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 1051: A change in supply is best described as a? Options:
  A) movement along the supply curve
  B) shift of the supply curve to the left or to the right
  C) shift of the supply curve to the left
  D) shift of the supply curve to the left
  Show Answer
  The correct answer is B .
• Question 1052: opportunity cost is the Options:
  A) price of scarce goods
  B) resources required for making a commodity
  C) cost of luxury goods
  D) accrual of financial loses by chance
  E) althernative forgone in other to satisfy a want
  Show Answer
  The correct answer is E .
• Question 1053: Which of the following is likely to reduce a surplus in the balance of payments of a country? Options:
  A) Devaluation
  B) Increased tariff on imports
  C) Export promotion
  D) Currency appreciation
  Show Answer
  The correct answer is D .
• Question 1054:

  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 1055:

  Which of these is not a cause of high population growth in Nigeria?

  Options:
  A) Improved hygiene
  B) Reduction in death rate
  C) Family planning unit of Nigeria
  D) Increased birth rate
  Show Answer
  The correct answer is C .
• Question 1056: Which of the following financial assets consist the lowest rate of interest in Nigeria? Options:
  A) commercial bills
  B) call money
  C) treasury bills
  D) development loan stocks
  E) deposits with the federal savings bank
  Show Answer
  The correct answer is D .
• Question 1057: Capital consumption allowance refers to? Options:
  A) personal consumption expenditure
  B) indirect business taxes
  C) depreciation of capital equipment
  D) expenditure on capital equipment
  Show Answer
  The correct answer is C .
• Question 1058: The European Union was formed to Options:
  A) promote free trade within member nations
  B) promote economic integration in non-member countries
  C) assist countries to achieve their economic goals
  D) finance development projects in member nations
  Show Answer
  The correct answer is A .
• Question 1059:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1060: If monopoly is attempting to maximize profit which of the following should it attempt to do? Options:
  A) Select that output at which ATC is at minimum
  B) Set price equal to TC
  C) Maximize profit per unit
  D) Maximize revenue
  E) Equate marginal cost to marginal revnue
  Show Answer
  The correct answer is E .