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: The following measures used to check deflation EXCEPT Options:
  A) deficit financing
  B) improving distribution system
  C) increasing wages and salaries
  D) raising the bank rate
  E) reducing taxation
  Show Answer
  The correct answer is D .
• Question 1092: One of the major criticisms of the 1992-1968 National development Plan was that? Options:
  A) it failed to incorporate lessons gained from earlier plans to enhance its efficiency
  B) it came too quickly after the country's indepedence
  C) planned expenditure was based too heavily on expected earnings from crude oil
  D) its execution was based largely on foreign sourced financial resources
  Show Answer
  The correct answer is D .
• Question 1093: The logical sequence of basic concepts in economics is Options:
  A) Wants, scarcity, choice and opportunity cost
  B) Wants , choice, scarcity and opportunity cost
  C) Scarcity, wants , choice and scale of perference
  D) Scarcity, choice ,scale of preference and opportunity cost.
  Show Answer
  The correct answer is A .
• Question 1094:

  

  The diagram above shows the shifts in both demand supply curves. What is the new equilibrium point after the shifts?

  Options:
  A) E₃
  B) E₁
  C) E₄
  D) E₂
  Show Answer
  The correct answer is D .
• Question 1095: The short-run average variable cost of a firm will rise owing to Options:
  A) the expansion of factory space
  B) the building of new warehouse
  C) an increase in the cost of labour
  D) an increase in the salaries of directors
  Show Answer
  The correct answer is C .
• Question 1096: The shares that must be redeemed first at liquidation of a company are? Options:
  A) preference shares
  B) non-voting ordinary shares
  C) ordinary shares
  D) debentures
  Show Answer
  The correct answer is A .
• Question 1097: A change in demand for a normal goods implies that, there is a Options:
  A) change in the quantity demanded as price changes
  B) shift in the demand curve
  C) movement along a given demand curve
  D) change in the price elasticity of demand
  Show Answer
  The correct answer is D .
• Question 1098: The GDP of Nigeria will be greater than her GNP if? Options:
  A) the value of goods and services to Nigeria is greater than the value of those from Nigeria
  B) consumption is greater than investment
  C) government expenditures are greater than the foreign aid received
  D) the value of goods and services produced by Nigeria businesses abroad is greater than that of foreign businesses in Nigeria
  Show Answer
  The correct answer is D .
• Question 1099:

  

  In the diagram, (I) refers to the calculation of national income through the

  Options:
  A) Expenditure approach
  B) Input - Output approach
  C) Flows of funds approach
  D) Income approach
  E) Output approach
  Show Answer
  The correct answer is D .
• Question 1100:

  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 .