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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.

89 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

89 questions
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Question 1 of 9 89 total questions
Question 41
jamb 2022

In a free market economy, the rationing of scarce goods is done principally by?

Athe government
Bbusiness organizations
Cthe price mechanism
Dconsumers
View Explanation & Discuss
Question 42
jamb 2022

The price mechanism 

Aregulates supply and demand
Brations the consumers
Crewards the producers
Dallocates scarce resources
Edoes all of the above
View Explanation & Discuss
Question 43
jamb 2022

Marginal cost is?

Athe lowest cost of producing goods
Bthe cost of production of the most efficient firm in an industry
Cthe cost of production of the most inefficient firm in an industry
Dthe cost of production of the last or extra unit of goods produced by a firm
View Explanation & Discuss
Question 44
jamb 2022
The reward for capital is
Ainterest
Brent
Cprofit
Dwages
Question 45
jamb 2022
Inflation is a persistent rise in
Ataxes
Bthe general price level
Cinterest rates
Dunemployment
Question 46
jamb 2022
The two main sectors in a mixed economy are
Aurban and rural
Bbanking and insurance
Cagricultural and industrial
Dpublic and private
Question 47
jamb 2022
Which of these is a direct tax?
Apersonal income tax
Bimport duty
CVAT
Dexcise duty
Question 48
jamb 2022
The reward for labour is
Ainterest
Bwages
Cprofit
Drent
Question 49
jamb 2022
The law of demand states that, other things equal, price and quantity demanded are
Adirectly related
Bidentical
Cinversely related
Dunrelated
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