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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.

50 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

50 questions

Question 1 of 20 50 total questions

Question 1

waec 2016

Which of the following international organizations is concerned with the stabilization of the balance of payments? the

AInternational Monetary Fund (IMF)

BWorld Bank (IBRD)

CUnited Nations Organization (UNO)

DEconomic Commission for Africa (ECA)

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Question 2

waec 2016

When a number of countries agree to remove all trade barriers among themselves and at the same time charge a common tariff against non member countries, it known as

Afree trade area

Bcommon market

Ccustom union

Deconomic community

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Question 3

waec 2016

One of the physical measures that can be used to reduce the volume of imports is the

Areduction of personnel income tax

Bremoval of imports duties

Cuse of foreign exchange control

Dliberalization of credit for importers

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Question 4

waec 2016

When the international value of a country's currency rises, other things being equal, the country's

Anet exports tend to increase

Bimports tend to increase

Cnet exports tend to decrease

Dexport tend to be stable

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Question 5

waec 2016

Balance of payment surplus implies that receipts for exports are

Aat par with payments for imports

Bgreater than payment for imports

Cless than payment for imports

Dproportional to payments for imports

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Question 6

waec 2016

The rate at which a country's export is exchanged for her imports is

Atrade balance

Bbalance of payment

Cterm of trade

Dbalance on current account

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Question 7

waec 2016

The principle of comparative cost advantage was propounded by

ADavid Ricardo

BAlfred Marshal

CJ. S Mill

DAdam Smith

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Question 8

waec 2016

Which of the following is not a major problem of development

Ashortage of skilled manpower

Binadequate data for planning

Cpolitical instability

Dpoor identification of projects

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Question 9

waec 2016

Which is following is a cause of under-development in West Africa

AAvailability of manpower

Bincreasing population

Chigh rate of capital formation

Dlarge size of market places

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Question 10

waec 2016

Fiscal policy that can control inflation will include the use of

Abalanced budgeting

Btax holidays

Cbudget deficit

Dbudget surplus

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Question 11

waec 2016

Indirect taxes are generally

Aprogressive

Bregressive

Cequitable

Dproportionate

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Question 12

waec 2016

The stock market is a market for

Anew and second hand shares

Bdebentures

Cgoods and services

Dshort terms securities

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Question 13

waec 2016

Which of the following financial institutions cannot be found on the capital market of a country

Acommercial bank

Bmortgage bank

Cstock exchange

DAgricultural bank

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Question 14

waec 2016

Cost push inflation is likely to arise when

Athere is an increase in banking lending

Bthere is an increase in subsidies

Cstock exchange

Drise in the cost of production.

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Question 15

waec 2016

During Inflation, interest rate will

Arise

Bflunctuate

Cremain constant

Dfall

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Question 16

waec 2016

A bank note is said to be a legal tender because it is

Aprinted by government

Ba store of value

Csigned by the head of state

Dbacked by law

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Question 17

waec 2016

Which of the following items is not included in the measurement of the national income using the income approach

Awages and salary

Bgovernment purchases

Cinterest

Ddivedend

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Question 18

waec 2016

The difference between GDP and GNP

Aconsumption of fixed capital

Bindirect business tax

Cnet factor income from abroad

Dpublic transfer payment

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Question 19

waec 2016

The difference between GDP and GNP

Aconsumption of fixed capital

Bindirect business tax

Cnet factor income from abroad

Dpublic transfer payment

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Question 20

waec 2016

International income accounting, double counting occurs when

Aintermediate goods are counted twice

Bintermediate goods are counted with the final goods

Cfinal goods are counted more than twice

Ddifferent people count the products

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