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 1551:

  

  In the diagram I refers to the calculation of national income through the

  Options:
  A) Expenditure approach
  B) Input - Output approach
  C) Flows of funds approach
  D) Income approach
  E) Output approach
  Show Answer
  The correct answer is D .
• Question 1552:

  A demand which is positively related to price is true of

  Options:
  A) normal goods
  B) giffen goods
  C) ostentatious goods
  D) capital goods
  Show Answer
  The correct answer is B .
• Question 1553: Optimum population is desirable because it enables an economy to obtain maximum? Options:
  A) per capita income
  B) per capital output
  C) per capita real income
  D) per capital revenue
  E) growth rate
  Show Answer
  The correct answer is A .
• Question 1554: In a textile factory, the cost of cotton used is a typical example of Options:
  A) an average cost
  B) a variable cost
  C) a fixed cost
  D) a total cost
  Show Answer
  The correct answer is B .
• Question 1555: Balance of trade is the difference between? Options:
  A) exports and imports of goods and services
  B) capital inflows and capital outflows
  C) visible and invisible balances
  D) exports and imports of goods
  Show Answer
  The correct answer is D .
• Question 1556:

  The shape of the production possibility frontier is determined by the_________

  Options:
  A) law of returns to scale
  B) law of diminishing returns
  C) factors of productions
  D) technology
  Show Answer
  The correct answer is B .
• Question 1557: If the Central Bank intends to increase the money supply through open market operations then it will Options:
  A) sell securities in the open market
  B) buy securities in the open market
  C) issues more currency note
  D) withdraw money supply from the market
  E) print more demand deposit
  Show Answer
  The correct answer is B .
• Question 1558: If national income rises by 6% and population rises by 3%, per capita income will? Options:
  A) rise by 6 percent
  B) fall by 3 percent
  C) fall by 6 percent
  D) rise by 3 percent
  Show Answer
  The correct answer is D .
• Question 1559: The demand for labour in an economy is a depiction of Options:
  A) competitive demand
  B) Composite demand
  C) Complementary demand
  D) Deductive demand
  E) derived demand
  Show Answer
  The correct answer is E .
• Question 1560:

  

  The relationship between tax rate and income which is relevant to a proportional tax is depicted by

  Options:
  A) Curves Z and Y
  B) Curve X
  C) Curve Z
  D) Curve Y
  Show Answer
  The correct answer is C .