Log In SignUp
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.

140 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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

140 questions
All JAMB WAEC NECO CUSTOM
All years 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978
Question 1 of 20 140 total questions
Question 61
jamb 2002
The equilibrium wage in an economy is determined by the?
Apublic service
Bworker's union
Crate of inflation
Dsupply and demand for labour
View Explanation & Discuss
Question 62
jamb 2002
If the growth rate of available resources continuously outpaces that of the population, a country will eventually experience?
Amaximum population
Bunderpopulation
Coverpopulation
Doptimum population
View Explanation & Discuss
Question 63
jamb 2002
The middlemen in the chain of distribution are?
Amanufacturers and consumers
Bwholesalers and retailers
Cconsumers and wholesalers
Dretailers and consumers
View Explanation & Discuss
Question 64
jamb 2002
Excess demand inflation can be controlled through?
Acontractionary fiscal policy
Bcontractionary trade policy
Cexpansionary fiscal policy
Dexpansionary monetary policy
View Explanation & Discuss
Question 65
jamb 2002
The primary objective of the NDIC is to?
Agive protection to the CBN against fraud
Bprovide regulations guiding the finance houses
Cgive protection against fraud
Dgive protection to bank depositors
View Explanation & Discuss
Question 66
jamb 2002
Creeping inflation implies that there is a?
Agentle and persistent increase in the general price level
Brapid and persistent increase in the general price level
Cgentle but not permanent increase in the general price level
Drapid but not permanent increase in the general price level
View Explanation & Discuss
Question 67
jamb 2002

Liquidity preference refers to the?

Aneeds to borrow money for short periods to meet some temporary crises
Bwish to hold more funds for precautionary purpose
Cneed to increase the money supply in order to lower the interest rate
Ddemand to hold money as assets rather than as stocks
View Explanation & Discuss
Question 68
jamb 2002
Insurance companies invest mainly in instruments trade on the?
Acapital market
BMoney market
Ccommodity market
Dopen market
View Explanation & Discuss
Question 69
jamb 2002

If a country's GNP in the current year is N65 billion, and the GNP in the base year is N50 billion, the GNP deflator is?

A130.0
B30.0
C15.0
D1.3
View Explanation & Discuss
Question 70
jamb 2002
In Nigeria, the bank that can correctly be described as a unit bank is?
Athe Central Bank
Bpeople's bank
Cmortgage bank
Dcommunity bank
View Explanation & Discuss
Question 71
jamb 2002
National Income estimates can be used to?
Adifferentiate between the rich and the poor in a country
Bprepare a country's annual budget
Cprotect the level of a country's economic develompent
Dcompare a country's growth rate with that of another over a period of time
View Explanation & Discuss
Question 72
jamb 2002
The stock exchange is a market for the buying and selling of?
Amonetary instruments
Bnew shares
Cexisting shares
Dtreasury bills
View Explanation & Discuss
Question 73
jamb 2002
The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely?
Acompetitve
Bcomposite
Csupplementary
Dcomplementary
View Explanation & Discuss
Question 74
jamb 2002

In a centrally planned economy, the economic problem of deciding what to produce is dependent on?

Aaverage profit
Bstate command
Caverage cost
Drelative prices
View Explanation & Discuss
Question 75
jamb 2002
A scientific approach in economic analysis entails?
Aa deductive method only
Bboth inductive and normative methods
Ca normative method only
Dboth inductive and deductive methods
View Explanation & Discuss
Question 76
jamb 2002
One of the reason for an exceptional demand curve is the?
Aexpectation of a future change in price
Bavailability of credit facilities
Cchange in the price of the commodity
Davailability of substitutes
View Explanation & Discuss
Question 77
jamb 2002
A shift in supply curve indicates that a different quantity will be supplied at each possible price because?
Aconsumers are willing to pay higher prices
Bsupply is facing competition
Cother factors than price have changed
Dprice has changed
View Explanation & Discuss
Question 78
jamb 2002
A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is?
Athe ruler
Bthe exercise book
CN25.00
D18.00
View Explanation & Discuss
Question 79
jamb 2002
The demand for factors of production is an example of?
Ajoint demand
Bcompetitive demand
Cderived demand
Dcomposite demand
View Explanation & Discuss
Question 80
jamb 2002

The elasticity of supply of perishable goods is?

Aunitary
Binelastic
Czero
Delastic
View Explanation & Discuss
Question Navigator
Current
MathsFaculty