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.

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

97 questions
Question 1 of 20 97 total questions
Question 11
waec 2010

Which of the following is not a concept in National Income Accounting?

ADomestic National Products (DNP)
BGross National Product (GNP)
CGross Domestic Product (GDP)
DNet Domestic Product (NDP)
View Explanation & Discuss
Question 12
waec 2010

The following are all factors determining the location of industry except

Aminimum wage rate
Bavailability of labour
Cnearness of raw materials
Dproximity to the market
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Question 13
waec 2010

The following are advantages of large scale agriculture except

Ause of simple implements
Buse of sophisticated implements
Cincrease in employment
Dintegration of crops and animal farming
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Question 14
waec 2010

The role of government in promoting agricultural development includes the following except

Apaying the wages of farmers
Bestablishing and funding research
Cformulation of policies
Dprovision of rural infrastructures
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Question 15
waec 2010
Which of the following does not explain why a school principal earns more salary than a school messenger?
Alenght of training
Bdemand and supply
Ccost of training
Dthe messenger is a non-teaching staff
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Question 16
waec 2010

An efficient weapon used in resolving dispute between employers and employees is

Aco-operation
Bcollective bargaining
Cdisplay of placards
Dlegal action
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Question 17
waec 2010

A country whose population size is too small relative to its resource is

Aover populated
Boptimally populated
Cunder populated
Dproducing the optimum output
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Question 18
waec 2010

The wholesaler performs the following function except

Abreaking the bulk
Boffering credit facilities to the consumers
Cfinancing manufacturers
Dbuying in bulk from manufacturers
View Explanation & Discuss
Question 19
waec 2010

Which of the following is obtainable in a perfect market?

AP = MR > AR
BMP = MC > P
CMR < P
DP = MR = MC
View Explanation & Discuss
Question 20
waec 2010

One advantage of the Sole Proprietorship over other forms of business organization is that it can

Amake very high profits
Bemploy many workers
Ckeeps its affair private
Dproduce on a very large high scale
View Explanation & Discuss
Question 21
waec 2010

The public sector of an economy includes

Acooperative societies
Bnationalized industries
Cjoint stock companies
Dpressure groups
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Question 22
waec 2010

All the following are source of finance to a joint stock company except

Adebentures
Bcooperative loans
Cshares
Dbank loans
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Question 23
waec 2010

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

Ais owned by the government
Bsells its shares to members of the public
Coperates as a government corporation
Dis not legally recognized as a firm
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Question 24
waec 2010
The reward to land as a factor of production is
Aprofit
Brent
Cinterest
Dwage
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Question 25
waec 2010
If TC, FC and VC represent total cost, fixed cost and variable cost respectively, which of the following is correct?
ATC = FC - VC
BFC = TC + VC
CTC > FC + VC
DTC = FC + VC
View Explanation & Discuss
Question 26
waec 2010
Greater inter-dependence among workers in production is associated with
Autility
Bmanufacturing
Cdivision of labour
Dfactory workers
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Question 27
waec 2010
The law of diminishing marginal utility state that, the more a commodity is consumed the
Ahigher the satisfaction derived from an additional unit
Bhigher the price to be paid
Clower the quantity supplied
Dlower the rate of increase in the total utility derived
View Explanation & Discuss
Question 28
waec 2010
At the highest level of total utility, marginal utility is
Anegative
Bpositive and falling
Cpositive and rising
Dzero
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Question 29
waec 2010
A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to
Abe unchanged
Bremain elastic
Cremain inelastic
Drise
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Question 30
waec 2010
Equilibrium price is the price at which quantity
Ademand greater than quantity supplied
Bsupplied is greater than quantity demanded
Cdemand is equal to quantity supplied
Dsupplied equals quantity produced
View Explanation & Discuss
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