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 1581:

  Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

  Options:
  A) marginal product
  B) marginal cost curve
  C) demand curve
  D) average cost curve
  Show Answer
  The correct answer is C .
• Question 1582: A decrease in aggregate spending in an economy will ultimately lead to Options:
  A) boom
  B) inflation
  C) deflation
  D) recession
  Show Answer
  The correct answer is C .
• Question 1583: A country is said to have absolute advantage when she Options:
  A) has a higher opportunity cost in the production of a good
  B) can sell to other countries without buying from them
  C) can produce more of any good with fewer resources
  D) has a lower opportunity cost in the production of good
  Show Answer
  The correct answer is C .
• Question 1584:

  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 1585:

  

  From the graph above, fixing maximum price of garri below equilibrium prices at P₁ will

  Options:
  A) Encourage the production of garri
  B) Create an excess supply of garri
  C) Increase the consumption of garri
  D) Decrease the consumption of garri
  Show Answer
  The correct answer is C .
• Question 1586: 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
  Show Answer
  The correct answer is C .
• Question 1587:

  Calculate the equilibrium level of national income (Y) where Y = C + I + G; C = 100 + 0.75Y; I = 50; G = 200

  Options:
  A) 2000
  B) 100
  C) 1500
  D) 1400
  Show Answer
  The correct answer is D .
• Question 1588: An institution that regulates trade relations among members is the Options:
  A) ADB
  B) OPEC
  C) EU
  D) IMF
  Show Answer
  The correct answer is B .
• Question 1589: The first petroleum exploring company to discover crude petroleum in Nigeria was? Options:
  A) Mobil
  B) Texaco
  C) Agip
  D) Shell-BP
  Show Answer
  The correct answer is D .
• Question 1590: Inflation that is usually associated with periods of trade boom is Options:
  A) creeping inflation
  B) cost-push inflation
  C) stagflation
  D) demand-pull inflation
  Show Answer
  The correct answer is D .