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 1291:

  The term 'investment' in macroeconomics means

  Options:
  A) Profit
  B) Total amount of money invested in bonds and stocks
  C) The total amount of capital goods in the country
  D) The production of goods for immediate consumption
  Show Answer
  The correct answer is C .
• Question 1292:

  Which of the following shows why individual demand curve for a good usually slopes downward from left to right?

  Options:
  A) More of commodities are offered for sale at a lower than higher prices
  B) Marginal utility falls as consumption increases
  C) The higher the price, the higher the quantity offered for sale
  D) Prices are usually falling when demand is low
  Show Answer
  The correct answer is A .
• Question 1293:

  A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

  Options:
  A) Import monopoly
  B) Import licence
  C) Import quota
  D) Embargo
  Show Answer
  The correct answer is B .
• Question 1294: Tariff on imports are meant to? Options:
  A) prevent a foreign goods
  B) discourage exports
  C) encourage exports
  D) increase the level of external dependency
  Show Answer
  The correct answer is A .
• Question 1295:

  Which of the following is an example of free good?

  Options:
  A) Free education
  B) Water in the ocean
  C) Dinner you did not pay for
  D) Your rented apartment
  Show Answer
  The correct answer is B .
• Question 1296: Deflation is a persistent fall in the general price level and is usually caused by? Options:
  A) a reduction in total demand
  B) an increase in government spending
  C) an increase in the money supply
  D) an increase in aggregate demand
  Show Answer
  The correct answer is A .
• Question 1297: Under conditions of perfect competition, a firm's supply curve is determined by its? Options:
  A) total cost curve
  B) marginal cost curve
  C) variable cost curve
  D) fixed cost curve
  Show Answer
  The correct answer is B .
• Question 1298: Which of the following can have their shares quoted on the stock exchange? Options:
  A) Public corporations
  B) A partnership
  C) A consumer corporative
  D) A public limited liability company
  Show Answer
  The correct answer is D .
• Question 1299: The tailoring services is competitive partly because it consists of a large number of? Options:
  A) large-scale enterprises
  B) medium scale enterprises
  C) small scale enterprises
  D) government-owned enterprises
  Show Answer
  The correct answer is C .
• Question 1300: A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book. Options:
  A) The five naira she spent on the book
  B) Five naira real cash value
  C) the mirror
  D) The book
  Show Answer
  The correct answer is C .