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
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Past Questions

50 questions
Question 1 of 10 50 total questions
Question 21
waec 2021

The coefficient of price elasticity of supply of land is usually____________

AOne
BGreater than one
CZero
DLess than one.
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Question 22
waec 2021

An increase in market supply is caused by the following factors except_________

AAn improvement in innovation and technology.
BAn increase in the price of the commodity
CA reduction in the cost of raw materials.
DA favourable weather condition.
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Question 23
waec 2021

What will be the reaction of consumers in a market if there is a fall in the price of the substitute commodity X?

APrice of commodity X will increase
BDemand for the substitute of commodity X will decrease
CDemand for commodity X will decrease
DSupply of both commodity X and its substitute will increase.
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Question 24
waec 2021

The demand for wood and labour is an example of______

AEffective demand.
BComplementary demand
CDerived demand
DCompetitive demand
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Question 25
waec 2021

An increase in the rice harvest, all things being equal, may cause____________

APrice to increase substantially.
BPrice to fall substantially.
CDemand to fall substantially.
DFarmer's incomes to be more than doubled
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Question 26
waec 2021

One way of obtaining the median of a given data is to__________

ASum the value and divide by the number of items.
BArrange the data in ascending order and subtract each item from the mean.
CArrange the data in descending order and add each item to the least.
DArrange the data in either ascending or descending order and find what item divides the set in two equal parts.
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Question 27
waec 2021

When a commodity market operates without government interference, commodities are distributed through_______

AA government distribution agencies.
BThe operation of price mechanism.
CA central planning committee
DRetailers only.
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Question 28
waec 2021

The distinguishing function of an entrepreneur is_______

APlanning.
BControl.
CRisk-bearing.
DManagement.
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Question 29
waec 2021

A consumer with $10 needs a dress, a pair of shoes, a handbag and jewelry costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes Is the________

ADress.
BJewelry.
CHandbag and Jewelry.
DDress and Jewelry
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Question 30
waec 2021

The study of economics IS Important to every society because it______ 

AEnables individuals to satisfy all their wants
BHelps in the utilization of scarce resources.
CHelps producers to know what to produce.
DRestores equilibrium between producers and consumers
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