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:

  The most important attribute of money is?

  Options:
  A) homogeneity
  B) relative scarcity
  C) divisibility
  D) general acceptance
  Show Answer
  The correct answer is D .
• Question 1052: An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are? Options:
  A) substitute goods
  B) complementary goods
  C) elastic goods
  D) inelastic goods
  E) inferior goods
  Show Answer
  The correct answer is A .
• Question 1053: Import substitution industrialization refers to? Options:
  A) the concentration of industries for even regional development
  B) setting up of industries for even development
  C) a situation in which local industries are set up to produce goods formerly imported
  D) the banning of imports which are subtitutes for domestically produce goods
  Show Answer
  The correct answer is C .
• Question 1054: In computing national income, transfers are excluded because Options:
  A) they are received only by the poor
  B) the figures reduce the size of national income
  C) it is difficult to get the exact figures
  D) they are not payments for productive activities
  Show Answer
  The correct answer is D .
• Question 1055: In the short run, the monopolistic competitors? Options:
  A) always makes profit
  B) always incurs a loss
  C) always breaks -even
  D) may close down
  Show Answer
  The correct answer is A .
• Question 1056: The purpose of import duties does NOT include the? Options:
  A) generation of revenue for government
  B) protection of domestic industries
  C) promotion of international trade
  D) conservation of foreign exchange earnings
  E) control of comsuption pattern
  Show Answer
  The correct answer is C .
• Question 1057: If CBN reduces money supply, the interest rate will Options:
  A) fluctuate
  B) rise
  C) fall
  D) remain unchanged
  Show Answer
  The correct answer is B .
• Question 1058: If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving Options:
  A) rent
  B) profit
  C) interest
  D) surtax income
  Show Answer
  The correct answer is D .
• Question 1059:

  A country's budget allocation to various sectors of the economy is shown in the pie chart.

  If the budget of the country was $7,200.00, how much is allocated to education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 1060: The logical sequence of basic concepts in economics is Options:
  A) Wants, scarcity, choice and opportunity cost
  B) Wants , choice, scarcity and opportunity cost
  C) Scarcity, wants , choice and scale of perference
  D) Scarcity, choice ,scale of preference and opportunity cost.
  Show Answer
  The correct answer is A .