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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.

4,545 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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4,545 questions

Question 1 of 20 4,545 total questions

Question 81

waec 2024

The fixed cost of producing 100 units of a good is $600. If the variable cost is $400. the average total cost of one unit of the good is

A$4

B$6

C$8

D$10

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Question 82

waec 2024

In the short-run, a firm can increase output by

Aincreasing the size of its machines.

Bpurchasing more equipment.

Cchanging its organizational structure.

Dincreasing the quantity of raw materials.

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Question 83

waec 2024

Which of the following best explains diseconomies of scale? Increase in output causes the

Aaverage cost to rise.

Bmarginal revenue to fall.

Cmarginal cost to fall.

Dfirm to be de- stabilized.

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Question 84

waec 2024

The table below shows the supply and demand schedule for apples. Use it to answer question 17

Price ($)	Quantity demanded	Quantity supplied
10	50	25
20	35	35
30	20	45
40	5	55

At what price is excess supply equal to 25?

A$10

B$30

C$30

D$40

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Question 85

waec 2024

Minimum price legislation is used to protect the interests of

ASmall scale producers.

Bforeign companies.

Cgovernment.

Dconsumers.

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Question 86

waec 2024

The negative slope of the demand curve is best explained by

Aconsumer's choice.

Bincreasing returns to scale

Cdiminishing returns to scale

Ddiminishing marginal utility.

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Question 87

waec 2024

If the coefficient of price elasticity of supply of a commodity is 0.8, then supply is

Aperfectly elastic.

Bfairly inelastic.

Cperfectly inelastic.

Dfairly elastic.

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Question 88

waec 2024

Other things being equal, an increase in the demand for land in the short-run will cause an increase in the

Aprice only.

Bprice and supply.

Cquantity supplied only.

Dsupply only.

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Question 89

waec 2024

The diagram above shows the demand for milk. Use it to answer questions this question.

If demand for postal services decline as a result of increased use of e-mails, then the two services are in

Acomposite demand.

Bderived demand.

Ccompetitive demand.

Dcomplementary demand.

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Question 90

waec 2024

The diagram above shows the demand for milk. Use it to answer questions this question.

The movement from point x to z might have been caused by

Aa change in taste in favour of milk.

Ba decrease in price of milk.

Can increase in income of consumers.

Da favourable weather condition.

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Question 91

waec 2024

The law of demand will not hold when

Anormal goods are involved.

Bsize of the population changes.

Crare commodities are involved.

Dincomes of consumers increase.

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Question 92

waec 2024

If the quantity demanded of rice de- creased from 150 bags to 100 bags, the percentage change in quantity demanded is

A30.0 %

B33.3 %

C50.0%

D66.7%

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Question 93

waec 2024

When total revenue increases as price falls, the coefficient of price elasticity of demand is

Agreater than one.

Bone

Cless than one

Dzero

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Question 94

waec 2024

Price elasticity of demand is the responsiveness of quantity demanded to a change in

Ademand for the product.

Bprice of another product.

Cincome of the buyer.

Dprice of the product.

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Question 95

waec 2024

If the budget on education is $50 m out of an annual national budget of $300 m. The sector of a pie chart representing education is

A16.6°

B60°

C150°

D300°

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Question 96

waec 2024

A major feature of the socialist economic system is

Asetting of production targets by public authorities.

Bfreedom of choice for consumers.

Cdetermination of price by market forces.

Dprivate ownership of productive inputs.

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Question 97

waec 2024

The pursuit of private profits is a feature of

Acommand economies.

BSocialist economies.

Ccapitalist economies.

Dstatutory corporations.

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Question 98

waec 2024

Which of the following is not a feature of labour?

AIt is an active factor

BIt is highly mobile

CIts reward is wages or salaries

DIts efficiency depends on its size

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Question 99

waec 2024

Points within a Production Possibilities Curve (PPC) indicate

Aoptimum production levels.

Battainable but inefficient production levels.

Cunattainable production levels.

Dattainable and efficient production levels.

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Question 100

waec 2024

There is scarcity when

Athe means exceed society's wants.

Bdemand for resources is greater than its supply.

Cproductive resources are in excess.

Dsupply of resources is greater than its demand.

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