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:

  

  Find the mean price of the distribution.

  Options:
  A) N54
  B) N51
  C) N56
  D) N59
  Show Answer
  The correct answer is B .
• Question 1162: Deflation is a persistent fall in the general price level and is usually caused by? Options:
  A) a reduction in total demand
  B) an increase in government spending
  C) an increase in the money supply
  D) an increase in aggregate demand
  Show Answer
  The correct answer is A .
• Question 1163: Given a base year and the price index of 175% the following year, which of the following year will arise? Options:
  A) The cost of living decreases of that year
  B) The cost of living remains unchanged
  C) The value of money rises by 75%
  D) The value of money falls by 75%
  Show Answer
  The correct answer is A .
• Question 1164: The fundamental problem of Economics is? Options:
  A) money
  B) poverty
  C) unemployment
  D) the scarcity of resources relative to wants
  E) inflation
  Show Answer
  The correct answer is D .
• Question 1165: Indirect taxes are taxes? Options:
  A) which are levied on the incomes and profits of individuals and firms
  B) whose incidence always falls on the consumer
  C) which are based on the progressive principle
  D) on casinos, airports and capitals gains
  E) which are levied on people and economic units through the goods and services they purchase
  Show Answer
  The correct answer is E .
• Question 1166: Balance of payments of a country explains the overall position of? Options:
  A) current account of the balance of payments
  B) capital account in the balance of payments
  C) both the current and capital acounts
  D) position of the balance of trade
  E) visible and invisible trade
  Show Answer
  The correct answer is C .
• Question 1167: Economic can be defined as? Options:
  A) reduction in spending in the face of competing alternative
  B) allocation of resources to alternative uses
  C) economic behaviour of small units like the household and the firm
  D) the study of economic aggregates like inflation and national income
  Show Answer
  The correct answer is B .
• Question 1168: Given a market demand curve Q=120-2p and a supply curve Q = 4p, the equilibrium price and quantity respectively are? Options:
  A) 20 and 80
  B) 30 and 120
  C) 40 and 60
  D) 60 and 240
  Show Answer
  The correct answer is A .
• Question 1169: In certain circumstances, a centrally planned economy adopts the rationing system because of? Options:
  A) the scarcity of goods and services in the market
  B) low real and money wages
  C) the need for equitable distribution of goods and services
  D) transportation and distribution problems
  Show Answer
  The correct answer is C .
• Question 1170: An increase in government expenditure will lead to? Options:
  A) investment opportunities for foreign investors
  B) an increase in the level of aggregate demand
  C) an increase in total tax revenue
  D) reduction in total tax revenue
  Show Answer
  The correct answer is B .