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: Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is Options:
  A) rational
  B) consistent
  C) inconsistent
  D) transitive
  Show Answer
  The correct answer is C .
• Question 1292: Which of the business organization listed below is characterized by limited authority and liability of the individual owners? Options:
  A) Sole properitorship
  B) Partnership
  C) Joint stock company
  D) Co-operative society
  Show Answer
  The correct answer is C .
• Question 1293: Which of the following can be used to measure the Gross National product in an open economy? Options:
  A) C+I+G+(X+M)
  B) C+I+G+X
  C) C+I+G
  D) C+I+G+(X-M)
  Show Answer
  The correct answer is D .
• Question 1294: One way of solving the problem of double counting is by Options:
  A) Value-added method
  B) Income method
  C) Output method
  D) Expenditure method
  Show Answer
  The correct answer is A .
• Question 1295: Industrial development in Nigeria can be encouraged through Options:
  A) signing WTO treaty
  B) granting subsidies
  C) the provision of efficient infrastructure
  D) direct government participation
  Show Answer
  The correct answer is B .
• Question 1296: If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of? Options:
  A) increasing returns to the variable factor
  B) increasing returns to scale
  C) constant returns to variable factor
  D) external economies of scale
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  The correct answer is A .
• Question 1297:

  The "velocity" of money is

  Options:
  A) The real money supply divided by the real GDP
  B) The money supply multiplied by the price level
  C) The money supply divided by the price level
  D) The ratio of real GDP to the real money supply
  Show Answer
  The correct answer is D .
• Question 1298: Creeping inflation implies that there is a? Options:
  A) gentle and persistent increase in the general price level
  B) rapid and persistent increase in the general price level
  C) gentle but not permanent increase in the general price level
  D) rapid but not permanent increase in the general price level
  Show Answer
  The correct answer is A .
• Question 1299: The reward on machinery and equipment in the process of production is known as Options:
  A) profit
  B) interest
  C) rent
  D) wages
  Show Answer
  The correct answer is B .
• Question 1300: Scale of preference refers to? Options:
  A) consumers preference for luxury goods
  B) the household monthly income
  C) list of goods and servicesin order of priority
  D) budget perparation without paying due regard to priority
  Show Answer
  The correct answer is C .