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 1401: In national income accounting, tax is determined by the Options:
  A) level of income
  B) level of consumption
  C) level of investment
  D) rate of savings
  Show Answer
  The correct answer is A .
• Question 1402: One of the characteristics of free trade zone is Options:
  A) common tariff against non-member countries
  B) different trade policies of non-member countries
  C) free factor mobility within the zone
  D) harmonized trade among member countries
  Show Answer
  The correct answer is D .
• Question 1403: The following is NOT a reason for the existence of small firms Options:
  A) Scale of production is limited by size of the market
  B) Expansion brings diminishing returns
  C) Large firms can carter for wide markets
  D) Small firms can provide personal services
  E) All of the above
  Show Answer
  The correct answer is B .
• Question 1404: If two bags of rice were sold for N1,250 a mouth ago and two weeks later, the same amount was used to procure one bag. This simply means that the value of money is Options:
  A) constant
  B) decreasing
  C) fluctuating
  D) increasing
  E) proportional
  Show Answer
  The correct answer is B .
• Question 1405: An increase in supply will lower price unless? Options:
  A) supply is perfectly inelastic
  B) demand is perfectly inelastic
  C) it is followed by an increase in demand
  D) demand is highly inelastic
  Show Answer
  The correct answer is C .
• Question 1406:

  An example of transfer payments in national income accounting is

  Options:
  A) money transferred to another country
  B) unemployment allowance paid to the citizens
  C) the amount paid to a worker on transfer
  D) transfer of funds from one bank to another
  Show Answer
  The correct answer is B .
• Question 1407: An institution that regulates trade relations among members is the Options:
  A) ADB
  B) OPEC
  C) EU
  D) IMF
  Show Answer
  The correct answer is B .
• Question 1408: Which of the following is NOT a function of the IMF? Options:
  A) assisting member countries in printing and issuing their currency
  B) Exchange rate stabilization
  C) Promoting international monetary cooperation
  D) Providing financial aid to members experiencing balance of payment difficulties
  E) Serving as a clearing house f member countries
  Show Answer
  The correct answer is A .
• Question 1409:

  A good measure of the standard of living usually used for international comparison is_______

  Options:
  A) Per capita income (PCI)
  B) Gross national product (GND)
  C) Net national income (NNI)
  D) Gross domestic product (GDP)
  Show Answer
  The correct answer is A .
• Question 1410:

  Which of the following forms of economic integration is a member nation free to impose duty against non-members

  Options:
  A) Customs union
  B) free trade area
  C) Common market
  D) Economic community
  Show Answer
  The correct answer is A .