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.

2,540 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

2,540 questions

Question 1 of 20 2,540 total questions

Question 511

jamb 2009

A manufacturer who wants to build a new plant will source funds from the

Acommercial banks

Bmoney market

Ccapital market

Dgovernment

View Explanation & Discuss

Question 512

jamb 2009

The reform in the banking sector in Nigeria is principally motivated by the need to

Aincrease the capital base of banks

Bprovide more money to run the economy

Cminimize the rate of bank failures

Denhance efficiency in bank operations

View Explanation & Discuss

Question 513

jamb 2009

The ability of commercial banks to create money depends on the

Areserve ratio

Bliquidity ratio

Cinterest rate

Dcapital base

View Explanation & Discuss

Question 514

jamb 2009

In the circular flow of income, an increase in savings causes

Aan increase in imports

Ba decrease in the income stream

Can increase in household consumption

Da decrease in exports

View Explanation & Discuss

Question 515

jamb 2009

Double counting is a problem in computing national income when using the

Aexpenditure method

Bincome method

Coutput method

Dvalue-added method

View Explanation & Discuss

Question 516

jamb 2009

In the long run, one of the characteristics of monopolistic competitive firms is that they

Amake abnormal profits

Bsuffer losses

Cmake normal profits

Dcollude with each other

View Explanation & Discuss

Question 517

jamb 2009

In developing countries, it is easier to obtain accurate national income estimates through the

AGNP

BGDP

CNDP

DNNP

View Explanation & Discuss

Question 518

jamb 2009

If a monopolist is incurring short-run losses, this means that his

Aselling price is above the short-run marginal cost

Bselling price is below the short-run marginal cost

Caverage revenue is greater than marginal revenue

Daverage reveune is less than marginal revenue

View Explanation & Discuss

Question 519

jamb 2009

The supply curve of a perfectly competitive firm is identical to its

Atotal cost

Bmarginal cost

Cfixed cost

Dvariable inputs

View Explanation & Discuss

Question 520

jamb 2009

The shape of the long-run average cost curve is best explained by the

Alaw of diminishing returns

Blaw of returns to scale

Ccost of fixed inputs

Dcost of variable inputs

View Explanation & Discuss

Question 521

jamb 2009

As the level of output increases, the average fixed cost of a firm will

Acontinue to decrease

Bremain unchanged

Ccontinue to increase

Dbe equal to the total cost

View Explanation & Discuss

Question 522

jamb 2009

Which of the following can be deduced from the law of variable proportions when total output is rising?

AMP is greater than AP

BMP is less than AP

CMP is equal to AP

DMP is equal to zero

View Explanation & Discuss

Question 523

jamb 2009

Production takes place when

Aoutput is transformed into input

Bmachines replace human effort

Cinput is transformed into output

Dthere is specialization and division of labour

View Explanation & Discuss

Question 524

jamb 2009

In a regulated market, price is determined by

Aconsumers

Bproducers

Cauction

Dgovernment

View Explanation & Discuss

Question 525

jamb 2009

A decrease in supply without a corresponding change in demand will lead to

Aan increase in equilibrium price and a decrease in equilibrium quantity

Ba decrease in equilibrium price and an increase in equilibrium qantity

Ca decrease in equilibrium price and equilibrium quantity

Dan increase in equilibrium price and quantity

View Explanation & Discuss

Question 526

jamb 2009

If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is

A0.80

B1.25

C2.00

D10.00

View Explanation & Discuss

Question 527

jamb 2009

The short-run supply curve for medical doctors is more likely to be

Aperfectly elastic

Bperfectly inelastic

Cfairly inelastic

Dfairly elastic

View Explanation & Discuss

Question 528

jamb 2009

A supply curve is positively sloped because

Asupply always exceeds demand

Bdemand always exceeds supply

Cprice is an incentive to consumers

Dprice is an incentive to producers

View Explanation & Discuss

Question 529

jamb 2009

A major assumption in cardinal utility theory is that

Autility is measureable

Butility is not measurable

Ctotal utility equals marginal utility

Dtotal utility is constant

View Explanation & Discuss

Question 530

jamb 2009

The demand curve for a luxury good is

Anegatively sloped

Bparallel to the price axis

Cparallel to the quantity axis

Dpositively sloped

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