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.

50 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

50 questions

Question 1 of 10 50 total questions

Question 21

jamb 1989

If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is?

Astatic

Binfinitely elastic

Cexternally determined

Dperfectly inelastic

View Explanation & Discuss

Question 22

jamb 1989

If a 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1,500kg were purchased, the resultant point elasticity of demand is?

A0.33

B0.0001

D10,000

View Explanation & Discuss

Question 23

jamb 1989

Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the?

Ainterest rate

Breturns on capital

Calternative capital foregone

Dshadow price of foreign exchange

View Explanation & Discuss

Question 24

jamb 1989

If the cost of production for a firm continues to increase as it output rises, the firm is said to be experiencing?

Alarge-scale production

Bprofit maximization

Ceconomies of scale

Ddiseconomies of scale

View Explanation & Discuss

Question 25

jamb 1989

if X represent the factors of production and Y represent the factor price, which of the following sets of association is correct?

A(land, rent) (capital, wage), (labour, profit)

B(land, interest) (capital,profit), (labour, wage),

C(land, wage), (capital, interest), (labour,rent),

D(land,rent), (capital, interest), (labour, wage),

View Explanation & Discuss

Question 26

jamb 1989

Efficiency in production involves?

Areducing the size of the workforce

Bproducing a given output with the lowest cost combination of factors of production

Cadoption of capital-intensive technology

Dincreasing the quantity of the fixed factor of production

View Explanation & Discuss

Question 27

jamb 1989

The primary problem of Economics is?

Ato obtain a more equitable distribution of money income

Bthe scarcity of productive resources relative to material needs

Chow to reach prices which correctly depict that products and resources are not in abundance

Dto teach people how to save so as to make more money

View Explanation & Discuss

Question 28

jamb 1989

A shift in the production possibility frontier could result from?

Aunemployment

Bchanges in the combination of goods produced

Cinflation

Dchanges in production techniques

View Explanation & Discuss

Question 29

jamb 1989

The need to construct a scale of preference is necessitated by?

Athe need to satisfy wants

Bscarcity and the need for choice

Cscarcity of resources

Dnon-availability of factors of production

View Explanation & Discuss

Question 30

jamb 1989

In its simplified form, the circular flow of income concept refers to the?

Areal flow in goods and services between the product and factor markets

Bmonetary payment for goods and services produced by individual firms

Ctransactions in goods and services and payment for such transactions between individual firms and households.

Dmoney flows associated with transactions between individual firms and households

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