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 1501: The quantity theory of money states that a reduction in the quantity of money in circulation would bring about Options:
  A) A constant change in price
  B) A rise in prices
  C) An unequal fall in prices
  D) A proportionate fall in price
  Show Answer
  The correct answer is A .
• Question 1502: The law of variable proportions is also known as Options:
  A) law of demand
  B) law of diminishing returns
  C) law of diminishing marginal utility
  D) law of returns to scale
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  The correct answer is B .
• Question 1503: One of the techniques of monetary control used by the Central Bank of Nigeria is? Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .
• Question 1504:

  Efficiency in production means?

  Options:
  A) reducing the size of the work force
  B) producing a given output with the lowest cost of combination of factors of production
  C) adoption of capital intensive technology
  D) increasing the quantity of the fixed factors of production
  Show Answer
  The correct answer is B .
• Question 1505: The national income of a country indicates that the gross domestic production was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents? Options:
  A) debt repayment
  B) investments abroad
  C) net income from abroad
  D) capital consumption
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  The correct answer is C .
• Question 1506: If you do not have to give anything in order to get a particular thing, then its opportunity cost is? Options:
  A) zero
  B) not measurable
  C) its price in money
  D) infinite
  E) equal to one
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  The correct answer is A .
• Question 1507: In the normal channels of distribution the breaking of bulk is performed by the Options:
  A) producer
  B) wholesaler
  C) retailer
  D) consumer
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  The correct answer is B .
• Question 1508: Two goods, X and Y, are said to be complementary when? Options:
  A) A fall in the price of X raises the demand for Y
  B) A fall in the price of X causes a fall in the demand for Y
  C) A fall in the price of X does not affect the demand for Y
  D) A rise in the price of X does not affect the demand for Y
  E) The two goods are competitive.
  Show Answer
  The correct answer is A .
• Question 1509: What is meant by labour supply? Options:
  A) Number of people in working population
  B) Number of men and hours they work
  C) Number of hours during which the middle aged persons work
  D) Number of workforce multiplied by the hours they work
  Show Answer
  The correct answer is A .
• Question 1510:

  Supply is________

  Options:
  A) A stock
  B) A Flow
  C) Constant
  D) A table
  Show Answer
  The correct answer is B .