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 101:

  Which of the following forms of economic integration is a member nation free to impose duty against non-members

  Options:
  A) Customs union
  B) free trade area
  C) Common market
  D) Economic community
  Show Answer
  The correct answer is A .
• Question 102: If the marginal propensity to consume is 0.75 and private investment increases by N10 billion while government expenditure decreases by N15 billion, GDP will decrease by? Options:
  A) N12 billion
  B) N15 billion
  C) N20 billion
  D) N25 billion
  Show Answer
  The correct answer is D .
• Question 103: The main disadvantages of deflationary policies is Options:
  A) full employment in the country
  B) increasing cost of living
  C) improved standard of living
  D) unemployment in the country
  E) under employment in the country
  Show Answer
  The correct answer is D .
• Question 104: Invisible trade refers to trade in? Options:
  A) services
  B) goods and services
  C) tangible goods
  D) short-term and long-term capital
  E) goods that cannot be seen
  Show Answer
  The correct answer is E .
• Question 105:

  Adam Smith's Theory of value stated that the value of a commodity depended on________

  Options:
  A) The market price in a free market over a long period
  B) The over-all cost of production of the commodity
  C) The amount of labour expended on its production
  D) Its relative scarcity at any given time
  Show Answer
  The correct answer is C .
• Question 106: Which of the following is compatible with a firm in a purely competitive market? Options:
  A) demand is inelastic
  B) demand is infinitely inelastic
  C) Marginal Cost is falling
  D) Price is greater than Marginal Cost
  Show Answer
  The correct answer is B .
• Question 107: Minimum price legislation by government will Options:
  A) reduce supply
  B) increase supply
  C) reduce demand and create surplus
  D) increase demand and create scarcity
  Show Answer
  The correct answer is C .
• Question 108: The world market for crude oil refers to the Options:
  A) total supply by OPEC members
  B) total demand for and supply of crude oil
  C) excess crude oil produced in the world
  D) difference between the supply of and demand for oil
  Show Answer
  The correct answer is B .
• Question 109:

  

  The point x inside the PPC indicates

  Options:
  A) resources are fully utilized
  B) the country is poor
  C) some resources are idle
  D) resources are not available
  Show Answer
  The correct answer is C .
• Question 110: Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5. Options:
  A) 24
  B) 5
  C) 19
  D) 12
  Show Answer
  The correct answer is C .