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: The main objective of the Economic Community of West African State is to? Options:
  A) estabilish a West African Development Bank
  B) create a West African army
  C) introduce a common currency for the sub-region
  D) promote the free movement of persons, goods and services within the sub-region
  Show Answer
  The correct answer is D .
• Question 1112: 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 1113: Which of the following is inflationary? Options:
  A) An increase in taxation
  B) An increase in savings
  C) A decrease in money supply
  D) An increase in government expenditure
  Show Answer
  The correct answer is D .
• Question 1114: Two goods, X and Y, are said to be complementary when? Options:
  A) A fall in the price of X raises the demand for Y
  B) A fall in the price of X causes a fall in the demand for Y
  C) A fall in the price of X does not affect the demand for Y
  D) A rise in the price of X does not affect the demand for Y
  E) The two goods are competitive.
  Show Answer
  The correct answer is A .
• Question 1115: The primary objective of the NDIC is to? Options:
  A) give protection to the CBN against fraud
  B) provide regulations guiding the finance houses
  C) give protection against fraud
  D) give protection to bank depositors
  Show Answer
  The correct answer is D .
• Question 1116: Which of the following can be deduced from the law of variable proportions when total output is rising? Options:
  A) MP is greater than AP
  B) MP is less than AP
  C) MP is equal to AP
  D) MP is equal to zero
  Show Answer
  The correct answer is A .
• Question 1117: Occupational distribution of population determines the Options:
  A) size of a population available and willing to work
  B) population density of a place
  C) dependency ratio of a country
  D) size and categories of the labour force
  Show Answer
  The correct answer is D .
• Question 1118:

  Marginal cost is?

  Options:
  A) the lowest cost of producing goods
  B) the cost of production of the most efficient firm in an industry
  C) the cost of production of the most inefficient firm in an industry
  D) the cost of production of the last or extra unit of goods produced by a firm
  Show Answer
  The correct answer is D .
• Question 1119:

  An electrical engineer who is teaching physics in a secondary school is said to be

  Options:
  A) under-employed
  B) unemployed
  C) fully employed
  D) technologically unemployed
  Show Answer
  The correct answer is A .
• Question 1120: A rise in income will, ceteris paribus, bring about Options:
  A) a movement along the demand curve
  B) a leftward shift of the demand curve
  C) a rightward shift of the demand curve
  D) no effect on the demand curve
  Show Answer
  The correct answer is B .