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

waec 2016

The demand for torch and batteries is an example of

Acompetitive demand

Bcomposite demand

Ccomplementary demand

Dderived demand

View Explanation & Discuss

Question 22

waec 2016

If the quantity of men's hat demanded per week is represented by the function Qd=20-$\frac{1}{3}$P, where P is price, how many hats are demanded when the price is $9.00?

A11

B17

C23

D47

View Explanation & Discuss

Question 23

waec 2016

What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? total revenue will

Aincrease

Bfall

Cfluctuate

Dremain unchanged

View Explanation & Discuss

Question 24

waec 2016

The demand curve for neccessity is usually

Avertical

Bbackward bending

Chorizontal

Dnegatively sloped

View Explanation & Discuss

Question 25

waec 2016

A country's budget allocation to various sectors of the economy is shown in the pie chart above. Use it to answer the question below.

What is the ratio of expenditure on health to agriculture?

A2:3

B3:4

C4:3

D5:4

View Explanation & Discuss

Question 26

waec 2016

A country allocation to various sectors of the economy is shown in the pie chat below, use it to answer question 5 and 6

If the budget of the country was $7,200, how much is allocated to Education?

A$2,400.00

B$2,000.00

C$1,200.00

D$1,000.00

View Explanation & Discuss

Question 27

waec 2016

Which of the following cannot be classified as land in economics

ABauxite deposit in the ground

BA lake used for irrigation

CA bulldozer for clearing farm land

DGrazing field for cattle

View Explanation & Discuss

Question 28

waec 2016

In a socialist economy, prices of commodities are determined by

Aforces of demand and supply

Bproducers of the commodities

Cthe central planning authority

Dconsumers who are sovereign

View Explanation & Discuss

Question 29

waec 2016

Scale of preference is important for the following reasons except in

Asatisfying wants

Bmaking rational

Cmaking optinum allocation of resources

Dusing scarce resources efficiently

View Explanation & Discuss

Question 30

waec 2016

Human wants are insatiable because wants are

Alimited while means are scarce

Bunlimited and means are also unlimited

Climited and means are also limited

Dunlimited while means are scarce

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