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 1521: The reduction of high fertility rate is a measure in population control designed to make the? Options:
  A) female population higher than the male
  B) female and male population equal
  C) male population higher than the female
  D) growth in population more sustainable
  Show Answer
  The correct answer is D .
• Question 1522: In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is? Options:
  A) N5,200
  B) N 4,760
  C) N4,670
  D) N2,080
  Show Answer
  The correct answer is C .
• Question 1523: 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 1524:

  Economics is a social science concerned with the proper use and______

  Options:
  A) production of goods and services
  B) distribution of wealth
  C) allocation of resources for growth
  D) creation of utility
  Show Answer
  The correct answer is C .
• Question 1525:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1526: A situation in which a commodity is sold abroad below its cost of production in the home country is known as? Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
  Show Answer
  The correct answer is A .
• Question 1527: A firm faces diminishing returns when its? Options:
  A) total output diminishes
  B) average output diminishes
  C) marginal output diminishes
  D) marginal revenue diminishes
  Show Answer
  The correct answer is C .
• Question 1528: By terms of trade, we mean the? Options:
  A) ratio of exports and imports
  B) differences between exports and imports
  C) differences between current account and capital account
  D) index of export prices to import prices expressed as a percentage
  E) ratio of short-term capital movements to long-term capital movements
  Show Answer
  The correct answer is D .
• Question 1529:

  If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

  Options:
  A) a decrease in profit by 43%
  B) an increase in profit by 43%
  C) a net loss
  D) a net gain
  Show Answer
  The correct answer is A .
• Question 1530: The terms of trade are said to be favorable only if Options:
  A) Value of total exports equals value of total imports
  B) Value of merchandise exports is greater than value of merchandise imports
  C) There are no balance of payments problems
  D) There is an increase in the value of a unit of export in terms of imports
  E) Foreign exchange reserves do not change
  Show Answer
  The correct answer is D .