Log In SignUp
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.

97 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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

97 questions
All JAMB WAEC NECO CUSTOM
All years 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978
Question 1 of 17 97 total questions
Question 41
jamb 2010
Average product is less than marginal product when
Athere is constant returns to scale
Bthere is increasing returns to scale
Cthere is decreasing returns to scale
Ddiminishing returns set in
View Explanation & Discuss
Question 42
jamb 2010

In order to reduce hardship faced by consumers due to high prices government can introduce

Amaximum prices
Bcommodity boards
Cminimum prices
Dprice control boards
View Explanation & Discuss
Question 43
jamb 2010

In perfect competition,price is determined by the

Agovernment
Bsellers
Cbuyers
Dmarket
View Explanation & Discuss
Question 44
jamb 2010

If commodity X is a by-product of commodity Y , this implies that both commodities are

Ain competitive supply
Bin composite supply
Cjointly supplied
Din excess supply
View Explanation & Discuss
Question 45
jamb 2010

If the coefficient of price elasticity of supply is greater than one, the supply is said to be

Aperfectly elastic
Bfairly inelastic
Cinfinitely inelastic
Dfairly elastic
View Explanation & Discuss
Question 46
jamb 2010

A set of factors that can shift the supply curve are changes in

Aweather, price and technology
Btechnology, weather and population
Ctechnology, price and taste
Dpopulation, price and taste
View Explanation & Discuss
Question 47
jamb 2010

If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is

AN1.50
BN0.40
CN1.00
DN2.00
View Explanation & Discuss
Question 48
jamb 2010

The law of diminishing marginal utility explains why

Athe slope of a normal demand curve is negative
Ban abnormal demand curve slopes upwards
Cthe slope of a normal demand curve is positive
Dthe consumption of inferior goods increases with income
View Explanation & Discuss
Question 49
jamb 2010

One of the assumptions of ordinal utility theory is that

Achoice is not consistent
Butility can be ranked
Ctotal utility is a function of price
Dsatisfaction is measurable
View Explanation & Discuss
Question 50
jamb 2010
Consumer surplus tends to be higher when demand is
Ainelastic
Bperfectly elastic
Celastic
Dunitarily elastic
View Explanation & Discuss
Question 51
jamb 2010

If the price of a commodity with elastic demand increases, the revenue accruing to the producer will

Adouble
Bincrease
Cbe constant
Ddecrease
View Explanation & Discuss
Question 52
jamb 2010

If the demand for a good is more elastic than its supply, the tax burden is borne

Aequally by consumers and producers
Bmore by producers
Cmore by consumers
Dmore by retailers and producers
View Explanation & Discuss
Question 53
jamb 2010

The most popular sizes of dresses and shoes are determined by the

Arange
Bmean
Cmode
Dmedian
View Explanation & Discuss
Question 54
jamb 2010

The mean is the best measure of central tendency because it

Ais not affected by extreme values in a data
Bis a midpoint value in an array of data
Cis a balancing point in an observation
Dcan be calculated from incomplete data
View Explanation & Discuss
Question 55
jamb 2010

The standard deviation of a set of data is

Aalways measured from the mode
Bthe most representative of averages
Calways measured from the median
Da measure of dispersion
View Explanation & Discuss
Question 56
jamb 2010

The downturn in the prices of shares on stock markets is a highlight of

Aefficient allocation of resources
Bthe invisible hand
Cthe regulatory nature of the market
Dconsumer rationality
View Explanation & Discuss
Question 57
jamb 2010

Economics is the study of human behaviour as it relates to the

Aefficient allocation of resources
Bproduction of goods
Coperation of companies
Dgeneration of income
View Explanation & Discuss
Question Navigator
Current
MathsFaculty