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 1011:

  Which of the following is an invisible item?

  Options:
  A) Petroleum services
  B) Processed rice
  C) Processed milk
  D) Banking services
  Show Answer
  The correct answer is D .
• Question 1012:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1013: In a two-sector economy, income is a function of Options:
  A) consumption + investment
  B) consumption + investment + tax
  C) consumption + investment + expenditure
  D) consumption + exports + imports
  E) saving + investment
  Show Answer
  The correct answer is A .
• Question 1014:

  

  From the graph above P₂ in price control situation is referred

  Options:
  A) Minimum price
  B) Shut-down price
  C) Maximum price
  D) Mark-up price
  Show Answer
  The correct answer is A .
• Question 1015:

  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 1016: A form of business organization which is characterized by limited authority and liability of individual owners is the? Options:
  A) sole proprietorship
  B) partnership
  C) joint stock company
  D) co-operative society
  Show Answer
  The correct answer is C .
• Question 1017:

  The part of income after tax that is not consumed is defined as

  Options:
  A) Wages and salaries
  B) Saving
  C) Capital investment
  D) Nondurable goods expenditure
  Show Answer
  The correct answer is B .
• Question 1018: A government budget proposing to spend more than its expected revenue in a year will create_______? Options:
  A) Opportunity for combating inflation
  B) Depression in the economy
  C) Shortage in money supply
  D) Opportunity for full employment
  Show Answer
  The correct answer is D .
• Question 1019: An increasein liquid reserve requirements by the central bank of Nigeria will result in Options:
  A) a reduction in commercial banks' excess reserves
  B) more commercial bank loan to members of the public
  C) an increase in commercial banks excess reserves
  D) no change in commercial banks excess reserves
  E) a reduction in central banks gold reserves
  Show Answer
  The correct answer is C .
• Question 1020: Economic goods are termed scarce goods when they are? Options:
  A) not available in sufficient quantities to satisfy all wants for them
  B) not produced in sufficient quantities to satisfy the effefctive demand for them
  C) of high quality
  D) of primary importance in satisfying the needs of a society
  Show Answer
  The correct answer is A .