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.

4,545 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

4,545 questions

Question 1 of 20 4,545 total questions

Question 841

jamb 2011

When a consumer is at equilibrium, the MRS_xy is equal to the

Asum of the prices

Bproduct of the two prices

Cratio of the two prices

Ddifference of the two prices

View Explanation & Discuss

Question 842

jamb 2011

In the process of production, total output is at maximum when

AMP=0

BMP > 0

CAP = 0

DAP > 0

View Explanation & Discuss

Question 843

jamb 2011

If demand increases without a change in supply, equilibrium price and quantity will

Aremain unchanged

Bshift inward

Cfall

Drise

View Explanation & Discuss

Question 844

jamb 2011

If the demand for one commodity excludes another, it is said to be

Acomplementary demand

Bcompetitive demand

Ccomposite demand

Dderived demand

View Explanation & Discuss

Question 845

jamb 2011

A consumer surplus measures the

Abenefits derived from consuming a cheap commodity

Bexcess of total expenditure over total uility

Cdifference between marginal utility and marginal cost

Dexcess of marginal utility over price

View Explanation & Discuss

Question 846

jamb 2011

Demand patterns are determined by the market on the basis of

Ascale of preference

Bconsumer sovereignty

Ccosumer rationality

Dprice of the commodity

View Explanation & Discuss

Question 847

jamb 2011

A major disadvantage of the arithmetic means is that it is

Anot useful for large data

Bnot suitable for further statistical analysis

Ccumbersome to determine the actual value

Daffected by extreme data

View Explanation & Discuss

Question 848

jamb 2011

One`of the limitations PPC assumption is that there is

Ano indication of technological development

Bno recognition of preferred goods for countries

Ctechnical inefficiency

Dabundant resources

View Explanation & Discuss

Question 849

jamb 2011

An effective way of controlling inflation in a mixed economy is to

Aincrease productivity

Breduce income tax

Cration available output

Dincrease imports

View Explanation & Discuss

Question 850

waec 2010

Which of the following is not an international economic organization?

AEconomic Commission for Africa (ECA)

BAfrican Development Bank (ADB)

CWorld Health Organization (WHO)

DInternational Monetary Fund (IMF)

View Explanation & Discuss

Question 851

waec 2010

Which of the following is not a member of the Economic Community of West African State (ECOWAS)?

ACape Verde

BSenegal

CCameroon

DNiger

View Explanation & Discuss

Question 852

waec 2010

In order to stabilize oil price in the world market, there is the need for OPEC members to

Aalways have budget deficit

Bencourage competition among themselves

Cadhere to production quotas

Dfix the price of non-oil products

View Explanation & Discuss

Question 853

waec 2010

A country's balance of payment is deficit when

Aa country's payment for imports of visible goods are greater than her receipts from exports of visible goods

Bthe total receipts from her exports of visible and invisible goods are greater than her payments for visible and invisible imports

Cit can record a surplus on current account of her balance of payment accounts

Dthe total payment for visible and invisible imports are greater than the total receipts from her exports of visible and invisible goods

View Explanation & Discuss

Question 854

waec 2010

Which of the following group of accounts make up the balance of payments?

Athe current account multiple account and capital account

BMonetary movement account;company account and international account

Ccash acount; double entry account and current account

DCapital account; current account and monetary movement account

View Explanation & Discuss

Question 855

waec 2010

Dumping means the selling of a good in a foreign market at a price that is

Abelow the home market price

Babove the home market price

Cequal to the home market price

Dable to clear the home market price

View Explanation & Discuss

Question 856

waec 2010

When the demand for a good is fairly inelastic, the burden of an indirect tax falls

Amore on the consumers of the goods

Bmore on the sellers of the goods

Con sellers and consumers equally

Dcompletely on the capital

View Explanation & Discuss

Question 857

waec 2010

A component of the national debt of a country is

Ataxation

Bbank saving

Cthe budget

Dtreasury bills

View Explanation & Discuss

Question 858

waec 2010

Excise duty is levied on

Athe total population

Blocal products

Cluxury goods

Dthe working population

View Explanation & Discuss

Question 859

waec 2010

One disadvantages of direct taxes is that they

Aallocate scarce resources

Bare not rigid

Ccan be progressive

Dcan be evaded

View Explanation & Discuss

Question 860

waec 2010

The function of the Central Bank as the lender of last resort means that when all other sources fail,

Athe consumer can always borrow money from the Central Bank

Bthe government can ask the Central Bank to print more money

Ccommercial banks can raise loans from the Central Bank

Dcommercial banks can deposit money with the Central Banks

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