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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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Past Questions

4,545 questions

Question 1 of 20 4,545 total questions

Question 901

neco 2009

A major feature of capitalism is

Acollective ownership of means of production

Bcompetition

Cequality or egalitarianism

Dredistribution of income

Esocialization and welfare

View Explanation & Discuss

Question 902

neco 2009

The demand for salt is …………

AElastic

BInelastic

CUnitary elastic

Dboth a and b

View Explanation & Discuss

Question 903

neco 2009

The concept of choice in Economics refers to

Aa decision between one thing and another

Branking of wants in an ascending order

Cselection of most pressing wants out of a range of alternatives

Dranking of wants on a table of preference

Eseparating defective commodities from non-defective ones

View Explanation & Discuss

Question 904

neco 2009

The following are qualities of money EXCEPT

Aacceptability

Bdivisibility

Chomogeneity

Dportability

Erationality

View Explanation & Discuss

Question 905

neco 2009

Disguised unemployment is the same thing as

Aresidual unemployment

Bseasonal unemployment

Cstructural unemployment

Dunder-employment

Evoluntary unemployment

View Explanation & Discuss

Question 906

neco 2009

The concentration of firms in one area is referred to as of ……………. industries.

Alocation

Blocalization

Cmultiplication

Dproliferation

Epluralization

View Explanation & Discuss

Question 907

neco 2009

Labour force simply means the

Ademand and supply of labour

Befficiency of labour

Cjob seekers

Dunemployable population

Eworking population

View Explanation & Discuss

Question 908

neco 2009

Price elasticity of supply measures the responsiveness of quantity supplied to

Aa change in the demand for the product V

Ba change in the price of the commodity

Cchanges in consumers

Dchanges in prices of other commodities

Echanges in suppliers income

View Explanation & Discuss

Question 909

neco 2009

Oil was first discovered in commercial quantity in ……….. State.

AAmasoma, Bayelsa

BBonny, Rivers

COloibiri, Rivers

DIgbokoda, Ondo

EWarri, Delta

View Explanation & Discuss

Question 910

neco 2009

The growth of a country’s population is affected by

Amilitary might of the country

Bnumber of births per thousand of the population

Cnumber of people willing to be counted

Dthe amount of money in circulation

Ethe number of men in the population

View Explanation & Discuss

Question 911

neco 2009

A firm is said to be a public joint-stock company when it

Ahas unlimited liability

Bis administered by the public

Cis owned by the government

Doperates as a public corporation

Esells its shares to members of the public

View Explanation & Discuss

Question 912

neco 2009

The unit for measuring changes in prices and output is called ………………. index

Acapital

Bexpenditure

Cincome

Dmoney

Eprice

View Explanation & Discuss

Question 913

neco 2009

One of the positive contributions of the petroleum industry to Nigeria’s economic development is that it

Acreates ecological problems

Bcreates political unrest

Ccreates uncertainties in government revenues

Dis a major foreign exchange earner

Esuppresses agricultural development

View Explanation & Discuss

Question 914

neco 2009

Which of these factors causes a change in the quantity demanded of a commodity?

AIncome

BPopulation

CPrice of other commodities

DPrice of the commodity concerned

ETaste and fashion

View Explanation & Discuss

Question 915

neco 2009

The value of money is affected by

Aconsumer’s income

Beffective demand

Ceffective supply

Dequilibrium price

Egeneral price level

View Explanation & Discuss

Question 916

neco 2009

The mean of the following scores

30, 32, 34, 36, 38, 40 and 42

What is the mean deviation?

A4.21

B3.24

C3.42

D4.54

View Explanation & Discuss

Question 917

neco 2009

Average total cost can be expressed as

Aaverage fixed cost plus average variable cost

Bchange in total cost divided by change in output

Ctotal cost divided by total output

Dtotal fixed cost plus total variable cost

Etotal variable cost divided by total output

View Explanation & Discuss

Question 918

neco 2009

Which of the following is NOT an advantage of tabular presentation of data?

AEnables easy location of required figures

BHelps to calculate derived quantities

CMakes for easy comparison of figures

DOccupies more space than mathematical equation

EShows whether the figures are increasing or decreasing

View Explanation & Discuss

Question 919

neco 2009

The following are the differences between domestic and international trade EXCEPT

Acultural differences

Bcurrency

Cland

Dlanguage

Elaws

View Explanation & Discuss

Question 920

neco 2009

Which of the following is a function of the central bank?

AAccepting deposits from the public

BAgent of payment for individuals

CDiscounting bills of exchange

DIssuing of currency

EProvision of short term housing loans

View Explanation & Discuss

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