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: If aggregate demand is lower than total output in an economy national income will Options:
  A) be constant
  B) be at equilibrium
  C) increase
  D) fall
  Show Answer
  The correct answer is D .
• Question 1222:

  

  The deflationary gap is defined by

  Options:
  A) X
  B) K
  C) X + K
  D) X - K
  Show Answer
  The correct answer is A .
• Question 1223:

  Which of the following is not emphasized in a product possibility curve?

  Options:
  A) Scarcity of resources
  B) Economic development
  C) Inefficiency in the use of resources
  D) Unemployment of labour
  Show Answer
  The correct answer is D .
• Question 1224: What would be likely to increase inflation in any economy? Options:
  A) Increase in demand
  B) Reduce public spending
  C) Control excessive import
  D) Increase in direct tax
  Show Answer
  The correct answer is A .
• Question 1225: If monopoly is attempting to maximize profit which of the following should it attempt to do? Options:
  A) Select that output at which ATC is at minimum
  B) Set price equal to TC
  C) Maximize profit per unit
  D) Maximize revenue
  E) Equate marginal cost to marginal revnue
  Show Answer
  The correct answer is E .
• Question 1226: The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely? Options:
  A) competitve
  B) composite
  C) supplementary
  D) complementary
  Show Answer
  The correct answer is D .
• Question 1227: The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that? Options:
  A) there is a Government ban on the importation of beer
  B) beer distributors want more profit
  C) Nigeria is a large country
  D) middlemen hoard beer
  E) the demand for beer exceeds the supply
  Show Answer
  The correct answer is E .
• Question 1228: The high rate of inflation in Nigeria can be attributed to Options:
  A) increasing cost of production
  B) the appreciation of the naira
  C) decreasing cost of production
  D) high capacity utilization
  Show Answer
  The correct answer is A .
• Question 1229: The money which government spends yearly for the maintenance of its school is? Options:
  A) used only for wages and salaries
  B) part of the government's capital expenditure
  C) part of the government's recurrent expenditure
  D) the government's budget for its school
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  The correct answer is C .
• Question 1230:

  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 .