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 1511: Economics is a science which deals basically with Options:
  A) the factors of production
  B) allocation of scarce resources
  C) oil exportation
  D) the gross domestic product (GDP)
  E) national income
  Show Answer
  The correct answer is B .
• Question 1512: An effect of inflation is that it? Options:
  A) discourages trade by barter
  B) favours debtors at the expense of creditors
  C) increases the real income of salary earners
  D) increases the value of a country's exports
  Show Answer
  The correct answer is B .
• Question 1513: The population of Oh-aha L.G.A. WAS 480 000 in December 1980, out of which 60% were females . If within one year no birth were recorded, but 5% of the L.G.A. in December 1981? Options:
  A) 96 000
  B) 192 000
  C) 288 000
  D) 470 400
  Show Answer
  The correct answer is D .
• Question 1514: Which of thefollowing items is NOT an argument for locating industries in rural areas? Options:
  A) Rural areas supply agricultural raw material
  B) The pace of development will be quickened in rural areas
  C) Employment will be provided for rural inhabitants
  D) Capital is easily available in rural areas
  E) Suitable humid climate is sometimes found in rural areas
  Show Answer
  The correct answer is D .
• Question 1515: The multiplier is defined as Options:
  A) The ratio of the change in income to the change in investment
  B) The change in investment divided by the change in income
  C) $\frac{1}{MPC}$
  D) $\frac{1}{1-\text{MPS}}$
  Show Answer
  The correct answer is A .
• Question 1516: The major determinant of the total volume of output in an economy is the? Options:
  A) level of wholesale prices
  B) size of the labour force
  C) level of total expenditure
  D) composition of consumer spending
  Show Answer
  The correct answer is C .
• Question 1517: The professional that view cost in term of alternatives sacrificed is the Options:
  A) accountant
  B) cashier
  C) economist
  D) manager
  E) tax collector
  Show Answer
  The correct answer is C .
• Question 1518:

  A firm that closes down will still incur

  Options:
  A) variable cost
  B) fixed cost
  C) total cost
  D) marginal cost
  Show Answer
  The correct answer is B .
• Question 1519: Branding and packaging of goods Is the function of Options:
  A) brokers
  B) consumers
  C) manufactures
  D) retailers
  E) wholesalers
  Show Answer
  The correct answer is C .
• Question 1520: Which of the following is NOT a part of the fixed costs of a limited liability company? Options:
  A) Interest on loans
  B) Rent on buildings
  C) Depreciation reserves
  D) Management expenditure
  E) Wages
  Show Answer
  The correct answer is E .