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 1661: The theory of comparative cost advantage is associated with Options:
  A) Adam Smith
  B) Reverend Thomas Malthus
  C) Professor trum fisher
  D) David Ricardo
  Show Answer
  The correct answer is D .
• Question 1662: Cost push inflation takes place due to? Options:
  A) the rapid increase in the demand for goods
  B) an increase in productivity of the factors of production
  C) a rise in the cost of production
  D) a rise in the standard of living
  E) the low wage rate of the workers
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  The correct answer is C .
• Question 1663: Wage freeze is a policy measure aimed at Options:
  A) encouraging investors
  B) curbing inflation
  C) regulating standard of living
  D) curbing deflation
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  The correct answer is B .
• Question 1664: In economic analysis, a statement is said to be normative if it? Options:
  A) relates to value judgement
  B) is incorrect
  C) can be tested scientifically
  D) is contradictory
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  The correct answer is A .
• Question 1665: The most generally accepted definition of economics is Options:
  A) an inquiry into the nature and causes of the wealth of nations
  B) the science of material welfare
  C) the science which studies human behavior as a relationship between ends and scarce means which have alternative use
  D) the science that treats phenomena from the stand point of price
  E) the practical science of production and distribution of wealth
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  The correct answer is C .
• Question 1666:

  A baker bought flour and other ingredients for S250.00, spent S52.00 on distribution, sold the bread for S320.00. The value added by the baker.

  Options:
  A) $302.00
  B) $52.00
  C) $18.00
  D) $622.00
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  The correct answer is C .
• Question 1667:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 1668: Which of the following factors is an important determinant of the magnitude of price elasticity of demand? Options:
  A) The production period
  B) Cost of storage
  C) Durability of the product
  D) Availability of factors of production
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  The correct answer is C .
• Question 1669: To compare the standard of living among nations, the most widely used economic indicator is the Options:
  A) real gross national income
  B) real domestic output
  C) real per capita income
  D) per capita nominal income
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  The correct answer is C .
• Question 1670: The additional cost incurred by producing an additional unit of output is known as Options:
  A) Fixed cost
  B) Total cost
  C) Average cost
  D) Marginal cost
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  The correct answer is D .