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: If C stands for consumption expenditure, I for investment, X for exports, and M for imports, then national income is? Options:
  A) C + I + X + M
  B) C + I +X - M
  C) C + I - X + M
  D) C + I + X
  Show Answer
  The correct answer is B .
• Question 2: Which of the following is an example of derived demand? Options:
  A) Tax relief
  B) Labour
  C) Wage increase
  D) Entertainment
  Show Answer
  The correct answer is B .
• Question 3: The best method to curb inflation in Nigeria is to Options:
  A) reduce importation of commodities
  B) increase the general level of production
  C) reduce the volume ofmoney supply
  D) set up price control boards
  Show Answer
  The correct answer is B .
• Question 4: Internal economies of scale are expected to bring about? Options:
  A) an increase in short-run average cost
  B) an increase in long-run average cost
  C) a decrease in long-run average cost
  D) a decrease in short-run average cost
  Show Answer
  The correct answer is B .
• Question 5:

  Money becomes a very poor store of value in a period of _______

  Options:
  A) Harvest
  B) Deflation
  C) Recession
  D) Inflation
  Show Answer
  The correct answer is D .
• Question 6: In the normal channels of distribution the breaking of bulk is performed by the Options:
  A) producer
  B) wholesaler
  C) retailer
  D) consumer
  Show Answer
  The correct answer is B .
• Question 7: Marginal cost curve intersects average cost curve ? Options:
  A) from above at its lowest point
  B) from below before the lowest point
  C) from below at its lowest point
  D) from below after the lowest point
  E) at zero point
  Show Answer
  The correct answer is C .
• Question 8: Public expenditure on services, such as education and health, is known as expenditure on Options:
  A) general services
  B) community services
  C) social services
  D) economic services
  E) administrative services
  Show Answer
  The correct answer is C .
• Question 9: Which of the following combinations is a veritable set of development indicators? Options:
  A) Growth of governemnt expenditure and imports
  B) Growth of population and national income
  C) High fertility, literacy and school enrolment rates
  D) Low infant mortality and high per capital income and literacy rates
  Show Answer
  The correct answer is D .
• Question 10:

  One of the major criticism of the 1962 -1968 National Development Plan was that?

  Options:
  A) it failed to incorporate lessons gained from earlier plans to enhance its efficiency
  B) it came too quickly after the country's independence
  C) planned expenditure was based too heavily on expected earnings from crude oil
  D) its execution was based largely on foregn-sourced financial resources
  Show Answer
  The correct answer is A .