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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.

90 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

90 questions

Question 1 of 20 90 total questions

Question 1

waec 2021

Abundant natural resources do not contribute to economic growth in developing countries because of_________

Ahigh rate of inflation

Burban congestion.

Cover-reliance on multiple commodities.

Dmismanagement and corruption.

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Question 2

waec 2021

Examples of land that are non-renewable include___________

Amarshy and water-logged land.

Bfarmland already used tor many years.

Csome natural resources such as natural gas.

Doxygen and carbon dioxide in the atmosphere

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Question 3

waec 2021

Balance of payments and trade problems that arose after the world wars were resolved by the____________

AInternational Bank tor Reconstruction and Development.

BInternational Monetary Fund.

CAfrican Development Bank.

DOrganization of Petroleum Exporting Countries.

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Question 4

waec 2021

A customs union is an economic grouping which has___________

Afree movement of factors of production

Bcommon tariffs against non-Members.

Ccommon currency for trading

Dcommon military defence

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Question 5

waec 2021

A country may be able to earn more from exports if she_____________

Aincrease her export duty

Bdevalues her currency

Cincreases her import duty

Dallows her currency to appreciate

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Question 6

waec 2021

If a country imposes a barrier on trade, the resultant effect will be _________

Aa halt in buying and selling

Bhigh quality goods from local industries

Can increase in the demand for locally produced goods

Dshutdown of infant industries

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Question 7

waec 2021

If a country's import bill is high, she can encourage exports by___________

AAllowing her currency to depreciate

BAllowing her currency to appreciate

CLiberalizing importation

DIncreasing taxes on all locally produced goods

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Question 8

waec 2021

Records of a country's invisible trade are recorded in her_____________-

ATrade account.

BCapital account.

CCurrent account

DFinancial account.

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Question 9

waec 2021

A measure that can be adopted to correct a country 's balance of payments deficit is ____________

AAllow the currency to appreciate to encourage imports.

BAllow the currency to depreciate to encourage imports

CAdopt import substitution strategy

DRestrict trade with all countries

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Question 10

waec 2021

A floating exchange rate means that the exchange rate is fixed by the __________

ACentral bank of the country

BForces of demand and supply

CInternational monetary fund (IMF)

DMinistry of Finance

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Question 11

waec 2021

People who dispose of their assets are expected to pay ______________

Avalue added tax

Bcapital gains tax

Cexpenditure tax

Dsales tax

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Question 12

waec 2021

In order to enable the government of a country to increase its tax revenue, it will be advisable for it to increase taxes on_______

ATextile materials with elastic demand

BAlcoholic beverages with inelastic demand

CAgricultural products with inelastic supply

DLuxury goods with elastic supply

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Question 13

waec 2021

When a government cuts down her expenditure to reduce inflation, she has embarked on___________

AA restrictive Fiscal policy.

BAn expansionary monetary policy.

CPhysical policy.

DImplementing budget deficit

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Question 14

waec 2021

An increase in cash ratio by the central bank will_______

AIncrease the supply of money.

BIncrease banks lending

CEncourage borrowing.

DReduce the supply of money.

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Question 15

waec 2021

Demand-pull inflation can be as a result of___________

Aincrease in the cost of production.

Bexcessive supply of foodstuff

Cdeficit financing by the government.

Dincrease in import duties.

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Question 16

waec 2021

Functions of money does not include_______

Astore of value.

Bmedium of exchange

Cstandard of deferred payment.

Dgeneral acceptability.

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Question 17

waec 2021

Government can curb inflation by_________

Aencouraging banks to lend for any purpose.

Bincreasing her own expenditure.

Cbuying treasury bills in the open market.

Dselling securities in the open market

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Question 18

waec 2021

The standard of living in two countries can be compared using the___________

Anumber of industries in each country

Bsize of their arms and ammunition

Csize of their national incomes only

Dgross national product per head

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Question 19

waec 2021

Use this data below to answer the question

The following data relates to the national income of a country.
Gross domestic product = $2800
Net factor income from abroad = $250
Depreciation = $700
Indirect taxes = $120

What is the country's Net National Product (NNP) at factor cost?

A$3.050

B$2,680

C$2,230

D$2.220

View Explanation & Discuss

Question 20

waec 2021

Use this data below to answer the question

The following data relates to the national income of a country.
Gross domestic product = $2800
Net factor income from abroad = $250
Depreciation = $700
Indirect taxes = $120

What is the country's Gross National (GNP)?

A$ 3.050

B$ 2.680

C$ 2,350

D$2,100

View Explanation & Discuss

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