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.

1,723 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

1,723 questions
Question 1 of 20 1,723 total questions
Question 301
waec 2013

Which of the following controls a limited liability company?

Athe general manager
Bthe managing director
Ctax payers
Dthe board of directors
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Question 302
waec 2013

The following are advantages of sole proprietorship except

Aquick and easy decision-making
Bkeeping its business affairs private
Cassurance of raising huge capital for expansion
Dhigh level of commitment
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Question 303
waec 2013

Which of the following statements is not a feature of a monopoly?

ASeller is allowed to fix his own price
BBuyers and sellers are price takers
CNew entrances are restricted
DThere is only one seller of the commodity
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Question 304
waec 2013

Price fluctuation is a feature of

Acommon market
Bimperfect market
Csupermarkets
Dmarket failure
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Question 305
waec 2013

If a commodity has a high marginal utility, its market price will be

Astable
Bhigh
Czero
Dconstant
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Question 306
waec 2013

Physical productivity is affected by all the under listed factors except the

Astate of technology
Bquantity of inputs
Cquality of inputs
Dprice of output
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Question 307
waec 2013

When the marginal product is negative,the total product will be

Aconstant
Bat a maximum
Cincreasing
Ddecreasing
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Question 308
waec 2013

Exchange control is a weapon used in regulating

Abarter trade
Bstock exchange
Cforeign trade
Dinternal trade
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Question 309
waec 2013

All rates of interest in a country are influenced by the

Abank rate
Bpopulation growth rate
Cwage rate
Dmortgage rate
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Question 310
waec 2013

In order to develop the banking habit of rural dwellers, the traditional money lenders should be

Aproscribed
Blegalized
Csubsidized
Dheavily taxed
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Question 311
waec 2013

Demand pull inflation can aptly be described as

Ainflation induced by rising costs of production
Breduction in government expenditure
Cpersistent rise in prices due to increase in expenditure
Dmassive importation of goods from a country with hyper inflation
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Question 312
waec 2013

Which of the following is involved in the money market?

ABuilding society
BDevelopment banks
CCommercial banks
DStock exchange
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Question 313
waec 2013

A government that wants to get more revenue will increase the tax on commodities with a

Ahigh price elasticity of demand
Blow price elasticity of demand
Chigh income elasticity of demand
Dlow income elasticity of demand
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Question 314
waec 2013

The introduction of tariffs and quotas

Areduce th prices of imports
Bincrease the demand for locally made goods
Cdiscourage domestic industries from becoming more efficient
Dreduce the prices of locally made goods
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Question 315
waec 2013

Which of the following is the main outcome of a trade union's interference with the wage rate? Wages are

Alowered but more employment opportunities are created
Blowered but employment level remains unchanged
Cincreased and employment levels are unchanged
Dincreased but employment levels are reduced
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Question 316
waec 2013

The demand for money is described as a

Acompetitive demand
Bjoint demand
Cderived demand
Dcomposite demand
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Question 317
waec 2013

Which of the following best explains what to produce?

AHow much goods are to be produced
BThe combination of resources to be used
CWhich goods and services to be produced
DHow many wants are to be satisfied
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Question 318
waec 2013

Post harvest losses in West African countries can be reduced if

Athe land tenure system could be reformed
Bmore irrigation schemes could be provided
Cbetter storage facilities could be provided
Derosion is controlled
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Question 319
waec 2013

Which of the following will enhance productivity in an economy?

AThe use of obsolete capital
BTechnological change
CExpansion of land under cultivation
DAn increase in the labour force
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Question 320
waec 2013

In the long term run factors of production are considered to be

Aat maximum
Bfixed
Cvariable
Dincreasing
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