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.

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

130 questions
Question 1 of 20 130 total questions
Question 41
jamb 2025

 

Harmonised monetary and fiscal policies is a feature of

 

 

Aan economic union
Ba customs union
Ca common market
Da free trade area
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Question 42
jamb 2025

The market supply curve slopes upwards from left to right indicating that

 

Atwo commodities can be supplied at the same time
Bproducers pay high taxes
Cat a lower price, more is supplied
Dat a lower price, less is supplied
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Question 43
jamb 2025

One disadvantage of inflation is that?

 

AStandard of living rises
BFixed income earners lose
CFixed income earners gain
DBusinessmen lose
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Question 44
jamb 2025

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

 

 

 

Anet migration
Bdeath rate
Cfertility rate
Dimmigration rate
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Question 45
jamb 2025

An entrepreneur is encouraged to adopt division of labour in production because it

 

Aleads to increased cost of production and lower output
Bprovides more employment opportunities
Cbrings about equal cost and employment opportunities
Dleads to increased output and lower cost of production
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Question 46
jamb 2025

Table I above illustrates the law of

 

 

Adiminishing returns.
Bdiminishing marginal productivity.
Cdiminishing marginal utility.
Dvariable proportion.
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Question 47
jamb 2025

 

Another term for equilibrium price is

 

Ademand price
Bsatisfactory price
Cmarket clearing price
Dprice floor
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Question 48
jamb 2025

The following are reasons for the failure of agricultural policies in West Africa except

 

 

Avague policy statements
Bnegation of policies
Ccreation of agro-service stations
Dprovision of obsolete implements
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Question 49
jamb 2025

 

 

A budget is balanced when expected total revenue is

 

Aless than total expenditure
Bgreater than total expenditure
Cgreater than expected expenditure
Dequal to expected expenditure
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Question 50
jamb 2025

When more of tax on a product is borne by the buyer than the seller, the commodity involved has

 

 

Aelastic demand
Bperfectly elastic demand
Cfairly inelastic demand
Dperfectly inelastic demand
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Question 51
jamb 2025

Which of the following will be an effect of inflation?

 

AMoney lenders will gain
BWage earners will gain
CBorrowers of money will gain
DBorrowing of money will be restricted
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Question 52
jamb 2025

One of the factors affecting geographical distribution of population is

 

Aencouragement of early marriages in rural areas
Bclimatic conditions of the different part of the country
Chigh birth rate
Dhigh death rate
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Question 53
jamb 2025

The satisfaction derived from the use of a commodity is its

 

 

Aelasticity
Bwealth
Cdemand
Dutility
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Question 54
jamb 2025

Malthus' contention is that

 

 

Apopulation and food growth rate will, in future, be at par
Bpopulation increased in geometric progression while food production increased in arithmetic progression
Cnations have to get enough manpower to cultivate available land for food
Dpopulation increase in arithmetic progression while food production increased in geometric progression
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Question 55
jamb 2025

If the last Naira spent on each commodity by a consumer gave him equal satisfaction, it means the consumer has been able to

 

 

Amaximize costs
Bmaximize utility
Cincrease profits
Dcut costs
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Question 56
jamb 2025

A firm will shut down in the long run if its earning is

 

 

Aequal to super normal profit
Bless than normal profit
Cless than super normal profit
Dgreater than normal profit
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Question 57
jamb 2025

Which of the following is true about the supply of land? It

 

 

Avaries with time
Bis higher in urban than rural areas
Crises with demand
Dis fixed
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Question 58
jamb 2025

 

A rise in government expenditure can lead to

 

Ahigher unemployment
Bhigher inflation
Clower profits for industries
Dlower importation of raw materials by industries
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Question 59
jamb 2025

Which of the following over estimate the value of national income?

 

AWrong timing of computation
BChanges of prices of goods within the year
CDouble counting
DIncomplete statistical data
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Question 60
jamb 2025

A country is described as developing if

 

 

 

Athere is low labour supply
Bthe population is decreasing
Cthe income per head is low
Dthe contribution of tertiary sector to national income is high
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