Past Questions on Economics

English Past Question 2021

Past Questions on Economics – These past questions and Answers are available in this post right now. We are always dedicated to bringing you quality and up-to-date Past Questions on Economics 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.

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Past Questions on Economics

Why You Need Past Questions on Economics

Past questions help you understand which subject topic is the most frequently asked in the questions and the ones that are more important than others.

In doing so, you spend more time on the questions that are more important and give you more marks than others. This technique can help you if you have limited time to be time-conscious.

Past Questions on Economics Pattern

Past Questions and Answers are patterns in a multiple-choice question pattern. We have made it very easy for you. we bring all the questions for many years and put them together in the order of their occurrence. We provide the correct answers to save you time.

Sample of Past Questions on Economics

1. A tariff is a tax imposed on
  • A. Consumer goods
  • B. Domestic goods
  • C. Imported goods
  • D. Exported goods


2. The demand for a good is price inelastic if
  • A. The price elasticity is less than one
  • B. The price elasticity is one
  • C. The price elasticity is negative
  • D. The price elasticity is greater than one


3. Which of the following is an example of a free good?
  • A. Free education
  • B. Water in the ocean
  • C. Dinner you did not pay for
  • D. Your rented apartment


4. The marginal propensity to consume is
  • A. Options A, B, and C
  • B. ΔC/ΔY
  • C. The slope of the consumption function
  • D. Coefficient c in the equation C = C + cYd


5. The short run can be defined as the period during which
  • A. All inputs are fixed
  • B. At least one of the firm’s input is fixed
  • C. At least two inputs are fixed
  • D. All inputs are variable


6. The “velocity” of money is
  • A. The real money supply divided by the real GDP
  • B. The money supply multiplied by the price level
  • C. The money supply divided by the price level
  • D. The ratio of real GDP to the real money supply


7. The part of income after tax that is not consumed is defined as
  • A. Wages and salaries
  • B. Saving
  • C. Capital investment
  • D. Nondurable goods expenditure


8. An industry is
  • A. A group of firms producing differentiated products
  • B. A group of firms producing distinct commodities
  • C. A group of firms producing related goods
  • D. A group of firms producing unrelated goods


9. The type of unemployment that occurs when an individual cannot find a job as a result of obsolete skills is
  • A. Structural unemployment
  • B. Cyclical unemployment
  • C. Seasonal unemployment
  • D. Frictional unemployment


10. The theory of …………… was propounded by ………………
  • A. Comparative advantage; Mercantilists
  • B. Absolute advantage; Adam Smith
  • C. Comparative advantage; Adam Smith
  • D. Absolute advantage; David Ricardo


11. If a business’ total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn
  • A. A normal profit of N750,000
  • B. An economic profit of N750,000
  • C. A normal profit of N1,750,000
  • D. An economic profit of N250,000


12. One major problem facing West African countries is
  • A. Relations with Colonial Masters
  • B. Joint Military operations in Member States
  • C. Political integration
  • D. Financial crunch of Member States


13. The development of an economic hypothesis through intuition, insight, or logic is associated with
  • A. Deduction
  • B. Policy economics
  • C. Normative economics
  • D. Induction


14. A major factor contributing to productivity is
  • A. Immigration of young workers
  • B. The labour force
  • C. The baby boom of generation
  • D. The rate of GDP per year


15. ………….is presently used in Nigeria to measure inflation
  • A. GNP implicit price deflator
  • B. Consumer price index
  • C. Wholesale price index
  • D. Real Gross Domestic Product


16. The fundamental problem of economics is
  • A. Finding striking determinants between the forces of supply and demand
  • B. The scarcity of productive resources relative to society’s unlimited wants
  • C. The establishment of a political framework to determine the what, how, and for whom of production
  • D. To establish an equitable distribution of income



The diagram above represents

  • A. perfect competition
  • B. monopoly
  • C. demand curve
  • D. Competitive market



What is the lowest price the monopolist can charge

  • A. P2
  • B. P1
  • C. P3
  • D. P4



The maximum price is

  • A. P1
  • B. P2
  • C. P3
  • D. P4


20. Real cost is
  • A. Alternative commodities forgone
  • B. Amount of money spent on goods and services
  • C. Cost of goods and services
  • D. True cost


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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 and 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.

If you like these tips, consider sharing them with your friends and relatives. Do you have a question or comments? Put it on the comment form below. We will be pleased to hear from you and help you score as high as

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