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 1411:

  Which of the following sets fully represents factors of production?

  Options:
  A) Sunlight, machinery, man, land
  B) Land, water, weather
  C) Money, market, middlemen
  D) Land, labour, capital, enterprise, technology
  Show Answer
  The correct answer is D .
• Question 1412: Which of the following is NOT included in-measuring the National income through the income approach? Options:
  A) Allowance given to an aged mother by a civil servant
  B) Income earned by a bricklayer
  C) Profit earned by Nigerian bottling company plc
  D) profit earned by NITEL plc
  E) Salary earned by a doctor
  Show Answer
  The correct answer is A .
• Question 1413: Given the present state of the Nigerian economy, which of the following measures will promote a more rapid economic development? Options:
  A) Complete dependence on oil exports
  B) Concentration on agricultural exports
  C) Diversification of the economy
  D) Building of more schools and universities
  E) Introduction of nuclear energy in Nigeria
  Show Answer
  The correct answer is C .
• Question 1414: Price legislation means Options:
  A) directing market specialist to fix prices
  B) interplay of either demand or supply
  C) producers are prices givers
  D) regulating the price system by the government
  E) the use of market forces
  Show Answer
  The correct answer is A .
• Question 1415: The range is used to Options:
  A) estimate the mean from grouped data
  B) calculate the standard deviation
  C) determine the spread of a set of data
  D) measure the difference between the mean and the mode
  Show Answer
  The correct answer is C .
• Question 1416:

  

  From the diagram above, a shift in the demand curve from D_oD_o to D₁D₁ implies

  Options:
  A) a rise in the demand for the commodity
  B) a fluctuation in the demand for the commodity
  C) a fall in the demand for the commodity
  D) an equilibrrium in the demand for the commodity
  Show Answer
  The correct answer is A .
• Question 1417: A reduction in the bank rate encourages commercial banks to create money by Options:
  A) Decreasing the interest rate
  B) maintaining the interest rate
  C) Doubling the interest rate
  D) Raising the interest
  Show Answer
  The correct answer is B .
• Question 1418: Which of the following occurs in the circular flow of economic activities with no leakages Options:
  A) Consumption equals saving
  B) Saving equals investment
  C) Imports equal exports
  D) National income equals national expenditure
  Show Answer
  The correct answer is B .
• Question 1419: When price is set below equilibrium, this will lead to Options:
  A) an increase in the quantity supplied
  B) a new equilibrium
  C) a decrease in the quantity supplied
  D) a fall in price
  Show Answer
  The correct answer is D .
• Question 1420: If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as Options:
  A) normal
  B) abnormal
  C) inferior
  D) superior
  E) scarce
  Show Answer
  The correct answer is C .