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:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1292:

  Nation engage in external trade because of difference in

  Options:
  A) comparative cost
  B) absolute cost
  C) fixed cost
  D) variable cost
  Show Answer
  The correct answer is A .
• Question 1293:

  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 .
• Question 1294:

  

  From the graph above P₂ in price control situation is referred

  Options:
  A) Minimum price
  B) Shut-down price
  C) Maximum price
  D) Mark-up price
  Show Answer
  The correct answer is A .
• Question 1295: Government in West Africa countries engage in running a number of enterprises because ? Options:
  A) Large amount of capital are needed and key industries should not be left in private hands
  B) Private capital would not established an adequate infrastructure
  C) It brings about a more even distribution of the country’s wealth
  D) The social costs of some enterprises make the government the most suitable body to set them up
  E) All of the above
  Show Answer
  The correct answer is E .
• Question 1296:

  

  From that table above, the price elasticity of supply is

  Options:
  A) 4
  B) 25
  C) 1
  D) 2
  Show Answer
  The correct answer is C .
• Question 1297: The main function of price mechanism is to? Options:
  A) limit consumer demand
  B) enable producers make profit
  C) allocate scarce resources among competing ends
  D) ensure consumer sovereignty
  Show Answer
  The correct answer is C .
• Question 1298:

  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 .
• Question 1299: Production takes place when Options:
  A) output is transformed into input
  B) machines replace human effort
  C) input is transformed into output
  D) there is specialization and division of labour
  Show Answer
  The correct answer is C .
• Question 1300: Occupational distribution of population determines the Options:
  A) size of a population available and willing to work
  B) population density of a place
  C) dependency ratio of a country
  D) size and categories of the labour force
  Show Answer
  The correct answer is D .