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.
The major currency used for granting credits to member countries of the International Monetary Fund (IMF) is the
AUS dollars .
BCanadian dollars
CPounds sterling
DDeutschemark
EBelgian franc
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Question 1992
waec1988
When the demand for a commodity is inelastic, total revenue will fall if
APrice is increased
BPrice is reduced
CPrice remains constant
DPrice is not given
EThe commodity is a luxury
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Question 1993
waec1988
When the price of commodity A increases, the demand for commodity B decreases, then A and B are
AClose substitutes
BComplementary goods
CSupplementary goods
DGifted goods
ELuxurious goods
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Question 1994
waec1988
Price control can be defined as the fixing by Government of maximum or minimum price of
ALuxury goods
BInferior goods
CImported capital goods
DCertain selected goods
EGoods consumed by low income earners
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Question 1995
waec1988
Which of these factors does not cause a change in demand?
AIncome
BTaste and fashion
CPopulation
DPrice of other commodities
EPrice of the commodity concerned
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Question 1996
waec1988
Which of the following is not an advantage of price control?
AControl of inflation
BDistortion of price mechanism
CPrevention of exploitation
DControl of producer’s profit
EHelping low income earners
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Question 1997
waec1988
A demand schedule is
AA table containing the price of goods
BA table showing the relationship between price and quantity demanded of a commodity
CA table showing the consumer demand on order of importance
DThe quantity of goods the consumer is prepared to buy
EThe market demand
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Question 1998
waec1988
A normal demand curve is
AIs concave to the point of origin
BIs convex to the point of origin
CIs parallel to X axis
DIs parallel to Y axis
ESlopes upwards from left to right
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Question 1999
waec1988
Into which of these organization would you classify the International Monetary Fund (IMF) ?
APolitical organization
BTrade organization
CFinancial organization
DSocial organization
ECommercial organization
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Question 2000
waec1988
In which of the following economics system is the consumer referred to as ‘The King’?
APlanned economy
BMixed economy
CTraditional economy
DFree Market economy
ESocialist economy
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Question 2001
waec1988
in any economic system , which of the following is not an economic problem?
Awhat goods and services to produce
Bfor whom to produce goods or services
Cwhat techniques of production to be adopted
Dequal distribution of goods and services
Ehow to ensure that the economy grow over time
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Question 2002
waec1988
The equilibrium position of a firm is attained
Awhen MC = AR
Bwhen MC = PC
Cwhen MC = MR
Dwhen AC = AR
Ewhen AR = MR
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Question 2003
waec1988
The price of a commodity is determined by the
Asupplier
Bconsumer
Cquantity of goods demanded
Dquantity of goods supplied
Einteraction of demand and supply
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Question 2004
waec1988
A review of occupational distribution of population from time to time helps us to know the
Arate of which the population grows
Bnumber of people that makes up the labour force
Cefficiency of the working population
Dindustries which are becoming less important
Enumber of people that are bot employed
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Question 2005
waec1988
'Economics is a science which studies human behaviours as a relationship between ends and scarce means which have alternative uses. 'Ends' her refers to
Aresource
Bwants
Cchoice
Doutput
Efactors
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Question 2006
jamb1988
Which of the following occurs in the circular flow of economic activities with no leakages
AConsumption equals saving
BSaving equals investment
CImports equal exports
DNational income equals national expenditure
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Question 2007
jamb1988
The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as
AP = 12, Q = 16
BP = 15, Q = 10
CP = 12, Q = 14
DP = 16, Q = 12
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Question 2008
jamb1988
If in this demand-supply diagram, the quantity supplied is OQ, then
Aprice will be OP
Bthere will be excess demand of RT
Cprice will be ON
Dprice will tend to rise
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Question 2009
jamb1988
A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by
AP
BQ
CX
DY
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Question 2010
jamb1988
The group of unemployed members of a community who are physically handicapped or disabled, is generally classified under unemployment as?
