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 1061: If a country has a balance of payments surplus on current account, this meansthat? Options:
  A) total invisible export is greater than invisible import
  B) the value of goods exported must be greater than the value of goods imported
  C) there must be a positive balance of capital account
  D) the aggregate of the balance of trade and the invisible balance must be positive
  Show Answer
  The correct answer is D .
• Question 1062: Economic development is distinguishable from economic growth because the former? Options:
  A) is not concerned with growth parameters
  B) affects only the poor people
  C) also includes an efficient distribution of economic growth
  D) is an increase in the production of goods and services
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  The correct answer is C .
• Question 1063: The invisible hand promotes the interests of Options:
  A) consumers
  B) society
  C) government
  D) producers
  Show Answer
  The correct answer is C .
• Question 1064: The expression ‘terms of trade’ is used to describe Options:
  A) Quality of export
  B) The direction of foreign trade
  C) Terms of purchase on deferred payment basis
  D) The rate at which export exchange for imports
  E) Import licensing
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  The correct answer is D .
• Question 1065: Isocost and isoquant can be attributed to Options:
  A) Theory of consumer behaviour
  B) Theory of cost
  C) Theory of production
  D) Theory of value
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  The correct answer is C .
• Question 1066: A firm will experience diseconomies of scale when Options:
  A) there are difficulties in coordinating production
  B) there is shortage in labour supply
  C) the size of market is small
  D) there is an increase in the price of raw materials
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  The correct answer is A .
• Question 1067: A decrease in aggregate spending in an economy will ultimately lead to Options:
  A) boom
  B) inflation
  C) deflation
  D) recession
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  The correct answer is C .
• Question 1068: The effect of the demand for product A caused by a change in the price of a product B is called? Options:
  A) cross-elasticity of demand
  B) elasticity of supply
  C) competitive demand
  D) composite demand
  E) joint demand
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  The correct answer is A .
• Question 1069: Function of commercial banks do NOT include? Options:
  A) lending with interest charges
  B) carrying out transactions on behalf of customers
  C) expansion of money supply
  D) keeping of security document s for customers
  E) printing of currency
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  The correct answer is E .
• Question 1070: When the marginal utility of a commodity is zero the total utility is Options:
  A) at its minimum
  B) upward-sloping
  C) downward-sloping
  D) at its maximum
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  The correct answer is D .