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 1181: The value of money is generally measured in reference to Options:
  A) the interest rate charged on bank loans
  B) the general price level
  C) the size of countries gold stock
  D) the level of economic development in a country
  E) the price of stocks and shareson the stock exchange
  Show Answer
  The correct answer is B .
• Question 1182:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1183: Social overhead capital refers to? Options:
  A) balanced growth
  B) gross investment
  C) the building of infrastructures
  D) capital formation
  Show Answer
  The correct answer is C .
• Question 1184: The demand curve for a normal good will shift to the left if? Options:
  A) the incomes of consumers rise
  B) the price of the goods rises
  C) the price of complementary goods rises
  D) advertising expenditure on complementary goods increase
  Show Answer
  The correct answer is B .
• Question 1185:

  If the government imposes a minimum price on a commodity

  Options:
  A) market surplus occurs
  B) the market will be cleared in the short-run
  C) excess demand occurs
  D) government regulation is no longer needed
  Show Answer
  The correct answer is A .
• Question 1186: A continuous increase in national income accompanied by the structural transformation of all indices is called Options:
  A) economic planning
  B) economic growth
  C) economic reforms
  D) economic development
  Show Answer
  The correct answer is D .
• Question 1187:

  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

   

  National income is__________

  Options:
  A) ₤ 74,000m
  B) ₤ 66,000m
  C) ₤ 60,000m
  D) ₤ 14,000m
  Show Answer
  The correct answer is B .
• Question 1188: In a mixed economy, decisions to produce are taken by? Options:
  A) men and women acting in their own best interest
  B) the government acting in the interest of the country
  C) the market women, the labour unions and the employers association
  D) private individuals, organization and the government
  Show Answer
  The correct answer is D .
• Question 1189:

  

  The curves D_o D_o and S_oS_o are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

  Options:
  A) The supply curve will shift from S_oS_o to S₂S₂
  B) The supply curve will shift from S_oS_o to S₁S₁
  C) The supply curve will shift fromS ₂S₂ to S₁S₁
  D) The supply curve will shift from S₁S₁ to S_oS_o
  E) The demand curve will shift from D_oD_o to D₁D₁
  Show Answer
  The correct answer is A .
• Question 1190:

  Public corporation is financed with

  Options:
  A) Capital raised from shareholders
  B) Tax payer's money
  C) Capital raised from stock exchange
  D) Capital contributed by owners
  Show Answer
  The correct answer is B .