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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 2008

If good P and Q are jointly demanded, an increase in the price of P will likely

Aleave the demand for Q constant but reduce the quantity demanded of P
Breduce the quantity of P but increase the Price of Q
CIncrease the quantity supplied of Q
Ddecrease the quantity demanded of Q
View Explanation & Discuss
Question 22
waec 2008

Which of the following factors does not cause a change in demand

ATaste and fashion
Bvagaries of weather
Cprice of other commodities
Dprice of commodity
View Explanation & Discuss
Question 23
waec 2008

The theory of diminishing marginal utility states that as more units of a commodity are consumed, the

Asatisfaction from an extra unit decreases
Bsatisfaction from an extra unit rises
Csatisfaction from an extra units remains constant
Dtotal satisfaction from the goods remains the same
View Explanation & Discuss
Question 24
waec 2008

Data presented in tables are usually arranged in

Acharts and graphs
Brows and columns
Cgraph and rows
Dcolumns and charts
View Explanation & Discuss
Question 25
waec 2008

Production covers all the following except when

Autility is created
Ba good is manufactured
Ca commodity is consumed
Dindividual wants are satisfied
View Explanation & Discuss
Question 26
waec 2008

Productive resources can also be called

Aprinciple of production
Bfactors of production
Citems of production
Dlabour and material resources
View Explanation & Discuss
Question 27
waec 2008

The main concern of economists is to

Aallocate scarce resouces to satisfy human wants
Bsatisfy all human wants
Credistribute income between the rich and the poor
Dcontrol the growth of population
View Explanation & Discuss
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