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 1221: In the circular flow of income, an increase in savings causes Options:
  A) an increase in imports
  B) a decrease in the income stream
  C) an increase in household consumption
  D) a decrease in exports
  Show Answer
  The correct answer is B .
• Question 1222:

  In the history of economics the concept of division of labour is usually associated With______________-

  Options:
  A) Karl Marx
  B) Adam Smith
  C) David Ricardo
  D) J.M Keynes
  Show Answer
  The correct answer is B .
• Question 1223: If Nigeria imports vehicles from Japan the transaction will appear as a Options:
  A) debit on Japan's balance of payments
  B) credit on Japan's balance of payments
  C) credit on Nigeria's balance of trade
  D) credit on Nigeria's balance of payment
  Show Answer
  The correct answer is B .
• Question 1224: If Mr .K obtains a N50.000 loan from a bank for the purpose of providing household needs, the demand for money is said to be Options:
  A) transactionary
  B) speculative
  C) precautionary and speculative
  D) transactional and speculative
  Show Answer
  The correct answer is A .
• Question 1225: Monetization refers to the ratio of? Options:
  A) total transactions to monetary transactions
  B) monetary assets to total assets
  C) monetary transactions to total transactions
  D) money in circulation to total income
  Show Answer
  The correct answer is D .
• Question 1226:

  

  In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?

  Options:
  A) There has been an increase in the consumer’s money income
  B) There has been a reduction in the price of both A and B
  C) There has been no change in the price of A or B
  D) There has been no change in the price of A relative to the price of B
  Show Answer
  The correct answer is B .
• Question 1227:

  

  From the table above, find the values of E and F respectively

  Options:
  A) 27 and 1
  B) 68 and 12
  C) 28 and 5
  D) 12 and 19
  Show Answer
  The correct answer is A .
• Question 1228:

  The Power Holding Company of Nigeria (PHCN) is a ________

  Options:
  A) Public limited company
  B) Private authority
  C) Public Corporation
  D) Public Liability company
  Show Answer
  The correct answer is C .
• Question 1229: In a subsistence economy? Options:
  A) there is no shortage of goods and services
  B) the state is the sole owner of resources
  C) production is largely oriented towards consumption in the rular sector
  D) there is no exchange of goods and services
  E) women predominate in all economic activities
  Show Answer
  The correct answer is C .
• Question 1230:

  

  In the diagram above, RTX and STY are the marginal cost and the average cost curves responsively of a perfectly competitive firm. The supply curve of the firm is indicated by

  Options:
  A) TX
  B) RT
  C) ST
  D) TY
  Show Answer
  The correct answer is A .