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 91: The national income of a country indicates that the gross domestic production was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents? Options:
  A) debt repayment
  B) investments abroad
  C) net income from abroad
  D) capital consumption
  Show Answer
  The correct answer is C .
• Question 92:

  Which of these is not usually the function of a wholesaler?

  Options:
  A) Branding
  B) Storage
  C) Transport
  D) Advertising
  Show Answer
  The correct answer is A .
• Question 93:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 94: Tariff on imports are meant to? Options:
  A) prevent a foreign goods
  B) discourage exports
  C) encourage exports
  D) increase the level of external dependency
  Show Answer
  The correct answer is A .
• Question 95: Economic growth is the Options:
  A) growth in a nation’s life expectancy
  B) increase in a nation’s population
  C) rate of increase in aggregate demand in a country
  D) rate of increase in a country’s full employment and real output
  E) rate of increase
  Show Answer
  The correct answer is C .
• Question 96: A shift in the production possibility frontier could result from? Options:
  A) unemployment
  B) changes in the combination of goods produced
  C) inflation
  D) changes in production techniques
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  The correct answer is D .
• Question 97: Price mechanism determines the prices of commodities through Options:
  A) auctioning
  B) market forces
  C) the sales of treasury bills
  D) government legislation
  Show Answer
  The correct answer is B .
• Question 98:

  

  If the curve above shows the relationship between the price of commodity X and the quantity demanded of commodity Y then X and Y are

  Options:
  A) complementary goods
  B) substitutes
  C) inferior goods
  D) luxury goods
  Show Answer
  The correct answer is B .
• Question 99: In a given set of data, if the variance is 25, what is the standard deviation? Options:
  A) 45
  B) 5
  C) 55
  D) 10
  E) 12
  Show Answer
  The correct answer is B .
• Question 100: When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are? Options:
  A) zero and decreasing
  B) decreasing and zero
  C) negative and decreasing
  D) both at their maximum
  Show Answer
  The correct answer is A .