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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.

133 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

133 questions

Question 1 of 20 133 total questions

Question 11

waec 2023

When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will

Aincrease

Bremain constant

Cdecrease

Dturn negative

View Explanation & Discuss

Question 12

waec 2023

The dependency ratio of a country is the

Athe children and aged who rely on the active population for support

Bpeople who are cared for by their extended families

Ctotal active population who depend on government for survival

Dnumber of children who depend on their parents for survival

View Explanation & Discuss

Question 13

waec 2023

A fall in the price of a normal commodity which has elastic demand will result in

Aa fall in demand

Ba fall in quantity demanded

Can increase in revenue

Da decrease in revenue

View Explanation & Discuss

Question 14

waec 2023

An example of government's recurrent expenditure is

Aelectrification projects in rural areas

Bthe cost of building a school

Cpurchase of new vehicles

Dpaying salaries of workers

View Explanation & Discuss

Question 15

waec 2023

An indication that there is inflation in a country is that

Athere is a decrease in the demand for goods and services

Bthere are too many goods in circulation

Cthe same amount of money buys lower quantity of goods

Dpeople prefer to lend than to borrow

View Explanation & Discuss

Question 16

waec 2023

When job vacancies are publicized, the government is mainly trying to solve the problem of

Aresidual unemployment

Bcyclical unemployment

Ctechnological unemployment

Dfrictional unemployment

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Question 17

waec 2023

Commericial banks help in economic development mainly by

Aacting as trustees and executors of wills

Bacting as intermediaries between government and borowers

Cserving as custodians of valuables

Dgiving financial advice to the government

View Explanation & Discuss

Question 18

waec 2023

Country M enjoys absolute advantage over country N in the production of commodities X and Y, if country M

Ais inefficient in the production of both commodities X and Y

Bis more efficient than country N in producing both commodities X and Y

Ccan produce only commodity Y cheaper than country N

Dand country N are efficient in the production of both goods

View Explanation & Discuss

Question 19

waec 2023

A small scale firm located within an industrial estate will enjoy

Agovernment protection and funding

Btechnological economies of scale

Cfinancial economies of scale

Dexternal economies of scale

View Explanation & Discuss

Question 20

waec 2023

The total fixed cost curve is

Ahorizontal

Bupward sloping

Cvertical

Ddownward sloping

View Explanation & Discuss

Question 21

waec 2023

Resources are pooled for the mutual benefit of its members mainly in a

Acooperative society

Bjoint stock company

Cprivate company

Dpartnership

View Explanation & Discuss

Question 22

waec 2023

Use the graph above to answer the question
The curve labelled W shows the

Aregressive tax

Bproportional tax

Cspecific tax

Dprogressive tax

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Question 23

waec 2023

The study of economics is mainly concerned with how to

Arank individuals' wants given the abundant resources

Bmake choice when resources are inadequate

Csatisfy every member of all societies

Dproduce all the goods needed by everyone

View Explanation & Discuss

Question 24

waec 2023

Warehousing is an economic activity that falls under

Asecondary production

Bprimary production

Ctertiary production

Dintermediate production

View Explanation & Discuss

Question 25

waec 2023

If the demand for a commodity remains constant as price increases, the commodity is said to be

Aperfectly price inelastic

Bunit price elastic

Cprice elastic

Dprice inelastic

View Explanation & Discuss

Question 26

waec 2023

Which of the following items is not classified as working capital?

AFuel

BMoney to pay wages

CSemi-finished goods

DEquipment

View Explanation & Discuss

Question 27

waec 2023

When the marginal utility from the consumption of commodity X (Mux) is greater than the price commodity X (Px), a rational consumer should

Astrive to remain in disequilibrium

Bconsume the same quantity of commodity X

Cconsume more of commodity X

Dreduce consumption of commodity X

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Question 28

waec 2023

An economy system is mainly concerned with

Astudying the relationship between ends and means

Bthe allocation of scarce resources between alternative ends

Chandling situations of abudant resources

Dthe establishment of economic laws

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Question 29

waec 2023

Money is able to function more as a medium of exchange when

Athere is a fall in production

Bmore prople engage in subsistence production

Cindividuals and nations are self-sufficient

Dthere is specialization of labour

View Explanation & Discuss

Question 30

waec 2023

Assisting members to solve temporary balance of payments problems is the reasons for the establishment of the

AInternational Monetary Fund

BEconomic Commission for Africa

CWorld Bank

DAfrican Development Bank

View Explanation & Discuss

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