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.

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

52 questions
Question 1 of 20 52 total questions
Question 11
waec 2022

If the Central Bank increases its bank rate

Amany banks will shut down their operations
Bcustomers will borrow more from banks
Cthe supply of money may be reduced
Dinterest charges by banks will fall
View Explanation & Discuss
Question 12
waec 2022

If inflation is anticipated, people may

Asave more money
Bspend more money
Cgive out more loans
Dspend less money
View Explanation & Discuss
Question 13
waec 2022

An example of commodity money is

Acurrency note
Bmobile money
Ccheques
Dsilver
View Explanation & Discuss
Question 14
waec 2022

Increasing national income without effective control of population size in a country can lead to

Ahigher per capita income
Bincrease in poverty
Cincreased outflow of aid
Dunderutilization of resources
View Explanation & Discuss
Question 15
waec 2022

The use of mass advertising media enable a firm to enjoy

Amanagerial economies
Bfinancial economies
Cmarketing economies
Dwelfare economies
View Explanation & Discuss
Question 16
waec 2022

The main objective of marketing boards is to

Aaccumulate revenue for government
Beducate farmers on pricing of cash crops
Cstabilize the incomes of cash crop farmers
Dprovide warehousing facilities
View Explanation & Discuss
Question 17
waec 2022

The type of unemployment found among workers who leave their jobs in search of other jobs is termed

Aseasonal unemployment
Bstructural unemployment
Cfrictional unemployment
Dcyclical unemployment
View Explanation & Discuss
Question 18
waec 2022

Which of the following factors may not affect the efficiency of labour?

AEducation and training
BProvision of welfare service
CRace and colour of workforce
DQuality of other factor inputs
View Explanation & Discuss
Question 19
waec 2022

A positive effect of a rapid population increase is

Aan excessive budget deficit
Ba reduction in standard of living
Ca wider market for goods and services
Da higher dependency ratio
View Explanation & Discuss
Question 20
waec 2022

A major function of the retailer is to

Agrant credit to the wholesaler
Bbreak bulk and sell products in small units
Creduce cost of distribution
Dgenerate demand for products through advertisement
View Explanation & Discuss
Question 21
waec 2022

The middlemen is responsible for

Aproviding research facilities
Bpurchasing raw materials
Cdesigning the product
Dbreaking the bulk
View Explanation & Discuss
Question 22
waec 2022

A disadvantage of a jont-stock company is

Aunlimited liability
Blimited liability
Clack of continuity when a shareholder dies
Dlimited control in management by shareholders
View Explanation & Discuss
Question 23
waec 2022

A firm that closes down will still incur

Avariable cost
Bfixed cost
Ctotal cost
Dmarginal cost
View Explanation & Discuss
Question 24
waec 2022

The production cost that varies inversely with output is the

Atotal fixed cost
Bmarginal cost
Caverage fixed cost
Daverage cost
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Question 25
waec 2022

In manufacturing, division of labour may be hindered by

Aexcessive demand for the product
Blow level of technology
Cexcess supply of labour
Dincrease in the export of goods
View Explanation & Discuss
Question 26
waec 2022

If the government imposes a minimum price on a commodity

Amarket surplus occurs
Bthe market will be cleared in the short-run
Cexcess demand occurs
Dgovernment regulation is no longer needed
View Explanation & Discuss
Question 27
waec 2022

The production of rice and yam on the same farmland is an example of

Ajoint supply
Bcomposite supply
Ccompetitive supply
Dmarket supply
View Explanation & Discuss
Question 28
waec 2022

A benefit that is present in all forms of economic integration is that

Acommon agricultural policy is in place
Bthe size of the market is widened
Cfactors of production are free to move and be moved
Dcommon currency is in use
View Explanation & Discuss
Question 29
waec 2022

Foreign investment and long term securities in the balance of payment accounts are recorded as

Acurrent account transaction
Bcapital account transaction
Cbalance of trade account transaction
Dinvisible balance account transaction
View Explanation & Discuss
Question 30
waec 2022

A consumer of a single commodity is in equilibrium when

Ahis marginal utility is equal to zero
Bhe can equate his demand with price
Che equates marginal utility and price
Dhe can equate his marginal and total utilities
View Explanation & Discuss
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