Economics Past Questions

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

49 questions
Question 1 of 20 49 total questions
Question 1
waec 2020

The exploitation of mineral resources constitutes which form of production?

APrimary production
BSecondary production
CTertiary production
DServices production
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Question 2
waec 2020

Free trade is one in which  

Aeach member operates its own barriers against non-members
Bfactors of production are mobile
Cmembers adopt a common external tariff against non- members
Dmembers adopt common fiscal and economic policies
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Question 3
waec 2020

In order to discourage the importation of manufactured goods, a country should adopt

Aimport promotion strategy
Bexport led strategy
Cliberal foreign exchange
Dimport substitution strategy
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Question 4
waec 2020

The foremost objective of the International Bank of Reconstruction and Development (IBRD) is to

Ahelp promote private and public investments
Bassist members achieve a balance of payments stability
Cgrant long term loans for infrastructure
Dmaintain stabilily of foreign exchange
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Question 5
waec 2020

The principle of comparative advantage encourages a country to 

Aproduce only consumer goods
Bengage in trade if it can produce a commodity at a lower cost
Cspecializes in the production of all goods
Dtry as much as possible to be self-sufficient
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Question 6
waec 2020

Dumping is selling goods in a foreign market at a price 

Abelow what is sold at the home market
Babove what is sold at the home market.
Cequal to what is sold at the home market
Dequal to the cost of producing the goods
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Question 7
waec 2020

A country is allowed to import just 50,000 tonnes of rice annually. This describes 

Adevaluation
Btariff
Cembargo
Dquota
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Question 8
waec 2020

A country should embark on development planning to ensure that

Ait becomes popular among the comity of nations
Bit also does what others are doing
Cits scarce productive resources are efficiently utilized
Dthe nation is able to contribute its own quota to international organizations.
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Question 9
waec 2020

Expenditure on food takes a large proportion of the incomes of people in

Aindustrialized countries
Badvanced countries
Cdeveloping countries
Dcapitalist countries
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Question 10
waec 2020

Mr. X and Mrs. Y pay $500.00 and $1,400.00 as taxes on their earning of S5,000.00 and $7,000.00 respectively. The system of taxation employed is

Aspecific tax
Bproportional tax
Cregressive tax
Dprogressive tax
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Question 11
waec 2020

During inflation, the appropriate fiscal measure to adopt is to

Aincrease indirect taxes
Bincrease direct taxes
Creduce personal income tax
Dincrease government expenditure
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Question 12
waec 2020

Tools of monetary policy do not include

Aopen market operations
Breserve requirement
Cbank rate
Dtax and public expenditure
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Question 13
waec 2020

The central bank Can reduce the ability of commercial banks to give out loans by 

Araising the bank rates
Breducing special deposits
Creducing the liquidity ratio
Dissuing more currency
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Question 14
waec 2020

Governments in West Africa can curtail inflation by 

Apurchasing securities in the open market
Bselling securities in the open market
Cencouraging importation of goods from all countries
Dencouraging banks to lend for
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Question 15
waec 2020

Which of the following factors may lead to the underestimation of national income figures?

AAvailability of skilled statisticians
BHigh volume of exports
CEmigration of skilled workers to foreign countries
DSubsistence production 
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Question 16
waec 2020

Money would cease to be a good store of value when 

Aprices of goods and services are falling slowly
Bthere is a high level of unemployment 
Cprices of goods and services are rising rapidly
Dprices of go0ds and services are rising slowing 
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Question 17
waec 2020

Inflation may occur if 

Arate of productivity is higher than the wage rate
Bprices fluctuate during a particular season of the year
Cwage increase is granted without an increase in productivity
Dthe government embarks on restrictive monetary policies
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Question 18
waec 2020

How is NNP at factor cost derived from GNP at market prices? 

AGNP - Depreciation + Indirect taxes + Subsidies
BGNP Depreciation -
Indirect taxes + Subsidies
CGNP + Depreciation
Indirect taxes - Subsidies
DGNP+
Depreciation- Indirect taxes + Subsidies 
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Question 19
waec 2020

Which of the following are intermediate products?

ACement and steel
BFurniture and shirt
CHandkerchief and shoe
DTable and door 
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Question 20
waec 2020

Import substitution as a strategy of industrialization is the 

Areplacement of locally produced goods with imported ones
Bdevelopment of locally produced goods with imported ones
Cestablishment of firms to process imported raw materials
Dact of using local inputs to produce goods for export
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