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.

86 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

86 questions

Question 1 of 20 86 total questions

Question 21

jamb 1992

\(\begin{array}{c|c}
\text{Age group(years)} & \text{Distribution(%)} \\ \hline
\text{Above 60} & 30 \\
\hline
15 - 60 & 45 \\
\hline
0 - 14 & 25 \\
\end{array}\)

The estimated dependency ratio of the population distribution shown here is

A11:9

B9:11

C7:3

D3:7

View Explanation & Discuss

Question 22

jamb 1992

At what level of input has diminishing marginal returns set in?

B16

C20

D22

View Explanation & Discuss

Question 23

jamb 1992

Calculate the marginal physical product of the last unit of input

D10

View Explanation & Discuss

Question 24

jamb 1992

if in the graph, it is assumed that the price is initially P₁, it can be deduced that price will

Afall because there is a surplus

Bremain constant because it is the equilibrium price

Crise because there is a shortage

Ddouble

View Explanation & Discuss

Question 25

jamb 1992

In the diagram, the profit maximizing output is

AQ₁ while 1 = AC and II = MC

BQ₁, while l = MC and ll = AC

CQ₂, while l = MC and ll AC

DQ₃, while l = AC and ll = MC

View Explanation & Discuss

Question 26

jamb 1992

One of the gains by member states of the Economic Community of West Africa?

Amonocultural dependency

Btrade creation

Ctrade inversion

Deconomic independency

View Explanation & Discuss

Question 27

jamb 1992

The Nigerian Trust Fund is managed on behalf of Nigeria by the?

AWorld Bank

BInternational Monetary Fund

CAfrican Development Bank

DEconomic Commission for Africa

View Explanation & Discuss

Question 28

jamb 1992

When a foreigner on a visit to Nigeria pays for hotel accommodation and meals with some foreign currency,the amount paid should be recorded in Nigeria's balance of payment as an item of?

ANigeria's invisible export trade

BNigeria's import trade

CNigeria's invisble trade

Dforeign capital inflow into Nigeria

View Explanation & Discuss

Question 29

jamb 1992

If a country has a balance of payment crisis, which of the following measures can best bring about a improvement in the short run?

ALarge-scale importation of foreign goods

BInvestment in capital market abroad

CLarge-scale export of locally made abroad

DRepayment of debt to her creditors

View Explanation & Discuss

Question 30

jamb 1992

If an economy grows at an annual rate of 5% of which 3% is deemed to be due to improvement in the productivity of labour and capital combined the remaining 2% is generally attributed to?

Athe size of population

Btechnical progress

Cthe environment

Dthe amount of natural resources

View Explanation & Discuss

Question 31

jamb 1992

Which of the following combinations is a veritable set of development indicators?

AGrowth of governemnt expenditure and imports

BGrowth of population and national income

CHigh fertility, literacy and school enrolment rates

DLow infant mortality and high per capital income and literacy rates

View Explanation & Discuss

Question 32

jamb 1992

In national income accounting, aggregate saving in any year is defined as?

Aall disposable income not spent on consumption

Ball savings deposits in all banks during the year

Call savings and time deposits in all banks during the year

Dthe value of inventory change for the year

View Explanation & Discuss

Question 33

jamb 1992

\(\begin{array}{c|c}
& \text{Year 1} & \text{Year 2} \\
\hline
\text{GNP at current prices(NM)} & 20,000 & 27,000 \\ \hline
\text{Population(Million)} & 20 & 24 \\
\end{array}\)

Calculate the GNP per head of the population in year 1 and year 2.

AN2000.00, N1000.00

BN1125.00; N2000.00

CN1000.00, N2000.00

DN1000.00; N1125.00

View Explanation & Discuss

Question 34

jamb 1992

\(\begin{array}{c|c}
& \text{Year 1} & \text{Year 2} \\
\hline
\text{GNP at current prices(NM)} & 20,000 & 27,000 \\ \hline
\text{Population(Million)} & 20 & 24 \\
\end{array}\)

What is the percentage increase in GNP between year 1 and year 2?

A3.5.0%

B14.0%

C20.0%

D35.0%

View Explanation & Discuss

Question 35

jamb 1992

An account from which allocations are made to the three tier of government in Nigeria is called the?

ANational Income Account

BPublic Sector

CFederation account

DNational Revenue Mobilization Account

View Explanation & Discuss

Question 36

jamb 1992

The objective of public finance is to promote?

Afull employment, national income and price stability

Bgovernment revenue drive and expenditure to as high a level as possible

Cthe expansion of government social services

Dgovernment revenue drive and minimize government expenditure

View Explanation & Discuss

Question 37

jamb 1992

When interest rates are high and still rising the least-cost method used by public limited companies to obtain additional funds for their operations is by?

Aobtaining life-term loans from merchant banks

Bobtain short-term loans from commercial banks

Cselling floating-rate debenture stocks to the general public

Dselling new ordinary shares to the general public

View Explanation & Discuss

Question 38

jamb 1992

To reduce the high rate of inflation in the economy, the government should?

Aincrease taxes and have a budget surplus

Bincrease taxes and have a budget defilicit

Cdecrease taxes and have a budget defilicit

Ddecrease taxes and have a balance budget

View Explanation & Discuss

Question 39

jamb 1992

The total amount of money in circulation includes cash?

Aand current account

Bowned by banks and the non-bank public

Cand current acount balances owned by banks and non-bank public

Downed by banks, the government and the non-bank public

View Explanation & Discuss

Question 40

jamb 1992

The best way to reduce the supply of money in the economy is to?

Aincrease the liquidity ratio

Bincrease the number of bank-notes and cheques produced

Cdecrease treasury bills

Dliberalize access to credit

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