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 price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is Options:
  A) perfectly inelastic
  B) fairly inelastic
  C) perfectly elastic
  D) fairly elastic
  Show Answer
  The correct answer is B .
• Question 1112:

  What form of market is found in an imperfect competition where there are few buyers and many sellers

  Options:
  A) monopoly
  B) oligopoly
  C) duopoly
  D) oligopsony
  Show Answer
  The correct answer is D .
• Question 1113: Public expenditure creates expansionary effects in the economy when it is Options:
  A) in excess of government revenue
  B) channelled into capital products
  C) diverted into imports
  D) financed through part of the year's total collection of taxes
  Show Answer
  The correct answer is B .
• Question 1114: Localization of industries refers to the Options:
  A) spread of firms producing different products
  B) siting of industries near the market
  C) concentration of firms of an industry
  D) siting of firms producing different products
  Show Answer
  The correct answer is C .
• Question 1115:

  

  The curve labeled II illustrates a system of taxation

  Options:
  A) proportional tax
  B) regressive tax
  C) value added
  D) progressive tax
  Show Answer
  The correct answer is A .
• Question 1116: A balance budget is defined as a condition of? Options:
  A) balance of payments equilibrium
  B) equality of planned aggregate demand supply
  C) equality of planned receipts and planned expenditure
  D) equality of planned exports and planned imports
  Show Answer
  The correct answer is C .
• Question 1117:

  A good measure of the standard of living usually used for international comparison is_______

  Options:
  A) Per capita income (PCI)
  B) Gross national product (GND)
  C) Net national income (NNI)
  D) Gross domestic product (GDP)
  Show Answer
  The correct answer is A .
• Question 1118:

  One major criticism of foreign aid to developing countries is that it

  Options:
  A) Gives too much power and control to world bank
  B) Encourages growth in government bureaucracy
  C) Is capital using rather than capital saving
  D) Provides incentives for capital flight
  Show Answer
  The correct answer is C .
• Question 1119: Which of the following is NOT include in measuring national income by the income approach? Options:
  A) Wages and salaries of public servant
  B) student grants and scholarship
  C) Profit of companies
  D) income earned by self employed persons such as lawyers
  E) Rents on property
  Show Answer
  The correct answer is B .
• Question 1120:

  Which of the following persons is engaged in "Secondary Production"?

  I - a bricklayer

  II - an automobile assembly-line worker

  III - an accountant

  IV - a cinema projectionist

  Options:
  A) I only
  B) I, II
  C) II, III
  D) I, II, III, IV
  Show Answer
  The correct answer is B .