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 1171: Government expenditure on universal basic education and subsidy on agriculture are aimed at Options:
  A) encouraging growth of the economy
  B) projecting images of government
  C) re-allocation of resources
  D) redistribution of income and wealth
  E) stabilization of the economy
  Show Answer
  The correct answer is C .
• Question 1172:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 1173: People hold money for? Options:
  A) charity
  B) safe keeping
  C) profit making
  D) speculative purposes
  Show Answer
  The correct answer is D .
• Question 1174: In Nigeria, unemployment can be minimized through______? Options:
  A) Diversification of the economy
  B) Strict immigration law
  C) Paying unemployment benefits
  D) Restrictive fiscal policy
  Show Answer
  The correct answer is A .
• Question 1175: When a nation’s exports are greater than its imports Options:
  A) The net foreign trade is zero
  B) an unfavourable balance of payment exist
  C) A favourable balance of payment exists
  D) An un favourable balance of trade exist
  E) A favourable balance of trade exists
  Show Answer
  The correct answer is E .
• Question 1176: In most cases the marginal utility derived from a particular good Options:
  A) increases as additional units are consumed
  B) increases at a decreasing rate as additional units are consumed
  C) decreases at a constant rate as additional units are consumed
  D) decreases as additional units are consumed
  E) remains constant as additional units are consumed
  Show Answer
  The correct answer is D .
• Question 1177: Which of the following items is subtracted when computing Gross National Product at factor cost, by the expenditure method? Options:
  A) Consumption expenditure
  B) Indirect taxes
  C) Exports and property income from abroad
  D) Gross Domestic Fixed Capital Formation
  Show Answer
  The correct answer is B .
• Question 1178:

  In the long-run, a firm must shut down if its average revenue is

  Options:
  A) greater than average cost
  B) less than average variable cost
  C) equal to the minimum average revenue is
  D) equal to the average cost
  Show Answer
  The correct answer is B .
• Question 1179: The basic aim of Economic Community of West African States is the Options:
  A) discouragement of trade among member states
  B) encouragement of revolts against former colonial masters
  C) establishment of its headquarters in each members state
  D) liberalization of trade among member states
  Show Answer
  The correct answer is D .
• Question 1180: The demand curve for a luxury goods is Options:
  A) negatively sloped
  B) parallel to the price axis
  C) parallel to the quantity axis
  D) positively sloped
  Show Answer
  The correct answer is D .