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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 2024

Exploitation of solid minerals in developing countries can stabilize their revenue base mainly because it helps in

Apromoting a mono-economy.

Bthe transfer of technology.

Cthe diversification of the economy.

Dthe provision of energy.

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Question 2

waec 2024

One major achievement of the Eco- nomic Commission for Africa (ECA) is the

Asetting up of the African Development Bank (AfDB).

Bprovision of long-term loans to non-members.

Creduction of balance of payments problems in Africa.

Dremoving the gap between African countries and the rich nations.

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Question 3

waec 2024

Harmonised monetary and fiscal policies is a feature of

Aa free trade area.

Ban economic union.

Ca customs union.

Da common market.

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Question 4

waec 2024

Short-term deficits in the current account of the balance of payments can be financed by balancing with the

Ainvisible account.

Bcapital account.

Cvisible account.

Dnational income account.

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Question 5

waec 2024

Terms of trade is favourable when the

Avalue of visible imports is greater than that of visible exports.

Bprice on imports is greater than that of exports

Cpayments on imports is greater than receipts from exports.

Dprice of exports is rising faster than that of imports.

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Question 6

waec 2024

Devaluation of currency will help to correct balance of payments deficit if a country's

Aexports have perfectly inelastic demand.

Bimports have inelastic demand.

Cexports have elastic demand.

Dproductivity is low.

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Question 7

waec 2024

Balance of payments is defined as the

Adifference between the values of visible imports and visible exports.

Brecord of financial transactions between a country and the rest of the world.

Crelationship between prices of exports and prices of imports.

Ddifference between a country's expected revenue and proposed expenditure

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Question 8

waec 2024

One indicator of the low level of cap ital formation in developing countries is

Alow per capita income.

Bhigh rate of investment.

Clow importation of consumer goods.

Dhigh rate of household savings

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Question 9

waec 2024

An increase in a country's production capacity usually leads to economic

Adevelopment.

Bstability.

Cgrowth

Defficiency.

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Question 10

waec 2024

A commodity with perfectly inelastic demand has the burden of tax borne by

Aboth the sellers and the buyers.

Bthe buyers alone.

Cthe government alone.

Dboth the buyers and the government.

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Question 11

waec 2024

Expansionary fiscal policy implies

Adecreasing bank loans.

Braising tax rates.

Cincreasing the bank rate.

Ddecreasing tax rates.

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Question 12

waec 2024

Money supply will increase when the Central Bank

Abuys securities from the public.

Bincreases the reserve requirements.

Cincreases the bank rate.

Dsells securities to the public.

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Question 13

waec 2024

Capital market operators deal in the

Asupply of and demand for short term loans only.

Bsupply of and demand for long term loans for investment.

Csales and purchases of treasury bills.

Dsales and purchases of capital equipment.

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Question 14

waec 2024

Supply of money is best defined as the

Amoney in circulation plus bank deposits.

Bmoney given out as loans to members of the public.

Camount of currency printed annually by the government.

Damount of money spent on consumer goods

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Question 15

waec 2024

The function of money that enables credit purchases of goods and services is

Aunit of account.

Bstore of value

Cstandard for deferred payment.

DD. relative scarcity.

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Question 16

waec 2024

One effect of inflation is that

Amoney's purchasing power will increase.

Bthe real incomes of workers will rise.

Cboth borrowers and lenders benefit from it.

Dmoney's purchasing power will fall.

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Question 17

waec 2024

Use the table below to answer this question.

Gross National Product	$400m
Depreciation	$100m
Total Population	25m

The value of per capita income is

A$20.

B$12.

C$16.

D$4.

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Question 18

waec 2024

Use the table below to answer this question.

Gross National Product	$400m
Depreciation	$100m
Total Population	25m

The value of Net National Product is

A$100 m

B$275 m

C$300 m

D$500m

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Question 19

waec 2024

National income estimates will be understated as a result of the activities of

Asubsistence farmers.

Bmusicians.

Claundry women.

Dhousekeepers.

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Question 20

waec 2024

An advantage a small firm has over a large firm is that the former can better

Aenjoy financial economics of scale

Bsatisfy individual tastes.

Cenjoy internal economics of scale.

Dattract huge discounts on inputs.

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