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 1071:

  A group formed to enable members adopt a common policy in labour negotiation is known as?

  Options:
  A) Employer’s association
  B) Craft Union
  C) Trade union
  D) Employee’s union
  Show Answer
  The correct answer is A .
• Question 1072: Which of the following is an external economy derived by a firm? Options:
  A) Low cost opportunities enjoyed by being in a place where other producers concentrate
  B) Technical economics enjoyed by varying the factors of production
  C) Economics of management by putting administrators where the are most efficient
  D) marketing advantages attained through preferential treatment in the purchase and distribution of produce
  Show Answer
  The correct answer is A .
• Question 1073:

  When of the following matters may account for changes in supply?

   

  I - technological advances in an industry

  II - changes in labour costs

  III - changes in source of supply

  IV - changes in levels of taxation

  Options:
  A) I, II
  B) I, III
  C) II, III, IV
  D) I, II, III, IV
  Show Answer
  The correct answer is D .
• Question 1074: The following are Methods of measuring National Income of a country EXCEPT; ? Options:
  A) Expenditure method
  B) Consumption method
  C) Input Method
  D) Output method
  Show Answer
  The correct answer is B .
• Question 1075: Restriction on credit creation by commercial banks can be effected through? Options:
  A) an overdraft
  B) loans and advances
  C) demand deposits
  D) liquidity ratio
  Show Answer
  The correct answer is D .
• Question 1076:

  Use the information below to answer questions.

  When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.Determined the cross elasticity of demand?

  Options:
  A) 1.7
  B) 0.6
  C) -0.6
  D) -1.7
  Show Answer
  The correct answer is A .
• Question 1077:

  The most reliable and acceptable index of economic growth is the__________

  Options:
  A) Wholesale Price Index
  B) Consumer Price Index
  C) National Income
  D) Retailer's Price Index
  Show Answer
  The correct answer is C .
• Question 1078:

  The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as?

  Options:
  A) Revenue generation
  B) Economic development
  C) Fiscal Policy
  D) Taxation
  Show Answer
  The correct answer is C .
• Question 1079:

  Taxes and government expenditures are instruments of____________

   

   

  Options:
  A) Monetary policy
  B) Tax policy
  C) Economic policy
  D) Fiscal policy
  Show Answer
  The correct answer is D .
• Question 1080:

  In order to increase revenue, government should tax commodities for which demand is

  Options:
  A) perfectly price inelastic
  B) price inelastic
  C) price elastic
  D) unitary elastic
  Show Answer
  The correct answer is B .