Economics Past Questions

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1,723 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

1,723 questions
Question 1 of 20 1,723 total questions
Question 51
waec 2023

Which of the following is not a problem facing Economic Community of West African States (ECOWAS)?

ALanguage barriers
BInadequate supply of labour
CProduction of the same commodities
DPoor transportation and communication
View Explanation & Discuss
Question 52
waec 2023

A joint stock company enjoys perpetual existence because

Athere is a higher degree of specialization
Bit is a corporate entity
Cit is formed by a minimum of seven members
Dits shares are easily
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Question 53
waec 2023

A country is described as developing if

Athe income per head is low
Bthe contribution of tertiary sector to national income is high
Cthe population is decreasing
Dthere is low labour supply
View Explanation & Discuss
Question 54
waec 2023

Trade protection will assit economic growth in developing countries if it can

Aallow the importation of cheaper goods people want
Beffectively safeguard newly established firms
Celiminate importation of all commodities
Dgenerate enough revenue through export duties
View Explanation & Discuss
Question 55
waec 2023

Tariffs, quotas and embargoes are examples of

Atrade restriction policies
Bmonetary policies
Cfiscal policies
Dforeign exchange policies
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Question 56
waec 2023

The marks obtained by 9 students in a class test are recorded below: 9, 8, 7, 5,7, 6, 8, 9 and 7. What is the median mark?

A7
B8.5
C8
D7.5
View Explanation & Discuss
Question 57
waec 2023

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

Aperfectly elastic demand
Bperfectly inelastic demand
Cfairly inelastic demand
Delastic demand
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Question 58
waec 2023

The fixing of maximum prices by government is mainly on

Aimported capital goods
Binferior goods
Cselected essential goods
Dluxury goods
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Question 59
waec 2023

Petrol and Kerosene are jointly obtained from crude oil. If the supply of petrol increases, the

Acost of crude oil production has increased
Bsupply of kerosene will rise
Csupply of kerosene will remain unchanged
Dsupply of kerosene will fall
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Question 60
waec 2023

The most liquid asset among the following is

Acheque
B
Ccash
Dshares
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Question 61
waec 2023

The average revenue curve of a firm in a perfect market is the same as the

Asupply curve of the firm
Baverage cost curve of the firm
Cdemand curve of the firm
Dtotal revenue curve of the firm
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Question 62
waec 2023

Taxes levied on goods and services by government are called

Aindirect taxes
Bdirect taxes
Ccoporate taxes
Dpoll taxes
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Question 63
waec 2023

Many workers are employed in the agricultural sector of developing countries because

Alabour intensive method is mostly adopted
Babnormal profits are made
Cwages in the sector is high
Dthey practice mechanized system of farming
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Question 64
waec 2023

If a firm retrenches some of its factory workers its

Aaverage fixed cost may increase
Bvariable cost will decline
Cmarginal cost may increase
Dfixed cost is likely to increase
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Question 65
waec 2023

One of the factor that may not promote industrial development is

Alocal firms entering into partnerships with foreign firms
Bgranting capital to firms at reasonable interest rates
Csetting up industrial estates with modern amenities
Dgranting old firms tax exemptions
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Question 66
waec 2023

The price level and the value of money are

Apositively related
Bdirectly related
Cnot related
Dinversely related
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Question 67
waec 2023

The rate of growth of population is

Ainitial population plus number of births and net migration
Bthe difference between birth rate and death rate
Cbirth rate less death rate plus net migration
Dthe number of immigrants plus number of births
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Question 68
waec 2023

The Net National Product (NNP) of a country is $50m while the depreciation allowance is $10m. The Gross National Product (GNP) is

A$40m
B$60m
C$30m
D$500m
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Question 69
waec 2023

The malthusian theory of population is best illustrated when

Athe size of the population and available resources are equal
Bboth population and food supply increase at the same rate
Cfood supply increases much faster than population growth
Dpopulation increases much faster than food supply
View Explanation & Discuss
Question 70
waec 2023

Consumers have access to a variety of goods through the activities of the

Aretailers
Badvertising agencies
Cmass media
Dwholesalers
View Explanation & Discuss
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