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 1471:

  Gross National Product (GNP) less the provision for the wear and tear of assets is the

  Options:
  A) net present value
  B) net national product
  C) net factor income
  D) net indirect taxes
  Show Answer
  The correct answer is B .
• Question 1472: If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is Options:
  A) excise duties
  B) import duties
  C) quotas
  D) tariff
  Show Answer
  The correct answer is C .
• Question 1473:

  

  In the table above, the price of commodity y is ₦2 and that of x is ₦1 while the individual has an income of ₦12. Determine the combination of the two commodities the individual should consume to maximize his utility

  Options:
  A) 3y and 3x
  B) 6y and 4x
  C) 3y and 6x
  D) 5y and 5x
  Show Answer
  The correct answer is C .
• Question 1474: One of the advantages of international trade is that it? Options:
  A) increases world output
  B) encourages economic independence among nations
  C) restricts spread of technical knowledge
  D) promotes self-reliance and satisfaction with only what can be produced internally
  Show Answer
  The correct answer is A .
• Question 1475:

  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 1476:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1477:

  Which of the following is a major export crop in Nigeria?

  Options:
  A) cocoa
  B) coffee
  C) copper
  D) kola nut
  E) soy beans
  Show Answer
  The correct answer is A .
• Question 1478:

  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 1479: Isocost and isoquant can be attributed to Options:
  A) Theory of consumer behaviour
  B) Theory of cost
  C) Theory of production
  D) Theory of value
  Show Answer
  The correct answer is C .
• Question 1480: The high rate of inflation in Nigeria can be attributed to Options:
  A) increasing cost of production
  B) the appreciation of the naira
  C) decreasing cost of production
  D) high capacity utilization
  Show Answer
  The correct answer is A .