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 1191:

  

  If the pass mark was 40. how many students passed the examination?

  Options:
  A) 100
  B) 120
  C) 160
  D) 200
  Show Answer
  The correct answer is C .
• Question 1192: In commercial banking, an account from which the customer cannot withdraw money instantly is a? Options:
  A) demand deposit account
  B) time deposit account
  C) special deposit account
  D) savings deposit account
  Show Answer
  The correct answer is B .
• Question 1193: Demand for money for speculative purposes means? Options:
  A) buying goods and services whose prices have risen
  B) keeping money for unforseen expenditure
  C) buying financial assets because of possible gains
  D) buying real estate
  E) keeping money for a rainy day
  Show Answer
  The correct answer is C .
• Question 1194: From an economic point of view, an activity does not have a cost when Options:
  A) someone else pays for it
  B) the returns are greater than the cost
  C) the choice involves giving up nothing
  D) the government pays for it
  E) it is paid for from a gift
  Show Answer
  The correct answer is C .
• Question 1195:

  $\begin{array}{cc}\text{Capital consumption allowance}& \text{N20,000}\\ \text{Gross domestic production}& \text{N60,000}\\ \text{Factor payment to foreigners}& \text{N10,000}\\ \text{Factor income from abroad}& \text{N15,000}\end{array}$

  From the above table, calculate the Gross National Product.

  Options:
  A) ₦70,000
  B) ₦75,000
  C) ₦50,000
  D) ₦60,000
  Show Answer
  The correct answer is B .
• Question 1196: In economics, production takes place only when Options:
  A) producers sell to retailers
  B) value has been added to a commodity
  C) modern equipment is used
  D) consumption has taken place
  Show Answer
  The correct answer is D .
• Question 1197: If a good is an inferior good, then? Options:
  A) it is also necessarily a Giffen good
  B) the quality of the goods demanded varies inversely with its price
  C) its income elasticity of demand is negative
  D) the poor buy the good only out of habit
  Show Answer
  The correct answer is C .
• Question 1198: All the following are properties of an indifference curves except Options:
  A) it can intersect
  B) it slopes downward from left to right like that of a normal demand curve
  C) as it shift rightward it indicate higher and higher level of satisfaction
  D) it does not intersect
  Show Answer
  The correct answer is A .
• Question 1199: A major disadvantage of a socialist economy is that Options:
  A) corruption is rampant
  B) consumer's sovereignty is lost
  C) income inequality is entrenched
  D) there is high level of unemployment
  Show Answer
  The correct answer is A .
• Question 1200: The major reason why countries strive to achieve optimum growth is to Options:
  A) be self-sufficient
  B) raise general living standards
  C) raise the level of production
  D) reduce aggregate expenditure
  Show Answer
  The correct answer is A .