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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.

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

47 questions
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Question 1 of 7 47 total questions
Question 21
waec 2001
In which of the following economic system is the consumer referred to as the king?
ACapitalist economy
Bsocialist economy
Ccommunist economy
DMixed economy
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Question 22
waec 2001
The difference between the highest and lowest in a set of data is
Arange
Bmedian
Cvariance
Dmode
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Question 23
waec 2001
Which of the following is the function of an entrepreneur?
AAvoidance of risks
Bdecision making
Cemployment control
DOrganizing unions
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Question 24
waec 2001
Reward for entrepreneurship is
Arent
Bwages
Cinterest
Dprofit
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Question 25
waec 2001
Quasi-rent refers to
Apayment made on aquisition of a firm's premises
Bpayment made for the procurement of tools and equipments
Creturns on investment
Dpayments made on any factors of production that is temporaly fixed in supply
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Question 26
waec 2001
The economic system in which resource are privately owned dis known as
ACapitalism
BSocialism
Ccommunism
Dunitarism
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Question 27
waec 2001
Economic problems arises because
Aresource are scarce relative to wants
Bman is insatiable
Cmoney is scarce
Dman engages in too many economic activities
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