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.

118 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

118 questions

Question 1 of 20 118 total questions

Question 41

jamb 2015

All the following are types of specialization except

AManager Specialization

BProduct specialization

CSpecialization by sex

DGeographical specialization

View Explanation & Discuss

Question 42

jamb 2015

The ownership of a public limited liability company is made up of

Atwo to twenty persons

Bminimum of two and maximum of fifty

Cminimum of seven and no maximum number

Downer owned by the government

View Explanation & Discuss

Question 43

jamb 2015

The information that rank a consumer preferences is given by

AScale of preference

BIndifference map

CDemand schedule

DSupply schedule

View Explanation & Discuss

Question 44

jamb 2015

A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is

Asupply curve

Bliquidity preference

CBudget line

Ddemand curve

View Explanation & Discuss

Question 45

jamb 2015

The financial institution known as a building society is

Acommercial bank

Bcentral bank

Cmortgage bank

Ddevelopment bank

View Explanation & Discuss

Question 46

jamb 2015

\(\begin{array}{c|c}
\text{Units of variable factor} & \text{Total
Product} \\
\hline
1 & 25 \\
\hline
2 & 31 \\
\hline
3 & 40 \\
\hline
4 & 48 \\
\hline
5 & 55 \\
\end{array}\)

The marginal product at the fifth variable factor is

View Explanation & Discuss

Question 47

jamb 2015

Which of the following is not a type of unemployment

Afactory unemployment

Bstructural unemployment

Cmass unemployment

Dfrictional unemployment

View Explanation & Discuss

Question 48

jamb 2015

Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is

ADirect

BProgressive

CRegressive

DProportional

View Explanation & Discuss

Question 49

jamb 2015

The frequent value that occurs most in a data is

Amedian

Bmean

Cmode

Drange

View Explanation & Discuss

Question 50

jamb 2015

The ordinalist approach of utility postulated that utility can be

ARank

BMeasurable

CRise

DFall

View Explanation & Discuss

Question 51

jamb 2015

The relationship between the cost of living and standard of living is

AA rise in cost of living gives a corresponding rise in standard of living

BA lower cost of living give a higher standard of living

CA lower cost of living give a lower standard of living

DNone of the above

View Explanation & Discuss

Question 52

jamb 2015

\(\begin{array}{c|c}
\text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal product} \\
\hline
0 & 10 & - & - & - \\
\hline
1 & 10 & 10 & 10 & 10 \\
\hline
2 & 10 & 25 & ? & 15 \\
\hline
3 & 10 & 50 & 16.7 & 25 \\
\hline
4 & 10 & 80 & 20.0 & 30 \\
\hline
5 & 10 & 106 & 21.2 & 26 \\
\end{array}\)

Calculate the average product when the 2nd labour was employed 12.5

A12.5

B12

C15

D10

View Explanation & Discuss

Question 53

jamb 2015

The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct

AE = C + I + G

BE = C + I + G + M – X

CE = C + I + G + X – M

DE = C + I + G – T + M – X

View Explanation & Discuss

Question 54

jamb 2015

The income elasticity of demand of normal goods is

Anegative

Bpositive

Czero

Dfixed

View Explanation & Discuss

Question 55

jamb 2015

The technical relationship between the physical inputs and the physical outputs of a firm is

AUtility

BCost

CDemand

DProduction function

View Explanation & Discuss

Question 56

jamb 2015

Which of the following are examples of transfer payment

Agift and donations

Brents and rates

Cprofit and dividends

Dinternal and external debts

View Explanation & Discuss

Question 57

jamb 2015

Which of the following business units can issue shares?

APartnership

BPublic limited liability company

CSole proprietorship

DCentral bank

View Explanation & Discuss

Question 58

jamb 2015

A monopolist has the power to influence the prices of goods and services. Therefore, he is a

Aprice maker

Bprice taker

Cprice system

Dprice competition

View Explanation & Discuss

Question 59

jamb 2015

A firm that charges the maximum price without attracting competition from new entrants is

AOil firms

BMonopolistic competitive firm

CMonopolistic firm

DPerfectly competitive firm

View Explanation & Discuss

Question 60

jamb 2015

Census can be classified as

Adefacto and dejure

Bincreasing and decreasing

Cover and under

Doptimum

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