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.

4,545 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

4,545 questions
Question 1 of 20 4,545 total questions
Question 311
jamb 2021

Oligopoly means _________

Asingle buyer in the market.
Bfew buyers in the market.
Cfew sellers in the market
D
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Question 312
jamb 2021

Which of the following countries is not a member of the Economic Community of West African States?

ASudan
BGambia
CTogo
DNigeria
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Question 313
jamb 2021

Which of the following sets fully represents factors of production?

ASunlight, machinery, man, land
BLand, water, weather
CMoney, market, middlemen
DLand, labour, capital, enterprise, technology
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Question 314
jamb 2021

Palm oil industry is located in Old Bendel State because the state______

ALand is suitable for oil
BIs a palm tree growing area
CSoil is unsuitable for other crops
DImports raw materials for palm oil industry
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Question 315
jamb 2021

In a sole proprietorship, the decisions are made by the ______

AGovernment
BManagement
COwner
DBoard of Directors
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Question 316
jamb 2021

Retailers in an economy perform the function of ______

ADistribution.
BExchange
CInvestment
DProduction
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Question 317
jamb 2021

Petroleum 'glut' in international trade means______

AHigher prices for the Consumption of petroleum.
BAn Oversupply of petroleum.
CA fall in in petroleum production.
DA higher petroleum price offered by the buyer.
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Question 318
jamb 2021

Mono production economies are those that____

AProduce one main commodities
BHave a rich cultural heritage.
CSpecialize in agricultural industries.
DProduce only raw materials.
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Question 319
jamb 2021

Full employment is a situation in which _______

AEvery adult is employed.
BOnly the disable are not employed.
CAll adults who can work are employed.
DAll those who are able and eligible can find employment
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Question 320
jamb 2021

Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

AMonopoly
BOligopoly
CMonopolistic competition
DPerfect competition
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Question 321
jamb 2021
Units of Quality Consumes Total Utility Marginal Utility

0

1

2

3

4

5

-

10

15

17

18

18

-

10

5

2

1

0

This table illustrates the law of _________

AIncreasing returns
BDiminishing returns
CDiminishing marginal utility
DIncreasing total utility
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Question 322
jamb 2021

The petro-chemical industries are located in Rivers State of Nigeria due to ________

ACoal deposit
BPalm oil products
CFavourable soil
DOil deposits
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Question 323
jamb 2021

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________

A100 days
B30 days
C90 days
D14 days
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Question 324
jamb 2021

A firm is at its optimum size when ___________

AIt has a motive to increase output
BIt produces the greatest output at a minimum cost
CMarginal cost equals marginal revenue
DMarginal cost is less than marginal revenue
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Question 325
waec 2020

The exploitation of mineral resources constitutes which form of production?

APrimary production
BSecondary production
CTertiary production
DServices production
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Question 326
waec 2020

Free trade is one in which  

Aeach member operates its own barriers against non-members
Bfactors of production are mobile
Cmembers adopt a common external tariff against non- members
Dmembers adopt common fiscal and economic policies
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Question 327
waec 2020

In order to discourage the importation of manufactured goods, a country should adopt

Aimport promotion strategy
Bexport led strategy
Cliberal foreign exchange
Dimport substitution strategy
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Question 328
waec 2020

The foremost objective of the International Bank of Reconstruction and Development (IBRD) is to

Ahelp promote private and public investments
Bassist members achieve a balance of payments stability
Cgrant long term loans for infrastructure
Dmaintain stabilily of foreign exchange
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Question 329
waec 2020

The principle of comparative advantage encourages a country to 

Aproduce only consumer goods
Bengage in trade if it can produce a commodity at a lower cost
Cspecializes in the production of all goods
Dtry as much as possible to be self-sufficient
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Question 330
waec 2020

Dumping is selling goods in a foreign market at a price 

Abelow what is sold at the home market
Babove what is sold at the home market.
Cequal to what is sold at the home market
Dequal to the cost of producing the goods
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