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 1111:

  Economic growth is different from economic development because economic growth

  Options:
  A) describes expansion and changes
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 1112:

  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 1113:

  A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

  Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
  Show Answer
  The correct answer is A .
• Question 1114: GDP differs from GNP because GDP Options:
  A) is inclusive of depreciation
  B) emphasizes the final goods and service produced within the country at a particular period
  C) emphasizes the goods and services within the country
  D) emphasizes the market value of all final goods and services produced by nationals
  Show Answer
  The correct answer is B .
• Question 1115:

  

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

  Options:
  A) Income approach
  B) Government earnings approach
  C) Expenditure approach
  D) Output approach
  E) Flow of funds approach
  Show Answer
  The correct answer is C .
• Question 1116:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1117:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 1118: The decision of whether to use labour or capital intensive techniques in production process is a problem of Options:
  A) for whom to produce
  B) how to produce
  C) resource allocation
  D) what to produce
  E) when to produce
  Show Answer
  The correct answer is B .
• Question 1119: If the price Index of export is 140% and import is 200%, what is Options:
  A) 60
  B) 70
  C) 100
  D) 140
  E) 280
  Show Answer
  The correct answer is B .
• Question 1120:

  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 .