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.

48 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

48 questions
Question 1 of 20 48 total questions
Question 1
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 2
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 3
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 4
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
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Question 5
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 6
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 7
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 8
waec 2010

A component of the national debt of a country is

Ataxation
Bbank saving
Cthe budget
Dtreasury bills
View Explanation & Discuss
Question 9
waec 2010

Excise duty is levied on

Athe total population
Blocal products
Cluxury goods
Dthe working population
View Explanation & Discuss
Question 10
waec 2010

One disadvantages of direct taxes is that they

Aallocate scarce resources
Bare not rigid
Ccan be progressive
Dcan be evaded
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Question 11
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 12
waec 2010

One of the functions of the Central Bank is

Aproduction of goods
Bissuing of currency
Cpresenting budgets
Dprinting of cheque books
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Question 13
waec 2010

The Central Bank controls money supply through all the following except

Alending to the publics
Bbank rate
Clegal reserve requirements
Dopen market operation
View Explanation & Discuss
Question 14
waec 2010

Which of the following is a legal tender?

Abank notes
Bbank overdrafts
Cbills of exchange
Dmoney order
View Explanation & Discuss
Question 15
waec 2010

In which of the following ways has inflation adversely affected your country’s economy?

Aincrease in money supply
Ba fall in real income
Cappreciation in the value of money
Dincreased employment
View Explanation & Discuss
Question 16
waec 2010

The best way of combating demand-pull inflation is to

Aincrease income taxes
Breduce income taxes
Cincrease import duties
Dincrease salaries and wages
View Explanation & Discuss
Question 17
waec 2010

Which of the following is not a reason for holding money?

AOstentation
BSpeculations
CTransactions
DPrecautionary
View Explanation & Discuss
Question 18
waec 2010

The total stock of money available for use in an economy is

Aa function of money
Ba characteristics of money
Cthe demand for money
Dthe supply of money
View Explanation & Discuss
Question 19
waec 2010

Which of the following over estimates the value of national income?

Aincomplete statistical data
BWrong timing of computation
Cchanges in price of goods within the year
Ddouble counting
View Explanation & Discuss
Question 20
waec 2010

Which of the following equation is appropriate for determining the Net Domestic Product (NDP)?

ANDP = GNP - depreciation
BNDP = GDP + Net Income from abroad
CNDP = GDP - depreciation
DNDP = GDP * Net Income from abroad
View Explanation & Discuss
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