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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.

141 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

141 questions

Question 1 of 20 141 total questions

Question 1

waec 2022

An increase in the price of commodity X led to a fall in the supply of commodity Y. Commodities X and Y are

Acompetitive goods

Bcomposite goods

Cjointly supplied

Dderived goods

View Explanation & Discuss

Question 2

waec 2022

The supply curve of a locally-produced good may shift to the right if

Athere is an increase in taxes on inputs

Bgovernment increases subsidies

Crural-urban migration is encouraged

Dthe price of the commodity increases

View Explanation & Discuss

Question 3

waec 2022

The demand curve for goods of ostentation is usually

Anegatively sloped

Bpositively sloped

Cvertical

Dhorizontal

View Explanation & Discuss

Question 4

waec 2022

The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

Ain complementary demand

Bof the same quality

Cin composite demand

Din competitive demand

View Explanation & Discuss

Question 5

waec 2022

The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

A$ 90.00

B$ 180.00

C$ 324.00

D$ 350.00

View Explanation & Discuss

Question 6

waec 2022

A major disadvantage of a capitalist economy is that it

Aleads to low production of goods and services

Brequires large number of officials to operate

Cconsiders individual consumers' satisfaction

Dworsens income inequality among the citizens

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Question 7

waec 2022

A major characteristic of natural resources is that they

Aare unlimited in supply

Bhave high cost of production

Care free gifts of nature

Ddo not command any price

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Question 8

waec 2022

There is unemployment of resources when production is

Awithin the production possibility curve

Boutside the production possibility curve

Calong the production possibility curve

Dadequate to meet market demand

View Explanation & Discuss

Question 9

waec 2022

If petrol is no longer needed to produce energy, then demand for crude oil

Awill increase

Bwill remain constant

Cmay be limited to chemical industries

Dwill make producing countries richer

View Explanation & Discuss

Question 10

waec 2022

The main function of the African Development Bank (AFDB) is to

Apromote free trade and development among members

Bprovide loans to finance balance of payment problems

Cprovide loans to members to finance viable projects

Dhelp members overcome their internal problems

View Explanation & Discuss

Question 11

waec 2022

A benefit that is present in all forms of economic integration is that

Afactors of production are free to move and be moved

Bcommon currency is in use

Ccommon agricultural policy is in place

Dthe size of the market is widened

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Question 12

waec 2022

Given that a country's index of export price is 180 and that of import is 200, the terms of trade is

A0.09

B2.00

C90.00

D380.00

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Question 13

waec 2022

Which of the following measures can lead to an increase in exports?

AIncrease in export duties

BIncrease in excise duties

CDepreciation of currency

DTotal ban on imports

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Question 14

waec 2022

An argument for the use of commercial policy rest on the need to

Amake imported goods affordable

Breduce domestic unemployment

Cencourage the importation of non-essential goods

Dmake a country enjoy absolute advantage in production of all goods

View Explanation & Discuss

Question 15

waec 2022

Foreign investment and long term securities in the balance of payment accounts are recorded as

Acurrent account transaction

Bcapital account transaction

Cbalance of trade account transaction

Dinvisible balance account transaction

View Explanation & Discuss

Question 16

waec 2022

Political instability hinders economic growth because it

Ascares many people from politics

Bprevent politicians from playing effective politics

Cdiscourage entrepreneurs generally

Dencourages urban-rural migration

View Explanation & Discuss

Question 17

waec 2022

Development planning focuses mainly on

Aallocation of resources by the entrepreneurs

Bmapping out strategies by the government

Cdeveloping some areas of the country by the government

Ddeciding on which types of homes to build

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Question 18

waec 2022

If demand is perfectly inelastic, a tax imposed

Ais borne only by the producer

Bis borne only by the consumer

Cwill have greater impact on the seller

Dwill have no impact on the buyer

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Question 19

waec 2022

Fiscal policy measures imply a change in

Aonly taxation to control aggregate demand

Bbank rate to infulence lending

Conly government expenditure to regulate an economy

Dgovernment revenue and expenditure to regulate an economy

View Explanation & Discuss

Question 20

waec 2022

Commercial banks are different from development banks in that the latter

Alend on short-term basis

Bpay interest on current accounts only

Care mostly joint-stock companies

Ddo not deal in foreign currencies

View Explanation & Discuss

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