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 1691: In the equation MV = PT; V stand for Options:
  A) velocity of circulation of money
  B) velocity of price change
  C) volume of goods produced
  D) volume of money
  E) volume of transaction
  Show Answer
  The correct answer is B .
• Question 1692: A commodity will be demanded only if Options:
  A) consumers income increases
  B) it has no close substitutes
  C) the price is low
  D) it has utility
  Show Answer
  The correct answer is D .
• Question 1693: The money which government spends yearly for the maintenance of its school is? Options:
  A) used only for wages and salaries
  B) part of the government's capital expenditure
  C) part of the government's recurrent expenditure
  D) the government's budget for its school
  Show Answer
  The correct answer is C .
• Question 1694: Which of the following source of income is spectacular only to Government ? Options:
  A) Payment from business transfer
  B) Bonuses
  C) Tax
  D) Wages
  Show Answer
  The correct answer is C .
• Question 1695:

  

  Above the equilibrium point, a further rise in price tends to

  Options:
  A) increase demand and restrict supply
  B) restrict demand and decrease supply
  C) increase demand and decrease supply
  D) decrease demand and increase supply
  Show Answer
  The correct answer is D .
• Question 1696: The average tax rate is defined as Options:
  A) total tax rate less the marginal tax rate
  B) the tax rate which applies to additional value income
  C) the ratio of total taxes paid to total income
  D) marginal tax rate for being progressive
  Show Answer
  The correct answer is C .
• Question 1697:

  

  In the diagrams, the opportunity cost of a unit of cotton in terms of cocoa is

  Options:
  A) 4 for Ghana; 2 for Nigeria
  B) 20 for Ghana; 60 for Nigeria
  C) $\frac{1}{4}$ for Ghana; $\frac{1}{2}$ for Nigeria
  D) 5 for Ghana; 30 for Nigeria
  Show Answer
  The correct answer is C .
• Question 1698:

  

  The supply of commodity II increasing from S₁S₁ to S₂S₂

  Options:
  A) Moves the price below OP₂
  B) Leads to a fall in price from OP₁ to OP₂
  C) Increases the price from OP₂ to OP₁
  D) Moves the price to OP₁
  Show Answer
  The correct answer is B .
• Question 1699: In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized? Options:
  A) Length and cost of training
  B) Demand and supply
  C) attractiveness of the job
  D) Influence of the trade union
  E) Government intervention
  Show Answer
  The correct answer is B .
• Question 1700:

  The policy by which government encourages producers of export goods to produce and export more in order to earn more foreign exchange is called__________

  Options:
  A) Sales promotion
  B) Term of trade
  C) Export promotion
  D) International trade
  Show Answer
  The correct answer is C .