Economics Exam Past Questions and Answers | JAMB, WAEC and NECO

Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.

• Question 1:

  The investment expenditure of an economy changes by N 2 million and MPC is 0.75

  What is the change in income?

  Options:
  A) N0.5m
  B) N1.5m
  C) N2.6m
  D) N8.0m
  Show Answer
  The correct answer is D .
• Question 2:

  A major function of the retailer is to

  Options:
  A) grant credit to the wholesaler
  B) break bulk and sell products in small units
  C) reduce cost of distribution
  D) generate demand for products through advertisement
  Show Answer
  The correct answer is B .
• Question 3: The choice of what to produce in a command economy is determined by Options:
  A) industrial establishments
  B) labour unions
  C) the government and labour unions
  D) the central government
  Show Answer
  The correct answer is D .
• Question 4: A deficit budget can be used to? Options:
  A) stimulate recovery from a trade depression
  B) protect the economy from inflation
  C) starve the economic of funds for economic development
  D) provide measures to remedy the balance of payments
  Show Answer
  The correct answer is B .
• Question 5: The movement of people from rural to urban areas affects the Options:
  A) occupational distribution of population
  B) sex distribution of population
  C) geographical distribution of population
  D) age distribution of population
  Show Answer
  The correct answer is C .
• Question 6: Import duties will increase total expenditure on imports if the demand for imports is? Options:
  A) elastic
  B) inelastic
  C) infinitely elastic
  D) derived
  Show Answer
  The correct answer is B .
• Question 7: In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of? Options:
  A) lack of an effective agricultural policy
  B) employment opportunities in the oil sector
  C) rural-urban drift
  D) low prices of agricultural products
  Show Answer
  The correct answer is C .
• Question 8: If 100 units and units of commodity X are supplied at N80 at different times, it means that there is Options:
  A) a change in supply
  B) a change in the quantity supplied
  C) an increase in the quantity supplied
  D) a increase in the quantity supplied
  Show Answer
  The correct answer is B .
• Question 9:

  

  A movement from M to T implies that there has been

  Options:
  A) A decrease in supply
  B) An increase in demand
  C) A decrease in price
  D) An increase in price
  Show Answer
  The correct answer is D .
• Question 10: Which of the following is an indicator of economic growth? Options:
  A) High tax rate
  B) Technology development
  C) High gross domestic product
  D) High interest rate
  Show Answer
  The correct answer is B .