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 1121:

  

  A country's budget allocation to various sectors of the economy is shown in the pie chart above...
  Use it to answer this question.

  What is the ratio of expenditure on health to Agriculture if the yearly budget is 7200?

  Options:
  A) 2: 3
  B) 3:4
  C) 4:3
  D) 5:4
  Show Answer
  The correct answer is B .
• Question 1122: The total stock of money available for use in an economy is Options:
  A) supply of money
  B) value of money
  C) demand for money
  D) attribute of money
  Show Answer
  The correct answer is A .
• Question 1123: By subsistence production we mean? Options:
  A) goods and services are produced for consumption only
  B) goods and services are sold to others
  C) raw materials are produced in the country
  D) goods and services are produced for the market
  E) none of these
  Show Answer
  The correct answer is A .
• Question 1124: The efficiency of labour can be increased by? Options:
  A) constant training of workers
  B) retirement of workers on a regular basis
  C) engaging expatrirates only
  D) placing an embargo on recruitment
  Show Answer
  The correct answer is A .
• Question 1125: Progressive income tax can be expressed as Options:
  A) tax that falls as income rises
  B) tax that rises as income falls
  C) tax that is independent of income
  D) tax that rises as income rises
  E) tax that is neutral to income
  Show Answer
  The correct answer is D .
• Question 1126: By advertising, a monopolistic competitive firm tries to shift its Options:
  A) supply curve to the right
  B) demand curve to the right
  C) supply curve to the left
  D) demand curve to the left
  Show Answer
  The correct answer is B .
• Question 1127:

  The part of income after tax that is not consumed is defined as

  Options:
  A) Wages and salaries
  B) Saving
  C) Capital investment
  D) Nondurable goods expenditure
  Show Answer
  The correct answer is B .
• Question 1128: If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million, the equilibrium level of income will change by Options:
  A) N4.0 milion
  B) N25. 0 milion
  C) N2.5 milion
  D) N15.0 milion
  Show Answer
  The correct answer is B .
• Question 1129: Life insurance companies contribute to economic development by holding a part of their assets in Options:
  A) long-term financial instruments
  B) money market instruments
  C) cash and near money
  D) short-term financial instruments
  Show Answer
  The correct answer is C .
• Question 1130: The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the? Options:
  A) role of supply and demand
  B) role of material incentive
  C) existence of buyers and sellers
  D) role of money
  Show Answer
  The correct answer is A .