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 1231: A perfect competitor will continue to expand output up to the point where Options:
  A) TC > TR
  B) MR = AR
  C) MC < MR
  D) MC > MR
  Show Answer
  The correct answer is C .
• Question 1232: Which of the following is NOT one of the balance of payment entries? Options:
  A) the current account
  B) foreign exchange
  C) Import and Export duties
  D) Short-term capital
  E) Long-term capital
  Show Answer
  The correct answer is B .
• Question 1233: Foreign investment can be attracted to Nigeria through Options:
  A) a review of the tax policy
  B) a review of interest rates
  C) the revaluation of the naira
  D) a review of the naturalization policy
  Show Answer
  The correct answer is A .
• Question 1234: The major determinant of cross elasticity of demand is the Options:
  A) price of the good
  B) degree of necessity of the good
  C) level of income of consumers
  D) closeness of the substitutes
  Show Answer
  The correct answer is D .
• Question 1235:

  

  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 1236:

  Which of the following activities will not lead to economic growth?

  Options:
  A) Massive importation of capital goods
  B) Intensive capital formation
  C) Use of modern technology
  D) Massive importation of consumer goods
  Show Answer
  The correct answer is D .
• Question 1237: The theoretical relationship between money supply and prices is weakened by changes in the Options:
  A) money supply
  B) general price level
  C) velocity of money
  D) interest rate
  Show Answer
  The correct answer is B .
• Question 1238: The main source of government revenue in Nigeria is Options:
  A) import duties
  B) rents and royalties
  C) company income tax
  D) capital gains tax
  Show Answer
  The correct answer is A .
• Question 1239:

  The money paid per hour for work done is_________

  Options:
  A) cost
  B) salary
  C) bonus
  D) wage rate
  Show Answer
  The correct answer is D .
• Question 1240: The type of inflation that emanates from excess demand overs supply is___________? Options:
  A) Galloping inflation
  B) Imported inflation
  C) Demand-pull inflation
  D) Cost-push inflation
  Show Answer
  The correct answer is C .