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:

  A commodity is defined as normal when its demand changes in the same direction as______

  Options:
  A) income
  B) price
  C) taste
  D) preferences
  Show Answer
  The correct answer is A .
• Question 1512:

  If workers at the school canteen cannot sell during the holidays, this is example of

  Options:
  A) structural unemployment
  B) frictional unemployment
  C) seasonal unemployment
  D) residual unemployment
  Show Answer
  The correct answer is C .
• Question 1513: The following determine the level of consumption EXCEPT Options:
  A) expectation of price changes
  B) level of income
  C) savings
  D) the rate of taxes paid
  E) the political climate
  Show Answer
  The correct answer is E .
• Question 1514: Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the? Options:
  A) interest rate
  B) returns on capital
  C) alternative capital foregone
  D) shadow price of foreign exchange
  Show Answer
  The correct answer is B .
• Question 1515: The liability of the sole trader is? Options:
  A) indeterminable
  B) unlimited
  C) transferable
  D) limited
  Show Answer
  The correct answer is B .
• Question 1516: Time deposit is the same thing as Options:
  A) bank rate
  B) current account
  C) demand deposited
  D) fixed deposit
  E) saving account
  Show Answer
  The correct answer is D .
• Question 1517: The 'terms of trade' means Options:
  A) the trade agreement between two countries
  B) the difference in the volumes of exports of two countries
  C) the value of a unit of export in relation to the value of a unit of import
  D) the production of total value of exports to the value of total trade
  E) None of the above
  Show Answer
  The correct answer is C .
• Question 1518:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1519:

  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 1520: A firm is at its optimum size when? Options:
  A) it produce the greatest output at a minimum cost
  B) it has a motive to increase output
  C) marginal cost equals marginal revenue
  D) marginal cost is less than marginal revenue
  Show Answer
  The correct answer is A .