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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.

147 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

147 questions

Question 1 of 20 147 total questions

Question 11

neco 2009

Labour force simply means the

Ademand and supply of labour

Befficiency of labour

Cjob seekers

Dunemployable population

Eworking population

View Explanation & Discuss

Question 12

neco 2009

Price elasticity of supply measures the responsiveness of quantity supplied to

Aa change in the demand for the product V

Ba change in the price of the commodity

Cchanges in consumers

Dchanges in prices of other commodities

Echanges in suppliers income

View Explanation & Discuss

Question 13

neco 2009

Oil was first discovered in commercial quantity in ……….. State.

AAmasoma, Bayelsa

BBonny, Rivers

COloibiri, Rivers

DIgbokoda, Ondo

EWarri, Delta

View Explanation & Discuss

Question 14

neco 2009

The growth of a country’s population is affected by

Amilitary might of the country

Bnumber of births per thousand of the population

Cnumber of people willing to be counted

Dthe amount of money in circulation

Ethe number of men in the population

View Explanation & Discuss

Question 15

neco 2009

A firm is said to be a public joint-stock company when it

Ahas unlimited liability

Bis administered by the public

Cis owned by the government

Doperates as a public corporation

Esells its shares to members of the public

View Explanation & Discuss

Question 16

neco 2009

The unit for measuring changes in prices and output is called ………………. index

Acapital

Bexpenditure

Cincome

Dmoney

Eprice

View Explanation & Discuss

Question 17

neco 2009

One of the positive contributions of the petroleum industry to Nigeria’s economic development is that it

Acreates ecological problems

Bcreates political unrest

Ccreates uncertainties in government revenues

Dis a major foreign exchange earner

Esuppresses agricultural development

View Explanation & Discuss

Question 18

neco 2009

Which of these factors causes a change in the quantity demanded of a commodity?

AIncome

BPopulation

CPrice of other commodities

DPrice of the commodity concerned

ETaste and fashion

View Explanation & Discuss

Question 19

neco 2009

The value of money is affected by

Aconsumer’s income

Beffective demand

Ceffective supply

Dequilibrium price

Egeneral price level

View Explanation & Discuss

Question 20

neco 2009

The mean of the following scores

30, 32, 34, 36, 38, 40 and 42

What is the mean deviation?

A4.21

B3.24

C3.42

D4.54

View Explanation & Discuss

Question 21

neco 2009

Average total cost can be expressed as

Aaverage fixed cost plus average variable cost

Bchange in total cost divided by change in output

Ctotal cost divided by total output

Dtotal fixed cost plus total variable cost

Etotal variable cost divided by total output

View Explanation & Discuss

Question 22

neco 2009

Which of the following is NOT an advantage of tabular presentation of data?

AEnables easy location of required figures

BHelps to calculate derived quantities

CMakes for easy comparison of figures

DOccupies more space than mathematical equation

EShows whether the figures are increasing or decreasing

View Explanation & Discuss

Question 23

neco 2009

The following are the differences between domestic and international trade EXCEPT

Acultural differences

Bcurrency

Cland

Dlanguage

Elaws

View Explanation & Discuss

Question 24

neco 2009

Which of the following is a function of the central bank?

AAccepting deposits from the public

BAgent of payment for individuals

CDiscounting bills of exchange

DIssuing of currency

EProvision of short term housing loans

View Explanation & Discuss

Question 25

neco 2009

The process of building up country’s capacity to process raw materials for the production of goods is known as

Afirm

Bindustry

Cindustrialization

Dlocation of industry

Elocalization

View Explanation & Discuss

Question 26

neco 2009

The purchasing power of the Naira will fall when

Aworker are retrenched

Bthe colour of the Naira is changed

Cthe military take over

Dthere is inflation

Enone

View Explanation & Discuss

Question 27

neco 2009

A monopolist is a

Aduopolist

Bgroup of producers of related goods

Cpartnership business that produces a commodity with high demand

Dsingle producer or seller of a commodity at cheap rate

Esingle producer or seller of a commodity that has no close substitute

View Explanation & Discuss

Question 28

neco 2009

Economic growth can be defined as

Aa rapid and sustained rise in real output per head

BA rise in real income per head

Can increase in technology only

Dinsufficiency in food production

Eover population in a country

View Explanation & Discuss

Question 29

neco 2009

Through membership of the Economic Community of West African States (ECOWAS) countries have achieved

Aa large market for their products

Bemancipation of Africa

Cfull employment of resources

Dhigher transportation cost of goods within the region

Emilitary superiority over other African countries

View Explanation & Discuss

Question 30

neco 2009

The demand curve of a perfect competitive market is infinitely elastic indicating that the firm can

Arefuse to sell any quantity

Bsell any quantity of output at the prevailing price

Csell fixed quantity of output at the prevailing market price

Dsell less quantity

Esell more quantity at a higher price

View Explanation & Discuss

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