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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.

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

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4,545 questions

Question 1 of 20 4,545 total questions

Question 271

jamb 2022

The two main sectors in a mixed economy are

Aurban and rural

Bbanking and insurance

Cagricultural and industrial

Dpublic and private

Question 272

jamb 2022

Which of these is a direct tax?

Apersonal income tax

Bimport duty

CVAT

Dexcise duty

Question 273

jamb 2022

The reward for labour is

Ainterest

Bwages

Cprofit

Drent

Question 274

jamb 2022

The law of demand states that, other things equal, price and quantity demanded are

Adirectly related

Bidentical

Cinversely related

Dunrelated

Question 275

waec 2021

Abundant natural resources do not contribute to economic growth in developing countries because of_________

Ahigh rate of inflation

Burban congestion.

Cover-reliance on multiple commodities.

Dmismanagement and corruption.

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Question 276

waec 2021

Examples of land that are non-renewable include___________

Amarshy and water-logged land.

Bfarmland already used tor many years.

Csome natural resources such as natural gas.

Doxygen and carbon dioxide in the atmosphere

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Question 277

waec 2021

Balance of payments and trade problems that arose after the world wars were resolved by the____________

AInternational Bank tor Reconstruction and Development.

BInternational Monetary Fund.

CAfrican Development Bank.

DOrganization of Petroleum Exporting Countries.

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Question 278

waec 2021

A customs union is an economic grouping which has___________

Afree movement of factors of production

Bcommon tariffs against non-Members.

Ccommon currency for trading

Dcommon military defence

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Question 279

waec 2021

A country may be able to earn more from exports if she_____________

Aincrease her export duty

Bdevalues her currency

Cincreases her import duty

Dallows her currency to appreciate

View Explanation & Discuss

Question 280

waec 2021

If a country imposes a barrier on trade, the resultant effect will be _________

Aa halt in buying and selling

Bhigh quality goods from local industries

Can increase in the demand for locally produced goods

Dshutdown of infant industries

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Question 281

waec 2021

If a country's import bill is high, she can encourage exports by___________

AAllowing her currency to depreciate

BAllowing her currency to appreciate

CLiberalizing importation

DIncreasing taxes on all locally produced goods

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Question 282

waec 2021

Records of a country's invisible trade are recorded in her_____________-

ATrade account.

BCapital account.

CCurrent account

DFinancial account.

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Question 283

waec 2021

A measure that can be adopted to correct a country 's balance of payments deficit is ____________

AAllow the currency to appreciate to encourage imports.

BAllow the currency to depreciate to encourage imports

CAdopt import substitution strategy

DRestrict trade with all countries

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Question 284

waec 2021

A floating exchange rate means that the exchange rate is fixed by the __________

ACentral bank of the country

BForces of demand and supply

CInternational monetary fund (IMF)

DMinistry of Finance

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Question 285

waec 2021

People who dispose of their assets are expected to pay ______________

Avalue added tax

Bcapital gains tax

Cexpenditure tax

Dsales tax

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Question 286

waec 2021

In order to enable the government of a country to increase its tax revenue, it will be advisable for it to increase taxes on_______

ATextile materials with elastic demand

BAlcoholic beverages with inelastic demand

CAgricultural products with inelastic supply

DLuxury goods with elastic supply

View Explanation & Discuss

Question 287

waec 2021

When a government cuts down her expenditure to reduce inflation, she has embarked on___________

AA restrictive Fiscal policy.

BAn expansionary monetary policy.

CPhysical policy.

DImplementing budget deficit

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Question 288

waec 2021

An increase in cash ratio by the central bank will_______

AIncrease the supply of money.

BIncrease banks lending

CEncourage borrowing.

DReduce the supply of money.

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Question 289

waec 2021

Demand-pull inflation can be as a result of___________

Aincrease in the cost of production.

Bexcessive supply of foodstuff

Cdeficit financing by the government.

Dincrease in import duties.

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Question 290

waec 2021

Functions of money does not include_______

Astore of value.

Bmedium of exchange

Cstandard of deferred payment.

Dgeneral acceptability.

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