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 1151:

  Calculate the equilibrium level of national income (Y) where Y = C + I + G; C = 100 + 0.75Y; I = 50; G = 200

  Options:
  A) 2000
  B) 100
  C) 1500
  D) 1400
  Show Answer
  The correct answer is D .
• Question 1152: By buying treasury bills, the Central Bank of Nigeria intends to Options:
  A) increase money supply in the economy
  B) reduce the cash reserve ratio for banks
  C) reduce money supply in the economy
  D) increase the capital base of commercial banks
  Show Answer
  The correct answer is A .
• Question 1153: When elasticity is zero, demand curve is Options:
  A) perfectly elastic
  B) perfectly inelastic
  C) down-ward sloping
  D) upward sloping
  Show Answer
  The correct answer is B .
• Question 1154:

  Use the following information given to answer this question

  Total of all expenditure incurred during the year ₤ 80,000m

  Indirect taxes on goods and services ₤ 8,000m

  Capital consumption ₤ 6,000m

   

  Gross national expenditure at factor cost is_________

  Options:
  A) ₤ 88,000μ
  B) ₤ 82,000μ
  C) ₤ 74,000μ
  D) ₤ 72,000μ
  Show Answer
  The correct answer is D .
• Question 1155: Which of the following is NOT one of the balance of payment entries? Options:
  A) the current account
  B) foreign exchange
  C) Import and Export duties
  D) Short-term capital
  E) Long-term capital
  Show Answer
  The correct answer is B .
• Question 1156: International and inter-regional trade differ primarily because? Options:
  A) comparative advantage is relevant to the former but not to the latter
  B) products flow across national boundaries
  C) there are different resources supplies among countries of the world
  D) of regulation from GATT
  Show Answer
  The correct answer is B .
• Question 1157: If the government invest the sum of N1,000,000.00 and the marginal propensity to consume is 0.75, what is the change in income? Options:
  A) N1,000 000.00
  B) N4,000 000.00
  C) N6,000 000.00
  D) N14,000,000.00
  Show Answer
  The correct answer is B .
• Question 1158: The demand curve faced by a monopolist is_____? Options:
  A) Positively sloped
  B) Vertical
  C) Horizontal
  D) Negatively Sloped
  Show Answer
  The correct answer is D .
• Question 1159: International trade arise because? Options:
  A) one country has more abundant resource
  B) one country has the technology to produce the commodity whilst the other has not
  C) one country has the maximum comparative advantage or minimum comparative disadvantage in the production
  D) one country has manpower to produce the commodity than the country
  E) All of the above
  Show Answer
  The correct answer is E .
• Question 1160:

  One of these is not a problem of agriculture___________

  Options:
  A) provision of employment
  B) lack of preservation and storage facilities
  C) land tenure system
  D) poor transportation systems
  Show Answer
  The correct answer is A .