016

Which of the following will encourage capital intensive farming

Aencouraging communal system of land ownership
Badopting policies that will encourage rural-urban migration
Cprovision of subsidies on equipment
DRestrictive lending policies by banks
View Explanation & Discuss
Question 14
waec 2016

Efficiency of labour in a country is determined by the following factor except the

Asocial attitude to work
Beducation and training
Cworking conditions of workers
Dtotal polulation
View Explanation & Discuss
Question 15
waec 2016

One feature of a growing population

Aincrease in the number of young people
Bincrease in the number of old people
Cdecrease in the dependent population
Ddecrease in the life expectancy
View Explanation & Discuss
Question 16
waec 2016

One relationship between marginal utility and total utility. When total is 

Arising, marginal utility is rising
Bfalling, marginal utility is negative
Cmaximum, marginal utility is maximum
Dfalling, marginal utility is rising
View Explanation & Discuss
Question 17
waec 2016

The type of unemployment that occurs as a result physical or mental disability of labour is known as

Africtional unemployment
Bstructural unemployment
Ccyclical unemployment
Dresidual unemployment
View Explanation & Discuss
Question 18
waec 2016

Which of the following measures will hinder efficient distribution of goods in West Africa

AImproving roads networks
Bprovision of adequate storage facilities
Cinstituting price control
Dformation of producers' co-operative societies
View Explanation & Discuss
Question 19
waec 2016

Indigenization policy is a measure aimed at

Aprivating the existing business owned by the state
Bcommercializing state owned businesses
Creducing foreign economic domination
Dmaking the indegenes managing directors of businesses
View Explanation & Discuss
Question 20
waec 2016

In a partnership, the conduct of members is guided by

Aa memorandum of understanding
Bthe article of partnership
Can article of association
Da partnership constitution
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Question 21
waec 2016

Charging different prices for the same commodity is a feature of a

Aperfect competition
Bcommodity market
Cmonopolistic competition
Dmonopoly market
View Explanation & Discuss
Question 22
waec 2016

At which stage of production should a firm shut down? when

AAVC=ATC
BAVC
CAVC>price
DAVC=MC
View Explanation & Discuss
Question 23
waec 2016
The necessary condition for a firm to be in equilibrium is that marginal revenue is
Agreater than marginal
Bequal to marginal
Cless than average revenue
Dequal to average
View Explanation & Discuss
Question 24
waec 2016

The long run is a period when

Aonly the variable factors can be altered
Ball factors become variable
Cthe firm will cease to exist
Donly the fixed factors can be altered
View Explanation & Discuss
Question 25
waec 2016

An entrepreneur is encouraged to adopt division of labour in production because it

Aprovide more employment opportuinities
Bleads to increased output and lower cost of production
Cbrings about equal cost and employment opportuinities
Dleads to increased cost of production and lower output
View Explanation & Discuss
Question 26
waec 2016

A price floor results in

Aexcess demand
Bexcess supply
Cparallel market
Dhoarding of goods
View Explanation & Discuss
Question 27
waec 2016

How does producers expectation of a price fall affect the supply curve of a product? There will be

Aa moment along the curve
Ba leftward shift
Cno shift of the supply curve
Da shift to the right
View Explanation & Discuss
Question 28
waec 2016

The supply of rice in tons is given by the equation:
Qs -80 - 0.7P = 0.
Where Qs = Quantity supplied
P = price in naira.

Find Qs, when P = N40

A108ton
B52tons
C-52tons
D-108tons
View Explanation & Discuss
Question 29
waec 2016
The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to
Apositively sloping supply curve
Bperfectly elastic supply curve
Cbackward bending supply curve
Dperfectly inelastic
View Explanation & Discuss
Question 30
waec 2016

Price elasticity of demand or supply measures how responsive

Aconsumers are to a change in price
Bsellers are to a change in price
Csellers are to a change in price
Dbuyers are to a change in income
View Explanation & Discuss
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