Classroom

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.

4,545 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

Select subject

Download PHP app Ask a Question Check Syllabus Past Question Videos Topic Video Lessons

Take a test

Custom CBT

Create and set up a CBT environment with your preferred subjects.

JAMB CBT Simulator

Practice JAMB CBT with real UTME past questions in CBT format.

WAEC CBT Practice 2026 Simulator

CB-WASSCE styled past question practice.

NECO CBT Practice 2026 Simulator

SSCE & GCE styled past question practice.

Past Questions

4,545 questions

Question 1 of 20 4,545 total questions

Question 201

jamb 2023

When demand exceeds supply at the current price, there is

Aequilibrium

Bexcess demand

Csurplus

Dexcess supply

Question 202

jamb 2023

Which is a central problem of economics?

Awhere to travel

Bhow to cook

Cwhen to earn

Dwhat to produce

Question 203

jamb 2023

Economics is the study of the allocation of scarce resources to satisfy

Alimited wants

Bunlimited wants

Cforeign demands

Dgovernment needs

Question 204

waec 2022

An increase in the price of commodity X led to a fall in the supply of commodity Y. Commodities X and Y are

Acompetitive goods

Bcomposite goods

Cjointly supplied

Dderived goods

View Explanation & Discuss

Question 205

waec 2022

The supply curve of a locally-produced good may shift to the right if

Athere is an increase in taxes on inputs

Bgovernment increases subsidies

Crural-urban migration is encouraged

Dthe price of the commodity increases

View Explanation & Discuss

Question 206

waec 2022

The demand curve for goods of ostentation is usually

Anegatively sloped

Bpositively sloped

Cvertical

Dhorizontal

View Explanation & Discuss

Question 207

waec 2022

The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

Ain complementary demand

Bof the same quality

Cin composite demand

Din competitive demand

View Explanation & Discuss

Question 208

waec 2022

The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

A$ 90.00

B$ 180.00

C$ 324.00

D$ 350.00

View Explanation & Discuss

Question 209

waec 2022

A major disadvantage of a capitalist economy is that it

Aleads to low production of goods and services

Brequires large number of officials to operate

Cconsiders individual consumers' satisfaction

Dworsens income inequality among the citizens

View Explanation & Discuss

Question 210

waec 2022

A major characteristic of natural resources is that they

Aare unlimited in supply

Bhave high cost of production

Care free gifts of nature

Ddo not command any price

View Explanation & Discuss

Question 211

waec 2022

There is unemployment of resources when production is

Awithin the production possibility curve

Boutside the production possibility curve

Calong the production possibility curve

Dadequate to meet market demand

View Explanation & Discuss

Question 212

waec 2022

If petrol is no longer needed to produce energy, then demand for crude oil

Awill increase

Bwill remain constant

Cmay be limited to chemical industries

Dwill make producing countries richer

View Explanation & Discuss

Question 213

waec 2022

The main function of the African Development Bank (AFDB) is to

Apromote free trade and development among members

Bprovide loans to finance balance of payment problems

Cprovide loans to members to finance viable projects

Dhelp members overcome their internal problems

View Explanation & Discuss

Question 214

waec 2022

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

Afactors of production are free to move and be moved

Bcommon currency is in use

Ccommon agricultural policy is in place

Dthe size of the market is widened

View Explanation & Discuss

Question 215

waec 2022

Given that a country's index of export price is 180 and that of import is 200, the terms of trade is

A0.09

B2.00

C90.00

D380.00

View Explanation & Discuss

Question 216

waec 2022

Which of the following measures can lead to an increase in exports?

AIncrease in export duties

BIncrease in excise duties

CDepreciation of currency

DTotal ban on imports

View Explanation & Discuss

Question 217

waec 2022

An argument for the use of commercial policy rest on the need to

Amake imported goods affordable

Breduce domestic unemployment

Cencourage the importation of non-essential goods

Dmake a country enjoy absolute advantage in production of all goods

View Explanation & Discuss

Question 218

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 219

waec 2022

Political instability hinders economic growth because it

Ascares many people from politics

Bprevent politicians from playing effective politics

Cdiscourage entrepreneurs generally

Dencourages urban-rural migration

View Explanation & Discuss

Question 220

waec 2022

Development planning focuses mainly on

Aallocation of resources by the entrepreneurs

Bmapping out strategies by the government

Cdeveloping some areas of the country by the government

Ddeciding on which types of homes to build

View Explanation & Discuss

Question Navigator

Current

Economics Past Questions

Take a test

Custom CBT

JAMB CBT Simulator

WAEC CBT Practice 2026 Simulator

NECO CBT Practice 2026 Simulator

Past Questions

Question Navigator

MathsFaculty