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:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 2: Infant industries denote industries which? Options:
  A) are introducing new products
  B) are too young to compete in the world market
  C) produce baby food and mother care products
  D) are allowed time enough to mature for recognition
  Show Answer
  The correct answer is B .
• Question 3: Which of the following institutions does not operate in the money market? Options:
  A) central bank
  B) mortgage banks
  C) money deposit banks
  D) insurance companies
  Show Answer
  The correct answer is B .
• Question 4:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 5: Which of the following is NOT an advantage of localization of industries? Options:
  A) Reaping of external economies
  B) Development of a pool or skilled labour for industry
  C) Development of subsidiary industries
  D) Development of organized markets
  E) Growth of conurbations
  Show Answer
  The correct answer is E .
• Question 6: A greater burden of the taxes on essential goods is borne by the? Options:
  A) middle income group
  B) higher income group
  C) lower income group
  D) people falling between the middle and higher income groups
  E) top few richest people of the country
  Show Answer
  The correct answer is C .
• Question 7:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 8: A demand curve slopes downwards because of ? Options:
  A) an increase inthe money income of the consumer
  B) a decrease inthe money income of the consumer
  C) the substitution effect and the rise in real income of the consumer
  D) the rise in demand for the complementary goods
  E) the increase in the demand for factors and production
  Show Answer
  The correct answer is C .
• Question 9: The precautionary demand for money is determined by Options:
  A) the rate of interest
  B) the level of savings
  C) the level of income
  D) general price level
  Show Answer
  The correct answer is A .
• Question 10:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .