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.

95 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

95 questions

Question 1 of 20 95 total questions

Question 21

waec 2013

Trade between two countries is known as

Abilateral trade.

Bbilateria trade

Cmultilateral trade

Dinternal trade

View Explanation & Discuss

Question 22

waec 2013

All economic systems must decide what to produce because

Aresources are not available

Bconsumers want maximum satisfaction

Cresources are limited in supply

Dproducers want maximum profit

View Explanation & Discuss

Question 23

waec 2013

A debenture holder earns

Acommission

Bprofits

Cfixed interest

Dquasi-rent

View Explanation & Discuss

Question 24

waec 2013

Which of the following is not a function of an insurance company?

Apooling resources together against risks

BMobilization of funds through premiums collected

CEncouragement of investment by security of capital

Dcollection of deposits from the public for investment

View Explanation & Discuss

Question 25

waec 2013

In Economics , a market is defined as any

Aagreement made for consumers to buy all they need

Bngement made for producers sell all their goods

Cagreement to sell commodities at low prices

Darrangement whereby the buyers and sellers are in contact

View Explanation & Discuss

Question 26

waec 2013

The action of government to forgo road construction in order to provide more health facilities denotes

Asound economic decision

Bopportunity cost

Cpracticable government policy

Dscale of preference

View Explanation & Discuss

Question 27

jamb 2013

The total revenue of the firm is represented by

AGHEF

BGHJC

CEFJC

DGHOB

View Explanation & Discuss

Question 28

jamb 2013

The optimum level of output of the firm is

ABC

BOB

COS

DBS

View Explanation & Discuss

Question 29

jamb 2013

From the graph above, R represents

Amarginal cost

Btotal cost

Cvariable cost

Dfixed cost

View Explanation & Discuss

Question 30

jamb 2013

From the indifference curve above, consumer will prefer combination

View Explanation & Discuss

Question 31

jamb 2013

From the graph above, the price elasticity of demand is

Aunitarily elastic

Bperfectly elastic

Cperfectly inelastic

Dfairly inelastic

View Explanation & Discuss

Question 32

jamb 2013

If Mr. X lost his clerical job at a store and searched for a similar job for ten months before finding one this implies that Mr.X was

Astructurally unemployed

Bfrictionally unemployed

Cseasonally unemployed

Dcyclically unemployed

View Explanation & Discuss

Question 33

jamb 2013

A valid explanation for real wage growth is

Aan increase in the rate of productivity

Bthe rising cost of capital accumulation

Ca contraction of emploment in service industries

Dan increase in the quantity of labour

View Explanation & Discuss

Question 34

jamb 2013

The rate of interest change on loans depends largely on

Athe prevailing exchange rate

Bmarginal efficiency of capital

Cthe risk associated with the loan

Dthe prevailing tax rate

View Explanation & Discuss

Question 35

jamb 2013

One of the main achievements of the Economic Commission for Africa is

Aeliminating trade restrictions among states

Bencouraging transport and communication development

Cguaranteeing a steady flow of foreign investment into Africa

Dproviding the machinery for collaboration on monetary issues

View Explanation & Discuss

Question 36

jamb 2013

A fiscal policy instrument that can influence the demand pattern in an economy is

Agovernment spending

Binterest rate

Cincome tax

Dtariff

View Explanation & Discuss

Question 37

jamb 2013

A measure for preventing the external value of the naira from falling is for the government to

Aincrease its spending with foreign reserve

Bsell its own currency

Creduce interest rate

Dbuy its currency with foreign reserve

View Explanation & Discuss

Question 38

jamb 2013

The effect of emigration on a country's population is

Adecrease in the population

Bdecrease in job opportunities

Cincrease in population

Dincrease in dependency ratio

View Explanation & Discuss

Question 39

jamb 2013

The quality of labour force in Nigeria can be improved by

Aestablishing more tertiary institutions

Bcreating sufficient job opportunities

Cencouraging the study of science and technology

Destablishing more skills acquisition centres

View Explanation & Discuss

Question 40

jamb 2013

A major disadvantage of partnership business is

Adifficulty in the transfer of shares

Bdistrust among members

Climited liability

Dlarge capital outlay

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