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 1271: The situation whereby the government of a country spends more than its budgets for a given financial year is known as Options:
  A) surplus budget
  B) deficit budget
  C) balanced budget
  D) minus budget
  Show Answer
  The correct answer is B .
• Question 1272: in equilibrium, injections are equal to? Options:
  A) withdrawals
  B) surplus of imports over exports
  C) government spending
  D) wages
  Show Answer
  The correct answer is A .
• Question 1273: At any given level of output, a firm's total variable cost equals ? Options:
  A) total cost less marginal cost
  B) total cost less total fixed costs
  C) total cost less average cost
  D) average variable cost and marginal cost
  Show Answer
  The correct answer is B .
• Question 1274: The relationship between the value of money and the price level is? Options:
  A) direct
  B) unpredictable
  C) diverse
  D) inverse
  Show Answer
  The correct answer is D .
• Question 1275: Public expenditure creates expansionary effects in the economy when it is Options:
  A) in excess of government revenue
  B) channelled into capital products
  C) diverted into imports
  D) financed through part of the year's total collection of taxes
  Show Answer
  The correct answer is B .
• Question 1276:

  Summary of product condition in countries i and iiAmount of labour days, cocoa(tons) Cloth(tons)

  Country i 200 600 900

  Country ii 200 300 800 From the above table, we can correctly say in respect of international trade that

  Options:
  A) Country I has absolute disadvantage in the production of both cocoa cloth
  B) Country I has absolute advantage in the production of both cocoa and cloth
  C) Country II has absolute advantage in the production of both cocoa and cloth
  D) Country II has comparative advantage in the production of cocoa
  E) Country II should leave the production of both cocoa and cloth to country I
  Show Answer
  The correct answer is B .
• Question 1277: The economic questions about what and how to produce in an economy is solely answered by the _______? Options:
  A) government
  B) labour union
  C) private and public enterpriser
  D) system of economy practised
  Show Answer
  The correct answer is D .
• Question 1278: An increase in the quantity supplied of commodity suggests Options:
  A) a leftward shift of the supply curve
  B) a rightward shift of the supply curve
  C) a movement along the supply curve
  D) an increase in elasticity of supply
  Show Answer
  The correct answer is C .
• Question 1279: The difference between personal income and personal disposal income is? Options:
  A) personal income tax
  B) investment income
  C) personal savings
  D) consumption expenditure
  Show Answer
  The correct answer is A .
• Question 1280: The capital market is a market for trading of financial assets such as? Options:
  A) bankers' acceptances
  B) treasury bills
  C) long-term securities
  D) commercial papers
  Show Answer
  The correct answer is C .