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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.

146 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

146 questions

Question 1 of 20 146 total questions

Question 21

neco 2003

Which of the following is NOT a component of agriculture?

Acrop farming

Bdrilling

Cfishing

Dforestry

Elivestock farming

View Explanation & Discuss

Question 22

neco 2003

Data presented in a circular chart is known as

Acircular chart

Bcomponent chart

Chistogram

Dpictograph

Epie chart

View Explanation & Discuss

Question 23

neco 2003

An economy is described as spend-rift if it

Adoes not concern itself with savings and investment

Bhas a great ability to generate foreign exchange from investment

Chas greater opportunity to receive large income from investment

Dinvests in income generating industries

Ehas trade connection with other countries

View Explanation & Discuss

Question 24

neco 2003

Averages cost (AC) equal to

AAC_TC

BTC_AC

CTC_AVC

DTC_MC

ETC_Q

View Explanation & Discuss

Question 25

neco 2003

Which of the following is a characteristic of private enterprises?

Abusiness risks are borne by the buyers

Bcapital is provided by the public

Ccontrol and management of the business is in the hands of customer

Dthe business is owned and run by government

EThe main aim of setting up the business is to maximize profit

View Explanation & Discuss

Question 26

neco 2003

Which of the following is NOT a sources of national income statistics?

AForeign trade figure

Bpay-rolls of various establishment

Cincome tax return

DEconomic surveys

Elevel of infrastructural development

View Explanation & Discuss

Question 27

neco 2003

ECOWAS Visa lasts for

A14 days

B30 days

C60 days

D90 days

E100 days

View Explanation & Discuss

Question 28

neco 2003

A shift of the demand curve leftward from its original position indicate

Aan increase in quantity demanded

Ba decrease in quantity demanded

Can expansion of demand

Da fall in demand

Eprice effect on demand

View Explanation & Discuss

Question 29

neco 2003

In calculating mean one should

Aadd the highest and the lowest number

Bdivide the highest and the lowest number

Cdivide the sum of the figure by the number of the figure

Dfind the most common number

Epick any number that has no partner

View Explanation & Discuss

Question 30

neco 2003

The aim of indigenization policy was to

Abuild more industries in the economy

Bincrease the drain in foreign exchange

Cincrease foreign domination of the economy

Dincrease the participation of Nigerians in commerce and industry

Esend all the foreigners away from Nigeria

View Explanation & Discuss

Question 31

waec 2003

The Organization of Petroleum Exporting Countries (OPEC) is an example of a

Aperfect competition

Bmonopsony

Cduopoly

Dcartel

View Explanation & Discuss

Question 32

waec 2003

It is necessary to estimate the national income of of a country because it

Aindicates the overrall performance of the economy

Bensure equitable distribution of wealth

Cassits investors in identifying profitable ventures

Denables governments to conserve national resources

View Explanation & Discuss

Question 33

waec 2003

In a socialist economy, the means of productions owned and controlled by the

Astate

Brich

Centreprenuer

Dtraders

View Explanation & Discuss

Question 34

waec 2003

A major problem facing the Economic Community of West African States (ECOWAS) as an economic integration , is the

Aincreasing population

Bwillingness of members to co-operate

Cgeographical contiguity

Dweal trade relation

View Explanation & Discuss

Question 35

waec 2003

budget deficit can be financed by

Areducing the level of taxation

Bprinting more money

Clending to financial institution

Demploying more workers

View Explanation & Discuss

Question 36

waec 2003

Public expenditure on on education and health is known as expenditure on

Ageneral services

Bsocial services

Ccommercial services

Deconomic services

View Explanation & Discuss

Question 37

waec 2003

The tax whose rate increase as the level of income increases is known as

Aregressive tax

Bproportional tax

Cprogressive tax

Dcompany tax

View Explanation & Discuss

Question 38

waec 2003

Which of the following is a direct tax?

Aimport duties

Bpurchase tax

Cexport duties

Dpersonal income tax

View Explanation & Discuss

Question 39

waec 2003

Government of West African countries levy taxes to

Aprevent prices from falling

Bmake people richer

Climit the number of banks

Dfinance government projects

View Explanation & Discuss

Question 40

waec 2003

The most common index for measuring developments is

Athe level of illiteracy

Bthe per capita income

Cnutritional level

Dpopulation growth rate

View Explanation & Discuss

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