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.

98 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

98 questions
Question 1 of 20 98 total questions
Question 21
waec 2017

A demand curve parallel to the Y-axis indicates

Afairly elastic demand
Bperfectly elastic demand
Cperfectly inelastic
Dfairly inelastic demand
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Question 22
waec 2017

The difference between demand and wants is in the

Adesire for the commodity
Bsignificance of the commodity
Cability to pay for the commodity
Deconomic value of the commodity
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Question 23
waec 2017

if the coefficient of cross elasticity of demand for goods Y and Z is positive, the two goods are?

Acomplements
Bsubstitutes
Cluxurious
Dinferior
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Question 24
waec 2017

if the weight of five puppies in kilograms are 3.5, 3.0, 4.2, 5.0 and 4.3, then mean weight of the puppies is?

A3.5 kg
B4.0 kg
C4.2 kg
D5.0 kg
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Question 25
waec 2017

in a market economy, the problem of what goods to produced is solved primarily by

Adirectives of the government
Bthe pattern of consumers spending
Cproducers of consumer goods
Dpeople producing what they want
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Question 26
waec 2017

which of the following items is not an example of circulating capital

Araw material
Bmoney
Cfuel
Dmachinery
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Question 27
waec 2017

the opportunity cost of a worker going to the university  is

Atuition, fees and books
Bboarding and lodging
Cthe wages given up to attend the university
Dtransportation and entertainment
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Question 28
waec 2017

Economics is regarded as a science because?

Aits issues can be easily verified by reference to facts
Bit adopts scientific methods in making its analysis
Cits issues are relevant for national development
Dits subject matter studies human behaviour
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Question 29
jamb 2017
Which of the following is correct?
ATraditional budgeting focuses on goals and objectives
BZero based budgeting produces a single level of appropriation for an activity
CTraditional budgeting starts with last year’s funding appropriation
DZero based budgeting does not systematically consider alternatives to current operations
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Question 30
jamb 2017
Localization of industry is encouraged because of ________
Alow interest charges on loans
Bimprovements in infrastructure
Clow foreign exchange rate
Dhigh standard of living
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Question 31
jamb 2017
Which of the following is an indirect tax?
APoll tax
Bpersonal income tax
CCompany tax
Dexcise duties
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Question 32
jamb 2017
Which of these is a type of partnership in business?
ALimited partnership
Blimited liability company
Cprivate partnership
Djoint stock partnership
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Question 33
jamb 2017
Which of the following is NOT a source of government revenue?
AGrants, aids and borrowing
BTaxes, fees, licenses and fines
CInterest, dividends, profits and earnings
Dpersonal income, disposable income and transfer earnings
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Question 34
jamb 2017
Opportunity cost helps the government to:
ADistribute money to citizens
Bsupport better production
Cremove competition
Dprepare budget
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Question 35
jamb 2017
A partnership sourcing for funds to expand its business would approach _______
Aa central bank
Ba money market
Can insurance
Da stock exchange
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Question 36
jamb 2017
Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20
A36.60
B22.00
C30.60
D26.00
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Question 37
jamb 2017
Completely competitive market exist when each member is a —
Aprice maker
Bprice taker
Cprice seeker
Da and b
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Question 38
jamb 2017
\(\frac{∑f(x-x̄)}{N}\)

Is a formula used to calculate for ____________
Avariance
Bthe quartile
Cstandard deviation
Dmean deviation
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Question 39
jamb 2017
Other products gotten from Petroleum include the following EXCEPT:
ARubber
Bfuel
Cpaints
Dinsecticides
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Question 40
jamb 2017
Which of the following institutions does not operate in the money market?
Acentral bank
Bmortgage banks
Cmoney deposit banks
Dinsurance companies
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