Classroom

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

Select subject

Download PHP app Ask a Question Check Syllabus Past Question Videos Topic Video Lessons

Take a test

Custom CBT

Create and set up a CBT environment with your preferred subjects.

JAMB CBT Simulator

Practice JAMB CBT with real UTME past questions in CBT format.

WAEC CBT Practice 2026 Simulator

CB-WASSCE styled past question practice.

NECO CBT Practice 2026 Simulator

SSCE & GCE styled past question practice.

Past Questions

1,723 questions

Question 1 of 20 1,723 total questions

Question 411

waec 2009

The demand and supply function of a commodity are given as below.
Qd = 20 - 2p
Qs = 6p - 12
Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is

A2 Naira

B4 Naira

C6 Naira

D20 Naira

View Explanation & Discuss

Question 412

waec 2009

The main objective of setting up a private business organization is to

Aprotect the interest of the owners

Bpromote exports

Cprovide infrastructure

Dmaximize profits

View Explanation & Discuss

Question 413

waec 2009

An economic system where the central planning authority determines what goods to produce and in what quantity is known as

Amarket economy

Bsocialist economy

Cwelfare economy

DTraditional economy

View Explanation & Discuss

Question 414

waec 2009

In a capitalist economy, resources are

Acollectively owned

Bjointly owned

Cprivately owned

Dcommunally owned

View Explanation & Discuss

Question 415

waec 2009

the economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as

Acapital economic system

Bcommand economic system

Ccombined economic system

Dtraditional

View Explanation & Discuss

Question 416

waec 2009

All the following are features of market economies except

Acompetition among producers

Bdemand and supply force guiding production decision

Cthat profit motive is paramount

Dpublic ownership of capital

View Explanation & Discuss

Question 417

waec 2009

A type of unemployment which occurs due to technological progress is called

Africtional unemployment

Bresidual unemployment

Cstructural unemployment

Dmass unemployment

View Explanation & Discuss

Question 418

waec 2009

choice is necessitated by

Ademand and supply

Bcost of production

Cproduction possibility curve

Dscarcity of resources

View Explanation & Discuss

Question 419

waec 2009

The concept of opportunity cost is also referred to as

Asocial cost

Breal cost

Cfixed cost

Dvariable cost

View Explanation & Discuss

Question 420

waec 2009

» the study of economics becomes necessary because of the

Alarge population size of the world

Bscarcity of resources

Copportunity cost of goods and services

Dneeds to satisfy every desire of man

View Explanation & Discuss

Question 421

waec 2008

The Economic Commission for Africa is an agency of the

AOrganization of African Unity

BAfrican Development Banks

CEuropean Union

DUnited Nation Organization

View Explanation & Discuss

Question 422

waec 2008

Balance of payment surplus implies that the value of the country’s

Aexports exceeds its imports

Bimports exceed its exports

Cexports is equal to its imports

Dterms of trade is constant

View Explanation & Discuss

Question 423

waec 2008

Invisible trade refers to trade in?

Aservices

Bgoods and services

Ctangible goods

Dcrude oil

View Explanation & Discuss

Question 424

waec 2008

Trades among nations is desirable because

Aenables people in a country to know those in other countries

Bmakes it possible for people in a country to enjoy the goods and services produced in other countries

Cenables residents in country a to understand the language of residents of other countriesd

Dmakes it possible for a country to have the currencies of other countries

View Explanation & Discuss

Question 425

waec 2008

An important feature of economic development is

Apopulation explotion

Breduction in exports

Chigh literacy level

Dlow exports

View Explanation & Discuss

Question 426

waec 2008

Which of the following will have a more destabilizing effect on the economy?

Aa tax on the price of vehicle

Ba tax on petrol

Ca decrease in the supply of vehicle

Dmoderate increase in wages

View Explanation & Discuss

Question 427

waec 2008

All indirect taxes tend to be

Aprogressive

Bregressive

Ccertain

Dequitable

View Explanation & Discuss

Question 428

waec 2008

Public finance is basically an analysis of the

Aincome and expenditure of government

Bexpenditure patterns of the government

Ccurrent and capital receipts of the government

Dcurrent and capital expenditure of the government

View Explanation & Discuss

Question 429

waec 2008

Creation of money by commercial bank is done by

Aincreasing the cash ratio

Bprinting money

Clending to borrowers

Dissuing cheques

View Explanation & Discuss

Question 430

waec 2008

The Central Bank can restrict credit through

Adepreciation of assets

Bgranting overdraft

Cdirect investment

Dopen market operation

View Explanation & Discuss

Question Navigator

Current

Economics Past Questions

Take a test

Custom CBT

JAMB CBT Simulator

WAEC CBT Practice 2026 Simulator

NECO CBT Practice 2026 Simulator

Past Questions

Question Navigator

MathsFaculty