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 2023

National income is calculated mainly to

Adetermine how income is to shared
Bhelp firms generate more funds
Cdetermine aid to to be received from other nations
Ddetermine the level of sectoral performance
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Question 22
waec 2023

At what point on the total product curve shown above will marginal product be negative?

AQ
BS
CR
DP
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Question 23
waec 2023

To overcome the problem of double counting under the expenditure approach,

Aspending on intermediate goods and inputs are considered
Bvalued added method is used
Cproper accounting standards must be used
Donly spending on final goods are considered
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Question 24
waec 2023

A government may cause a favourable change in her invisible trade account by

Adeveloping tourism and other services
Bimposing high tariff on exports
Cencouraging people to go for medical treatment abroad
Dincreasing the export of her primary products
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Question 25
waec 2023

Industries are sometimes located in areas which are not profitable so as to

Aencourage rural-urban migration
Bbe able to even-out development
Cbring about external economies of scale
Dbe able to reap internal economies of scale
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Question 26
waec 2023

The supply of light could be met using a candle, lantern and gas lamp. This is an example of a

Acomplementary supply
Babnormal supply
Cjoint supply
Dcomposite supply
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Question 27
waec 2023

A monopolist may enjoy abnormal profit only if its

Amarginal cost exceeds marginal revenue
Bdemand curve is perfectly elastic
Cexpenditure on advertisement increases
Dprice exceeds average total cost
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Question 28
waec 2023

If the government stops subsidy on cocoa production, the supply curve of cocoa will

Abecome vertical
Bremain unchanged
Cshift to the left
Dshift to the right
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Question 29
waec 2023

The demand for a factor input as a result of the demand for its output is known as

Amarket demand
Bcomplementary demand
Ccompetitive demand
Dderived demand
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Question 30
waec 2023

Which of the following is a non-renewable natural resources?

ARubber
BOil palm
CCoal
DCocoa
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