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.

2,540 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

2,540 questions
Question 1 of 20 2,540 total questions
Question 31
jamb 2025

Positive check as envisaged by Thomas Malthus can be prevented if

 

 

Amoral restraint is adopted
Bmarriage is abolished
Cdeath rate is reduced
Dmore hospitals are built
View Explanation & Discuss
Question 32
jamb 2025

Small firms are important for the development of a country because

 

Athey render personalized services to the consumers
Bthey usually produce goods for the elite
Cthey do not normally provide after sales services
Dthe prices of their products are usually high
View Explanation & Discuss
Question 33
jamb 2025

The full meaning of OPEC is

 

AOrganization of Petrol Exporting Countries
BOrganization of Petroleum Exporting Countries
COil and Petroleum Exporting Countries
DOrganic petroleum Exporting Countries
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Question 34
jamb 2025

The following are all factors determining the location of industry except

 

 

Aavailability of labour
Bproximity to market
Cnearness to raw materials
Dminimum wages rate
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Question 35
jamb 2025

 

A stock exchange is a market that

 

Adeals with the exchange of commodities
Bdeals with purchase and sales of securities
Cexchanges stockfish for lady fish
Dexchanges treasury bills for bills of exchange
View Explanation & Discuss
Question 36
jamb 2025

An argument for the use of commercial policy rest on the need to

 

Amake imported goods affordable
Bencourage the importation of non-essential goods
Cmake a country enjoy absolute advantage in production of all goods
Dreduce domestic unemployment
View Explanation & Discuss
Question 37
jamb 2025

 

Which of the following will shift the demand curve for cocoa to the right?

 

 

AAn increase in consumers' income
BA rise in the price of cocoa
CA fall in the quantity demanded of cocoa
DA tax on cocoa producers
View Explanation & Discuss
Question 38
jamb 2025

The poorer the country, the larger the percentage of labour force engaged in

 

Amanufacturing
Btrading
Cagriculture
Dmining
View Explanation & Discuss
Question 39
jamb 2025

Cheques are not money because?

 

ATheir use is confined to business hours
BThey are not generally acceptable as a medium of exchange
CThere are few banks in the rural areas
DThey are not issued by the government
View Explanation & Discuss
Question 40
jamb 2025

Cost push inflation is caused by a

 

Adecrease in the cost of production
Brise in demand for goods
Cdecrease in the transportation cost
Drise in the cost of production
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Question 41
jamb 2025

 

 

 

The balance of trade is

 

Aan annual statement showing transaction within a country
Bthe relationship between a country's receipt from visible and invisible trade
Can account that shows a country's payment to other countries
Dthe relationship between a country's visible exports and imports
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Question 42
jamb 2025

The graph of the function X = a + bY is

 

 

Alinear
Bquadratic
Cexponential
Dcubical
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Question 43
jamb 2025

Net migration is the difference between

 

APer capita income and population
BInternal and external migration
CPopulation and census
DImmigrants and Emigrants
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Question 44
jamb 2025

 

The primary objective of the Nigerian Industrial Development Bank (NIDB) is the provision of provision of loans to?

 

 

AEstate agents
BTransporters
CFarmers
DManufacturers
View Explanation & Discuss
Question 45
jamb 2025

Which of the following is not an argument for the policy of privatization in West Africa?

 

 

ATo make businesses more profitable
BGovernment is able to participate and control the operation of the privatized businesses
CIt encourages the inflow of capital and expertise from local and foreign sources
DMembers of the public are able to acquire shares
View Explanation & Discuss
Question 46
jamb 2025

In a free market economy, resources are allocated through the

 

 

Astate planning committee
Bgovernment department
Cprice mechanism
Dtrade union
View Explanation & Discuss
Question 47
jamb 2025

 

The Consumers Co-operative society is owned by?

 

 

 

AMembers of the society
BDebenture holders
CA management committee
DThe government
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Question 48
jamb 2025

If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?

 

AAn increase in demand for Y will raise the price of X
BAn increase in demand for X will cause less of Y to be produced
Can increase in demand for X will increase supply of Y
DAn increase in demand of X will leave the supply of Y unchanged
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Question 49
jamb 2025

The specialisation of labour enhances production because people

 

Abecome experts in all areas of production
Bcan efficiently produce their own needs
Ccan save time and produce more
Dcan concentrate on all goods they can produce better
View Explanation & Discuss
Question 50
jamb 2025

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

 

ANew entrances are restricted
BBuyers and seller are price takers
CThere is only one seller of the commodity
DSeller is allowed to fix his own price
View Explanation & Discuss
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