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.

89 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

89 questions
Question 1 of 20 89 total questions
Question 21
jamb 2022

Fiscal policy measures imply a change in

Aonly taxation to control aggregate demand
Bbank rate to infulence lending
Conly government expenditure to regulate an economy
Dgovernment revenue and expenditure to regulate an economy
View Explanation & Discuss
Question 22
jamb 2022

The use of the bank rate, cash ratio and open market operations constitute

Afiscal policy
Bmonetary policy
Cimport policy
Dexport policy
View Explanation & Discuss
Question 23
jamb 2022

Commercial banks are different from development banks in that the latter

Alend on short-term basis
Bpay interest on current accounts only
Care mostly joint-stock companies
Ddo not deal in foreign currencies
View Explanation & Discuss
Question 24
jamb 2022

If the Central Bank increases its bank rate

Amany banks will shut down their operations
Bcustomers will borrow more from banks
Cthe supply of money may be reduced
Dinterest charges by banks will fall
View Explanation & Discuss
Question 25
jamb 2022

If inflation is anticipated, people may

Asave more money
Bspend more money
Cgive out more loans
Dspend less money
View Explanation & Discuss
Question 26
jamb 2022

An example of commodity money is

Acurrency note
Bmobile money
Ccheques
Dsilver
View Explanation & Discuss
Question 27
jamb 2022

Increasing national income without effective control of population size in a country can lead to

Ahigher per capita income
Bincrease in poverty
Cincreased outflow of aid
Dunderutilization of resources
View Explanation & Discuss
Question 28
jamb 2022

An example of transfer payments in national income accounting is

Amoney transferred to another country
Bunemployment allowance paid to the citizens
Cthe amount paid to a worker on transfer
Dtransfer of funds from one bank to another
View Explanation & Discuss
Question 29
jamb 2022

Gross National Product (GNP) less the provision for the wear and tear of assets is the

Anet present value
Bnet national product
Cnet factor income
Dnet indirect taxes
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Question 30
jamb 2022

Which of the following industries will add more value to primary products?

AService industry
BConstruction industry
CMining industry
DProcessing industry
View Explanation & Discuss
Question 31
jamb 2022


The point x inside the ppc indicate?

Aresources are fully utilized
Bthe country is poor
Csome resources are idle
Dresources are not available
View Explanation & Discuss
Question 32
jamb 2022

The main objective of marketing boards is to

Aaccumulate revenue for government
Beducate farmers on pricing of cash crops
Cstabilize the incomes of cash crop farmers
Dprovide warehousing facilities
View Explanation & Discuss
Question 33
jamb 2022

The type of unemployment found among workers who leave their jobs in search of other jobs is termed

Aseasonal unemployment
Bstructural unemployment
Cfrictional unemployment
Dcyclical unemployment
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Question 34
jamb 2022

Which of the following factors may not affect the efficiency of labour?

AEducation and training
BProvision of welfare service
CRace and colour of workforce
DQuality of other factor inputs
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Question 35
jamb 2022

A positive effect of a rapid population increase is

Aan excessive budget deficit
Ba reduction in standard of living
Ca wider market for goods and services
Da higher dependency ratio
View Explanation & Discuss
Question 36
jamb 2022

A major function of the retailer is to

Agrant credit to the wholesaler
Bbreak bulk and sell products in small units
Creduce cost of distribution
Dgenerate demand for products through advertisement
View Explanation & Discuss
Question 37
jamb 2022

The middlemen is responsible for

Aproviding research facilities
Bpurchasing raw materials
Cdesigning the product
Dbreaking the bulk
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Question 38
jamb 2022

A disadvantage of a jont-stock company is

Aunlimited liability
Blimited liability
Clack of continuity when a shareholder dies
Dlimited control in management by shareholders
View Explanation & Discuss
Question 39
jamb 2022

Cooperative societies are formed mainly to

Aassist producers to maximize their profits
Bencourage thrift and credit among members
Cpromote and maintain the welfare of members
Dbreak the monopolies of private companies
View Explanation & Discuss
Question 40
jamb 2022

The sufficient condition for a firm to be in equilibrium is that the

Afirm must show that it is profitable
Bmarginal cost must be equal to average revenue
Cmarginal revenue curve is above the average revenue curve
Dmarginal cost curve cuts the marginal revenue curve from below
View Explanation & Discuss
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