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 1081:

  Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?

  Options:
  A) N20m
  B) N380m
  C) N200m
  D) N180m
  Show Answer
  The correct answer is B .
• Question 1082:

  One benefit a country can derive from the extraction of crude oil is increase in

  Options:
  A) population
  B) employment
  C) money supply
  D) demand for imports
  Show Answer
  The correct answer is B .
• Question 1083: An economic system in which individual control the productive resources is known as Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1084: The equation MV PT is known as Options:
  A) demand and supply equation
  B) equilibrium equation
  C) equation of exchange
  D) money supply equation
  E) price index numbers
  Show Answer
  The correct answer is D .
• Question 1085: The rate at which money changes hands is known as the? Options:
  A) rate of inflation
  B) velocity of transactions
  C) velocity of money
  D) velocity of circulation
  Show Answer
  The correct answer is D .
• Question 1086: The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely? Options:
  A) competitve
  B) composite
  C) supplementary
  D) complementary
  Show Answer
  The correct answer is D .
• Question 1087: The total money values of all goods and services produced in a country during a certain period is measured by using the? Options:
  A) income method
  B) expenditure method
  C) output method
  D) factor method
  Show Answer
  The correct answer is C .
• Question 1088:

  Collectivism refers to the management of state enterprises in a?

  Options:
  A) mixed economy
  B) co-operative organizations
  C) capitalist economic system
  D) socialist economy
  Show Answer
  The correct answer is D .
• Question 1089:

  Consider the diagram below which shows a demand curve (d).

  Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by___________

  Options:
  A) The area VWX
  B) The area XTUV
  C) $\frac{XW}{XT}$
  D) $\frac{TU}{UV}$
  Show Answer
  The correct answer is A .
• Question 1090: A deficit budget can be used to? Options:
  A) stimulate recovery from a trade depression
  B) protect the economy from inflation
  C) starve the economic of funds for economic development
  D) provide measures to remedy the balance of payments
  Show Answer
  The correct answer is B .