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 51
jamb 2025

Which functions of the wholesaler enables him to stabilize prices?

 

 

Agranting credit to retailers
Badvertising the goods
Ctransporting goods
Dwarehousing goods
View Explanation & Discuss
Question 52
jamb 2025

The lender of last resort in the banking system is he

 

 

Acommercial bank
Bindustrial bank
Ccentral bank
Dmortgage bank
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Question 53
jamb 2025

One of the advantages of capitalism is that

 

Aefficient allocation of resources is assured
Bprivate initiative is discouraged
Cjob security is assured
Dconsumers are exploited
View Explanation & Discuss
Question 54
jamb 2025

Economic problems arise mainly as a result of?

 

ALack of foresight on the part of resource users
BInaccurate statistical data in West Africa
CExcessive wastage of available resources
DLimitations in availability of resources
View Explanation & Discuss
Question 55
jamb 2025

 

Which of the following forms of economic integration is a member nation free to impose duty against non-members

 

 

ACustoms union
BCommon market
CEconomic community
DFree trade area
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Question 56
jamb 2025

Monopoly can best be described as a market in which

 

 

 

 

AA single seller sells a product which has no close substitute
BThe entry of other firms is restricted by the few firms in the market
CTwo or more sellers sell a product which is differentiated
DFew sellers sell a product s at different prices
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Question 57
jamb 2025

A firm's average cost decreases in the long-run because of

 

 

Adecreasing marginal returns
Bdiminishing average returns
Cincreasing returns to scale
Ddecreasing average fixed cost
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Question 58
jamb 2025

One relationship between marginal utility and total utility is that when total utility is

 

Afalling, marginal utility is negative
Bmaximum, marginal utility is maximum
Crising, marginal utility is rising
Dfalling, marginal utility is rising
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Question 59
jamb 2025

An indication that there is inflation in a country is that

 

Athere is a decrease in the demand for goods and services
Bpeople prefer to lend than to borrow
Cthe same amount of money buys lower quantity of goods
Dthere are too many goods in circulation
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Question 60
jamb 2025

Land as a factor of production is made useful through the

 

 

Aapplication of human effort
Bapplication of fertilizer
Cuse of machines
Dacts of nature
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Question 61
jamb 2025

Positive check as envisaged by Thomas Malthus can be prevented if

 

 

Amoral restraint is adopted
Bmarriage is abolished
Cdeath rate is reduced
Dmore hospitals are built
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Question 62
jamb 2025

Small firms are important for the development of a country because

 

Athey render personalized services to the consumers
Bthey usually produce goods for the elite
Cthey do not normally provide after sales services
Dthe prices of their products are usually high
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Question 63
jamb 2025

The full meaning of OPEC is

 

AOrganization of Petrol Exporting Countries
BOrganization of Petroleum Exporting Countries
COil and Petroleum Exporting Countries
DOrganic petroleum Exporting Countries
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Question 64
jamb 2025

The following are all factors determining the location of industry except

 

 

Aavailability of labour
Bproximity to market
Cnearness to raw materials
Dminimum wages rate
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Question 65
jamb 2025

 

A stock exchange is a market that

 

Adeals with the exchange of commodities
Bdeals with purchase and sales of securities
Cexchanges stockfish for lady fish
Dexchanges treasury bills for bills of exchange
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Question 66
jamb 2025

An argument for the use of commercial policy rest on the need to

 

Amake imported goods affordable
Bencourage the importation of non-essential goods
Cmake a country enjoy absolute advantage in production of all goods
Dreduce domestic unemployment
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Question 67
jamb 2025

 

Which of the following will shift the demand curve for cocoa to the right?

 

 

AAn increase in consumers' income
BA rise in the price of cocoa
CA fall in the quantity demanded of cocoa
DA tax on cocoa producers
View Explanation & Discuss
Question 68
jamb 2025

The poorer the country, the larger the percentage of labour force engaged in

 

Amanufacturing
Btrading
Cagriculture
Dmining
View Explanation & Discuss
Question 69
jamb 2025

Cheques are not money because?

 

ATheir use is confined to business hours
BThey are not generally acceptable as a medium of exchange
CThere are few banks in the rural areas
DThey are not issued by the government
View Explanation & Discuss
Question 70
jamb 2025

Cost push inflation is caused by a

 

Adecrease in the cost of production
Brise in demand for goods
Cdecrease in the transportation cost
Drise in the cost of production
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