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: These are the objectives of industrial strategies in Nigeria EXCEPT Options:
  A) industrial financing
  B) maximization of local value added
  C) promotion of export oriented industries
  D) promotion of import oriented industries
  E) provision of economic and social infrastructures
  Show Answer
  The correct answer is B .
• Question 2:

  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 3: One main quality of a good is that it Options:
  A) is sold in the market
  B) satisfies wants
  C) is made in the factory
  D) is always tangible
  E) is non-perishable
  Show Answer
  The correct answer is B .
• Question 4:

  The method obtained by adding all the reward of factors of production in national income is________

  Options:
  A) income approach
  B) expenditure approach
  C) value added method
  D) output approach
  Show Answer
  The correct answer is A .
• Question 5: unlimited liability means? Options:
  A) The government can tax a company without limit
  B) The debts of a company must be paid out of it assets
  C) A company ceases to exist at the death of one of its owners
  D) A firm must pay its debts from business as well as private funds
  E) None of the above
  Show Answer
  The correct answer is D .
• Question 6:

  

  In the table, the marginal cost when output is two, units is

  Options:
  A) 16.00
  B) 20.00
  C) 36.00
  D) 40.00
  E) 48.00
  Show Answer
  The correct answer is C .
• Question 7:

  

  The shaded triangle in the diagram above is known as

  Options:
  A) excess supply
  B) consumer surplus
  C) excess consumption
  D) producer surplus
  Show Answer
  The correct answer is B .
• Question 8: Which of the following are examples of transfer payment Options:
  A) gift and donations
  B) rents and rates
  C) profit and dividends
  D) internal and external debts
  Show Answer
  The correct answer is A .
• Question 9: Which of the following source of income is spectacular only to Government ? Options:
  A) Payment from business transfer
  B) Bonuses
  C) Tax
  D) Wages
  Show Answer
  The correct answer is C .
• Question 10: Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities Options:
  A) Fairness
  B) The distribution of income and wealth
  C) Public need which is determined by the government
  D) Private needs determined by the market
  E) The ability of individual to make profit
  Show Answer
  The correct answer is C .