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 1161: Which of the following goods are NOT examples of joint supply? Options:
  A) Beef and hides
  B) fuel and kerosene
  C) Palm oil and kernel
  D) Tea and coffee
  E) Wool and Mutton
  Show Answer
  The correct answer is D .
• Question 1162: One of the techniques of monetary control used by the Central Bank of Nigeria is? Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .
• Question 1163: The effect of an increase in the personal income tax is to Options:
  A) reduce unemployment
  B) raise the absolute price level
  C) reduce the disposable income
  D) distort the economy
  Show Answer
  The correct answer is C .
• Question 1164: The movement of people from rural to urban areas affects the Options:
  A) occupational distribution of population
  B) sex distribution of population
  C) geographical distribution of population
  D) age distribution of population
  Show Answer
  The correct answer is C .
• Question 1165:

  Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number)

  Options:
  A) 208
  B) 104
  C) 54
  D) 4
  Show Answer
  The correct answer is B .
• Question 1166:

  

  From the graph above, R represents

  Options:
  A) marginal cost
  B) total cost
  C) variable cost
  D) fixed cost
  Show Answer
  The correct answer is C .
• Question 1167: If aggregate demand is lower than total output in an economy national income will Options:
  A) be constant
  B) be at equilibrium
  C) increase
  D) fall
  Show Answer
  The correct answer is D .
• Question 1168: In the history of Economic Thought the concept of Division of labour is usually associated with? Options:
  A) David Richardo
  B) J.M. Keynes
  C) Adam Smith
  D) Karl Marx
  Show Answer
  The correct answer is C .
• Question 1169:

  The basic and essential economic problems in a community are related to choice and________

  Options:
  A) Freedom
  B) Scarcity
  C) Social class
  D) Politics
  Show Answer
  The correct answer is B .
• Question 1170:

  The term M ${}^3$ comprises M ${}^1$ together with deposits on deposit account held by_______

  Options:
  A) banks only
  B) discount houses only
  C) banks and discount houses
  D) banks, discount houses and stock, exchanges
  Show Answer
  The correct answer is C .