Economics Past Question

Economics Past Question – These past question and Answer is available in this post right now. We are always dedicated to bringing you quality and up-to-date Economics Past Questions exam questions and answers to help you prepare for any exams that concern economics as a course or subject. So, if you are currently preparing to write any exams, WAEC, NECO, NAPTEB, Jamb, or GCE, the answer is here. This is where to download their past questions and answers.

You can download and print it. You can also read it on your phone or computer anytime and anywhere. One of the ways out of this is to have a copy of the College of Health Tech Past Questions and Answers Pdf which will help you to achieve the dream of scoring very high so you can be successfully admitted into school.

Why You Need Economics Past Question

Spending time practicing old essay questions and using these questions to guide essay plans will also help you in developing your answer thus resulting in better marks. Practicing definitions and short answer exam questions will speed up the time required in this area where fewer marks are allocated so that more time can be spent on the essay style questions which allocate more marks.

If you have not used past exam papers before, I hope you can now see the value in using them during revision and exam preparation. Practicing past exam papers helps to fine-tune key exam techniques and to refresh understanding of key phrases or terminology.

It also helps in terms of time management so that vital time is not wasted on short answer questions that allocate only a few marks.

Economics Past Question Patterned

The Economics past question pdf comes in three (3) forms. there is a multiple-choice question pattern which is the objectives, the theory part also known as the essay and there is no practical aspect of the exams.

We have made it very easy for you. we bring all the questions for many years and put them together but we indicate the specific years of their occurrence. We provide the correct answers to save you time. All you need to do is devote quality time to studying these economics past questions pdf and watch yourself change the narrative by scoring better than you expected in the examination.

Economics Past Question Sample

1. Scarcity in economics mean?

1. A) human wants are limitless
2. B) the economy has very few resources

C ) the economy can scarcely produce anything

D) resources are limited about wants

Correct Option: D

Solution

Scarcity refers to the basic economic problem, the gap between limited – that is, scarce resources and theoretically limitless wants.

Any resource that has a non-zero cost to consume is scarce to some degree, but what matters in practice is relative scarcity.

Via: Investopedia Economics Past Questions PDF

2. Economics is often described as a social science because?

1.  A ) laboratory experiments are performed

2. B) It makes use of controlled experiments

3. C) It uses scientific methods to explain an observed phenomenon and predict future events

4. D) It makes use of fieldwork

Correct Option: C

Solution

Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behavior of individuals, groups, and organizations.

Economics attempts to explain economic behavior, which arises when scarce resources are exchanged.

3. Which of the following is an example of an invisible item on the balance of payments account

1. A) shipping and aviation
2. B) exports and imports
3. C) merchandise
4. D) Bullion

Correct Option: A

Solution

Invisible balance of payments refers to services or products that do not result in the transfer of physical objects.

Examples of invisible balance are tourism, consulting services, and shipping services

4. A major factor affecting the value of money is the?

1. A) price level
2. B) banking habits
3. C) transaction motive
4. D) divisible nature of money

Correct Option: A

Solution

Price level is a major factor because a rise or decline in the prices of goods and services has a direct effect on the value of money.

5. The Nigerian bank for commerce and industry is?

1. A) a commercial bank
2. B) a development bank
3. C) an industrial bank
4. D) a merchant bank

Correct Option: B

7 Tips to Prepare for Economics Exams

1. Don’t make reading your hobby: A lot of people put reading as a hobby in their CV, they might be right because they have finished schooling. But “You” are still schooling, so reading should be a top priority, not a hobby. Read far and wide to enhance your level of aptitude
2. Get Exams Preparation Materials: These involve textbooks, dictionaries, Babcock University Post UTME Past Questions and Answers, mock questions, and others. These materials will enhance your mastery of the scope of the exams you are expecting.
3. Attend Extramural Classes: Register and attend extramural classes at your location. This class will help you refresh your memory and boost your classroom understanding and discoveries of new knowledge.
4. Sleep when you feel like: When you are preparing for any exams, sleeping is very important because it helps in the consolidation of memory. Caution: Only sleep when you feel like it and don’t oversleep.
5. Make sure you are healthy: Sickness can cause excessive feelings of tiredness and fatigue and will not allow you to concentrate on reading. If you are feeling as if you are not well, report to your parent, a nurse, or a doctor. Make sure you are well.
6. Eat when you feel like it: During the exam preparation period, you are advised not to overeat, and to avoid sleep. You need to eat little and light food whenever you feel like eating. Eat more fruits, drink milk and glucose. This will help you enhance retention.
7. Reduce your time on social media: Some people live their entire lives on Facebook, Twitter, WhatsApp, Messenger chat. This is so bad and catastrophic if you are preparing for exams. Try and reduce your time spent on social media during this time. Maybe after the exams, you can go back and sleep in it.

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We wish you good luck!