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: Creeping inflation implies that there is a? Options:
  A) gentle and persistent increase in the general price level
  B) rapid and persistent increase in the general price level
  C) gentle but not permanent increase in the general price level
  D) rapid but not permanent increase in the general price level
  Show Answer
  The correct answer is A .
• Question 1182: If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in Options:
  A) consumers' income
  B) demand
  C) consumers' tastes
  D) quantity damanded
  Show Answer
  The correct answer is D .
• Question 1183:

  An economy system that uses what is regarded as the "Market mechanism" is called_______

  Options:
  A) Mixed economy
  B) Socialism
  C) Command economy
  D) Capitalism
  Show Answer
  The correct answer is D .
• Question 1184:

  

  What is the equilibrium quantity?

  Options:
  A) 50
  B) 250
  C) 350
  D) 450
  Show Answer
  The correct answer is B .
• Question 1185:

  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 1186: Average total cost can be expressed as Options:
  A) average fixed cost plus average variable cost
  B) change in total cost divided by change in output
  C) total fixed cost divided by total output
  D) total fixed cost plus total variable cost
  E) total variable cost divided by total output
  Show Answer
  The correct answer is A .
• Question 1187:

  A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

  Options:
  A) Import monopoly
  B) Import licence
  C) Import quota
  D) Embargo
  Show Answer
  The correct answer is B .
• Question 1188: The following methods are used in calculation of National Income EXCEPT Options:
  A) depreciation
  B) Expenditure
  C) Income
  D) Output
  E) value added
  Show Answer
  The correct answer is A .
• Question 1189: Long-term funds for investment projects are sourced from the Options:
  A) money market
  B) commodity market
  C) foreign exchange market
  D) capital market
  Show Answer
  The correct answer is D .
• Question 1190: An adverse environmental impact of the petroleum industry on the economy is Options:
  A) communal riots
  B) the vandalization of oil equipment
  C) oil spillage
  D) community development
  Show Answer
  The correct answer is C .