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 31
waec 2024

 Expansionary fiscal policy implies

Adecreasing bank loans.
Braising tax rates.
Cincreasing the bank rate.
Ddecreasing tax rates.
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Question 32
waec 2024

Money supply will increase when the Central Bank

Abuys securities from the public.
Bincreases the reserve requirements.
Cincreases the bank rate.
Dsells securities to the public.
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Question 33
waec 2024

Capital market operators deal in the 

Asupply of and demand for short term loans only.
Bsupply of and demand for long term loans for investment.
Csales and purchases of treasury bills.
Dsales and purchases of capital equipment.
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Question 34
waec 2024

Supply of money is best defined as the

Amoney in circulation plus bank deposits.
Bmoney given out as loans to members of the public.
Camount of currency printed annually by the government.
Damount of money spent on consumer goods
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Question 35
waec 2024

The function of money that enables credit purchases of goods and services is 

Aunit of account.
Bstore of value
Cstandard for deferred payment.
DD. relative scarcity.
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Question 36
waec 2024

One effect of inflation is that

Amoney's purchasing power will increase.
Bthe real incomes of workers will rise.
Cboth borrowers and lenders benefit from it.
Dmoney's purchasing power will fall.
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Question 37
waec 2024

Use the table below to answer this question.

 Gross National Product  $400m
 Depreciation  $100m
 Total Population  25m

The value of per capita income is

A$20.
B$12.
C$16.
D$4.
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Question 38
waec 2024

Use the table below to answer this question.

 Gross National Product  $400m
 Depreciation  $100m
 Total Population  25m

The value of Net National Product is

A$100 m
B$275 m
C$300 m
D$500m
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Question 39
waec 2024

National income estimates will be understated as a result of the activities of

Asubsistence farmers.
Bmusicians.
Claundry women.
Dhousekeepers.
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Question 40
waec 2024

 An advantage a small firm has over a large firm is that the former can better

Aenjoy financial economics of scale
Bsatisfy individual tastes.
Cenjoy internal economics of scale.
Dattract huge discounts on inputs.
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Question 41
waec 2024

Locating firms in urban areas 

Areduce rural-urban migration.
Bensure balanced development of rural areas.
Cmake a firm enjoy the bene- fits of the existence of other firms.
Dincrease urban-rural migration.
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Question 42
waec 2024

What will be the likely effect if agriculture is fully mechanized in West Africa?

AMore jobs will be available for farm labourers
BLabour intensive method of farming will still be dominant
CLess labour will be required on the farm
DGovernments will no longer be involved in agriculture
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Question 43
waec 2024

The low productivity per worker in agriculture experienced in West African countries is due to

Alaziness on the part of farmers.
Bthe use of simple traditional implements.
Cthe presence of many extension workers.
Dthe law of increasing returns to scale.
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Question 44
waec 2024

In determining the growth of a country's population, infant mortality is a component of

Aimmigration rate.
Bfertility rate.
Cnet migration.
Ddeath rate.
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Question 45
waec 2024

Malthus predictions did not come to pass mainly because

Afood supply and population grew at the same rate.
Bthe use of machines in agriculture was discouraged.
Ca lot of people died during epidenties.
Dmany people emigrated to the new lands.
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Question 46
waec 2024

The supply of labour to an occupation will tend to rise when

Athere are less monetary benefits.
Bholiday entitlement is cut.
Cwelfare packages improve.
Dunemployment benefit rises.
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Question 47
waec 2024

Warehousing of goods in the process of distribution is the function of

ASupermarkets
Bdepartmental stores
Cretailers
Dwholesalers
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Question 48
waec 2024

Separation of ownership from control is more pronounced in a

Apartnership
Bjoint-stock company
Csole proprietorship
Dconstimer co- operative society
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Question 49
waec 2024

The government policy that encourages public corporations to operate profitably is 

Aliberalization
Bnationalization
Ccommercialization
Dindigenization
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Question 50
waec 2024

Firms in perfect competition break even in the long-run because

Anew firms can not enter the market due to copyright laws.
Bmore firms can enter the industry due to attractive prof its.
Cmarginal revenue is greater than marginal cost at all levels.
Dprofits are not enough to repay traders' loans.
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