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 1091: Which of the following methods is most likely to lead an economy? Options:
  A) An increase in wages and profits
  B) An increase in consumer demand
  C) A greater fraction of national Product going into investment
  D) A countinuous rise in bank loans
  Show Answer
  The correct answer is C .
• Question 1092: If goods P and Q are purchased by a consumer, a fall in the price P with the price Q unchanged will cause the budget line to Options:
  A) shift parallel inwards
  B) rotate outwards away from the origin
  C) rotate inwards towards the origin.
  D) shift parallel outwards
  Show Answer
  The correct answer is C .
• Question 1093: Government budget can be described as the sum of? Options:
  A) Indirect tax, direct tax, and loans expected within a financial year
  B) Planned recurrent expenditure and planned investment expenditure
  C) Planned capital expenditure for a development plan within a plan period
  D) Planned expenditure and expect revenue within a financial year
  E) Planned expenses of all ministries within a financial year
  Show Answer
  The correct answer is D .
• Question 1094:

  Producers operating in a free market economy are more efficient as a result of

  Options:
  A) the existence of competition
  B) the very few number of participants
  C) the commitment of the shareholders
  D) government regulation of their activities
  Show Answer
  The correct answer is A .
• Question 1095:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1096: Labour force simply means the Options:
  A) demand and supply of labour
  B) efficiency of labour
  C) job seekers
  D) unemployable population
  E) working population
  Show Answer
  The correct answer is E .
• Question 1097: The present privatization policy in Nigeria is aimed at? Options:
  A) reducing income inequality
  B) reducing the prices of goods and services
  C) poverty alleviation
  D) increasing efficiency in production
  Show Answer
  The correct answer is D .
• Question 1098:
  

  From the graph below, Point "E" shows--------------

  Options:
  A) product inefficiency
  B) product efficiency
  C) productive efficiency
  D) allocative efficiency
  Show Answer
  The correct answer is A .
• Question 1099:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1100: Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is? Options:
  A) N 1.5 m
  B) N 2.0m
  C) the house
  D) the car
  Show Answer
  The correct answer is C .