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 2017

which of the following is a threat to the existence of middlemen

Aconsumers cooperative society
Bproducers cooperative society
Csales agents
Dlarge scale producers
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Question 12
waec 2017

The system of agriculture which involves the cultivation of crops and rearing of animals for family consumption only is termed?

Apeasant farming
Bplantation agriculture
Ccommercial farming
Dsubsistent farming
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Question 13
waec 2017

which of the following is an implication  of a large population

Adecrease in crime rate
Bincrease in food supply
Cdecrease in standard of living
Ddecrease in cost of living
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Question 14
waec 2017

A civil engineer who accepts to teach elementary science in a primary school because he cannot get a paid engineering job is an example of?

Astructural unemployment
Bdisguised unemployment
Cresidual unemployment
Dfrictional unemployment
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Question 15
waec 2017

The total number of people of working age who are willing and prepared to work at a given wage rate is the 

Alabour force
Bsupply of labour
Cdemand of labour
Doccupational demand for labour
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Question 16
waec 2017

if a state owned firm is sold through the stock market, the organisation becomes?

Apartnership
Bprivate company
Cpublic limited company
Dpublic corporation
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Question 17
waec 2017

Equity shares form the bulk of the capital of a?

Aprivate firm
Bpublic company
Cstatutory company
Dlimited partnership
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Question 18
waec 2017

which of the following is trueof the monopolist

Ahis average revenue curve is horizontal
BHe determines both price and output
Chis demand and marginal revenue curve are the same
Dhe determines either price or output
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Question 19
waec 2017

The amount of money that a firm recieves from the sales of its output is called

Atotal profit
Btotal revenue
Ctotal cost
Daverage revenue
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Question 20
waec 2017

which of the following can be added to a firm's profit to obtain total revenue

Atotal variable cost
Btotal fixed cost
Cmarginal cost
Dtotal revenue
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Question 21
waec 2017

The specialization of labour enhances production because people?

Acan concentrate on all goods
Bcan efficiently produce their own needs
Ccan save time and produce more
Dbecome experts in all areas of production
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Question 22
waec 2017

when a firm is enjoying internal economies of scale, its?

Atotal cost of production is increasing
Baverage fixed cost is rising continuously
Caverage cost of production decreases as output increases
Daverage revenue and marginal revenue are decreasing
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Question 23
waec 2017

Another term for equilibrium price is?

Aprice floor
Bdemand price
Cmarket clearing price
Dsatisfactory price
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Question 24
waec 2017

parallel markets are usually the results of 

Aexcess supply
Bthe activities of rich individuals
Cprice legislation
Dinadequate information
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Question 25
waec 2017

a rational consumer will purchase a product whose price is?

Agreater than his marginal utility
Bless than his marginal utility
Cequal to his marginal utility
Dequal to his total utility
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Question 26
waec 2017

increase in the supply of a product can be caused by?

Achange and taste and fashion of consumers
Bincrease in the income of consumers
Ca fall in the cost of production
Dincrease in the price of a product
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Question 27
waec 2017

price elasticity of supply can be influenced by the following factors except?

Atime period
Bcost of production
Csize of consumer income
Dnature of the product
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Question 28
waec 2017

Effective supply is the total amount of a commodity 

Afrom a single producer
Bin the warehouse of producers
Coffered for sale at a market place
Dproduced for the market
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Question 29
waec 2017

A rightward shift in the supply curve of a commodity is brought about by an increase in?

Athe level of technology
Bthe price of the commodity
Ccost of production
Dtaxation
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Question 30
waec 2017

which of the following is an example of derived demand

Atextbook
Blabour
Cstaple food
Dmobile phone
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