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 1711:

  A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

  Options:
  A) Import monopoly
  B) Import licence
  C) Import quota
  D) Embargo
  Show Answer
  The correct answer is B .
• Question 1712: If the price of a commodity is fixed below equilibrium, this will lead to Options:
  A) excess demand
  B) a decrease in price
  C) an increase in price
  D) excess supply
  Show Answer
  The correct answer is A .
• Question 1713: The choice of the method of production in an economy is determined by the Options:
  A) level of technical know-how
  B) rate of propulation growth
  C) availability of natural resources
  D) level of income
  Show Answer
  The correct answer is A .
• Question 1714: The median of an odd-numbered set of scores is the Options:
  A) Middle value in the set
  B) Highest value in the set
  C) Arithmetic means of the set
  D) Most frequent occuring score
  Show Answer
  The correct answer is A .
• Question 1715: The supply of cocoa is influenced by Options:
  A) seasonal conditions
  B) the efficacy of fertilizer used
  C) the demand for beverages
  D) the availability of close substitutes
  Show Answer
  The correct answer is B .
• Question 1716: A greater burden of the taxes on essential goods is borne by the Options:
  A) lower income group
  B) higher income group
  C) contract workers
  D) newly recruited workers
  Show Answer
  The correct answer is A .
• Question 1717: Fiscal policy involves changes in? Options:
  A) open market operations
  B) revenue and expenditure of government
  C) money supply to the economy
  D) imports and exports
  Show Answer
  The correct answer is B .
• Question 1718: Revenue can be expressed as Options:
  A) total Profit made after sales
  B) amount of goods produced
  C) total money realized from sales
  D) amount spent on purchases
  Show Answer
  The correct answer is C .
• Question 1719: The crucial factors which determine the location of petroleum refineries in Nigeria are availability of raw materials and? Options:
  A) capital
  B) political consideration
  C) nearness to source of power
  D) labour
  Show Answer
  The correct answer is B .
• Question 1720: 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
  Show Answer
  The correct answer is C .