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: The disposable income of Uche increases by N10 million and her marginal propensity to consume also goes up to 0.6 how much of the additional income will she save? Options:
  A) N40,000
  B) N400,000
  C) N600,000
  D) N4,000,000
  E) N6,000,000
  Show Answer
  The correct answer is D .
• Question 1062: By advertising, a monopolistic competitive firm tries to shift its Options:
  A) supply curve to the right
  B) demand curve to the right
  C) supply curve to the left
  D) demand curve to the left
  Show Answer
  The correct answer is B .
• Question 1063: Which of the following item in the balance of payment of account is an invisible transaction? Options:
  A) Import of cars
  B) Export of cocoa
  C) Export of crude petroleum
  D) Tourism
  E) Import of building materials
  Show Answer
  The correct answer is D .
• Question 1064: Marginal cost curve intersects average cost curve ? Options:
  A) from above at its lowest point
  B) from below before the lowest point
  C) from below at its lowest point
  D) from below after the lowest point
  E) at zero point
  Show Answer
  The correct answer is C .
• Question 1065: The population theory that is concerned with the cases of over population and shortage of food production is ______ Options:
  A) population density
  B) Malthusian population theory
  C) national population theory
  D) demographical transition theory
  Show Answer
  The correct answer is B .
• Question 1066:

  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 1067: People hold money for? Options:
  A) charity
  B) safe keeping
  C) profit making
  D) speculative purposes
  Show Answer
  The correct answer is D .
• Question 1068:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 1069: Occupational distribution of population determines the Options:
  A) size of a population available and willing to work
  B) population density of a place
  C) dependency ratio of a country
  D) size and categories of the labour force
  Show Answer
  The correct answer is D .
• Question 1070:

  Economics may be defined as ________

  Options:
  A) The study of human behaviour in the allocation of scarce resources
  B) The study of money and banking
  C) The study of markets and prices
  D) The study of production and distribution
  Show Answer
  The correct answer is A .