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 1361: Cost - push inflation occurs when_______ Options:
  A) production cost is high
  B) government embarks on deficits financing
  C) factors decrease
  D) there is too much in circulation
  Show Answer
  The correct answer is A .
• Question 1362: The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as Options:
  A) visible trade
  B) invisible trade
  C) balance of payments
  D) balance of trade
  E) terms of trade
  Show Answer
  The correct answer is C .
• Question 1363: Plywood industries are often located near the source of? Options:
  A) finance
  B) labour
  C) power supply
  D) raw materials
  Show Answer
  The correct answer is D .
• Question 1364:

  

  From the indifference curve above, consumer will prefer combination

  Options:
  A) F
  B) S
  C) M
  D) K
  Show Answer
  The correct answer is B .
• Question 1365: The most important economic characteristic differentiating commercial banks from other financial institutions is their? Options:
  A) function as a safe and profitable store place for savings
  B) role in financing balance of payment deficits
  C) status as an intermediary between savers and borrowers
  D) ability to create and destory money
  Show Answer
  The correct answer is C .
• Question 1366: Which of the following best describes the concept of opportunity cost? Options:
  A) a special bargain or scale at below market price
  B) Cost of input tends to go up as we use more of them
  C) Goods that are not produced in order to produce more of another good
  D) A cost that constantly decreases
  Show Answer
  The correct answer is C .
• Question 1367: The division of labour requires that the task to be performed Options:
  A) must be done in stages
  B) requires no special knowledge
  C) is simple but strenuous
  D) must be undertaken by experts
  Show Answer
  The correct answer is A .
• Question 1368:

  

  The consumer is at equilibrium at point

  Options:
  A) N
  B) P
  C) M
  D) K
  Show Answer
  The correct answer is A .
• Question 1369: Ad valorem tax means? Options:
  A) a certain percentage tax based on the value of the commodity
  B) a certain percentage tax based on the volume of the commodity
  C) a tax on the income of the consumer
  D) payment of a tax on the profits made
  Show Answer
  The correct answer is A .
• Question 1370: A country's import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade? Options:
  A) 20%
  B) 71%
  C) 120%
  D) 140%
  Show Answer
  The correct answer is D .