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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.

133 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

133 questions

Question 1 of 20 133 total questions

Question 51

jamb 2023

A ............ in the price of the domestic currency in terms of a foreign currency is referred to as .............

ADecrease, appreciation

BIncrease, de-appreciation

CDecrease, depreciation

DIncrease, consolidation

View Explanation & Discuss

Question 52

jamb 2023

Economic problem occurs when

AThere is scarcity relative to demand

BAll raw materials are imported

CMany people are out of work

DThere are no buyers for our goods

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Question 53

jamb 2023

Business cycle is associated with

ARecession

BUnemployment

CSeasonal variation

DInflation

View Explanation & Discuss

Question 54

jamb 2023

Money could be defined as

AOptions A, B and C

BMedium of exchange

CSettlement of debt

DMedium of payment

View Explanation & Discuss

Question 55

jamb 2023

The principle that specified that the amount, when and how to pay tax should be made known to tax payer is known as

APrinciple of economy

BPrinciple of convenience

CPrinciple of simplicity

DPrinciple of certainty

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Question 56

jamb 2023

Government uses all of the following ways to redistribute income, except

AMarket intervention

BTransfer earnings

CLimited liability

DTaxation

View Explanation & Discuss

Question 57

jamb 2023

..................... is the highest body in ECOWAS organogram

AAuthority of Head of State and Government

BThe Executive Secretariat

CThe Defense Council

DCouncil of Ministers

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Question 58

jamb 2023

Real cost is

AAlternative commodities forgone

BAmount of money spent on goods and services

CCost of goods and services

DTrue cost

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Question 59

jamb 2023

The maximum price is

AP1

BP2

CP3

DP4

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Question 60

jamb 2023

What is the lowest price the monopolist can charge

AP2

BP1

CP3

DP4

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Question 61

jamb 2023

The diagram above represent

Aperfect competition

Bmononpoly

Cdemand curve

Dcompetitive market

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Question 62

jamb 2023

The fundamental problem of economics is

AFinding striking determinants between the forces of supply and demand

BThe scarcity of productive resources relative to society's unlimited wants

CThe establishment of a political framework to determine the what, how and for whom of production

DTo establish an equitable distribution of income

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Question 63

jamb 2023

.............is presently used in Nigeria to measure inflation

AGNP implicit price deflator

BConsumer price index

CWholesale price index

DReal Gross Domestic Product

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Question 64

jamb 2023

A major factor contributing to productivity is

AImmigration of young workers

BThe labour force

CThe baby boom of generation

DThe rate of GDP per year

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Question 65

jamb 2023

The development of an economic hypothesis through intuition, insight, or logic is associated with

ADeduction

BPolicy economics

CNormative economics

DInduction

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Question 66

jamb 2023

One major problem facing West African countries is

ARelations with Colonial Masters

BJoint Military operations in Member States

CPolitical integration

DFinancial crunch of Member States

View Explanation & Discuss

Question 67

jamb 2023

If a business' total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn

AA normal profit of N750,000

BAn economic profit of N750,000

CA normal profit o N1,750,000

DAn economic profit of N250,000

View Explanation & Discuss

Question 68

jamb 2023

The theory of ............... was propounded by ..................

AComparative advantage; Mercantilists

BAbsolute advantage; Adam Smith

CComparative advantage; Adam Smith

DAbsolute advantage; David Ricardo

View Explanation & Discuss

Question 69

jamb 2023

The type of unemployment that occurs when an individual cannot find job as a result of obsolete skill is

AStructural unemployment

BCyclical unemployment

CSeasonal unemployment

DFrictional unemployment

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Question 70

jamb 2023

An industry is

AA group of firms producing differentiated products

BA group of firms producing distinct commodities

CA group of firms producing related goods

DA group of firms producing unrelated goods

View Explanation & Discuss

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