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: All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________? Options:
  A) An indifference curve
  B) An exceptional demand curve
  C) A budget line
  D) An isoquant map
  Show Answer
  The correct answer is A .
• Question 1402: A budget deficit means Options:
  A) That a country is buying more than is selling
  B) That a country is selling more than is buying
  C) That a government is spending more than in takes in taxation
  D) That a government is spending less than it takes in taxation
  E) That a government is spending as much as it takes in taxation
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  The correct answer is C .
• Question 1403: The elasticity of supply of perishable goods is? Options:
  A) unitary
  B) inelastic
  C) zero
  D) elastic
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  The correct answer is B .
• Question 1404: The money paid per hour for work done is Options:
  A) salary
  B) wage rate
  C) cost
  D) bonus
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  The correct answer is B .
• Question 1405: Which of the following is NOT a determinant of changes in supply? Options:
  A) Changes in the cost of production
  B) Technical progress
  C) Weather
  D) Changes in the number of producers
  E) Changes in the number buyers
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  The correct answer is E .
• Question 1406: The purpose of import duties does NOT include the? Options:
  A) generation of revenue for government
  B) protection of domestic industries
  C) promotion of international trade
  D) conservation of foreign exchange earnings
  E) control of comsuption pattern
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  The correct answer is C .
• Question 1407: The major characteristics of an undeveloped nation is Options:
  A) Over-dependence on foreign products
  B) Dominance of the industrial sector
  C) High per capita income
  D) Efficient and sensitive financial sector
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  The correct answer is A .
• Question 1408: One of the factors which is likely to check the growth of public debts is? Options:
  A) bridging the resources gap
  B) debt reputation
  C) debts rescheduling
  D) debt-equility swap
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  The correct answer is D .
• Question 1409: Agricultural backward-linkage effect means the establishment of Options:
  A) subsidiary industries to increase the number of industries
  B) main industries to increase output
  C) industries to reduce imports
  D) subsidiary industries to feed the main industry
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  The correct answer is D .
• Question 1410: Disequilibrium in the balance of payment means? Options:
  A) imports of the country exceeding its exports
  B) overall deficit or surplus in the current account and capital account of the balance of payment
  C) capital flowing out of the country exceeds the capital flowing into the country
  D) deficit in the trade balance
  E) export earnings exceeds cost of imports
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  The correct answer is B .