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 1741:

  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 1742: The money that commands a higher market value than its face value is called Options:
  A) paper money
  B) standard money
  C) commodity money
  D) fiat money
  Show Answer
  The correct answer is D .
• Question 1743:

  From the diagram shown, the optional point of production is_____________?

  Options:
  A) R
  B) T
  C) S
  D) U
  Show Answer
  The correct answer is C .
• Question 1744: The term 'Near money' is best described as Options:
  A) a financial instrument that is readily convertible to cash
  B) government financial instrument that is convertible to cash
  C) time deposits with low interest rates
  D) a financial asset that is convertible to cash
  Show Answer
  The correct answer is A .
• Question 1745:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1746:

  

  The movement of curve I to ll suggests

  Options:
  A) an improvement in capital goods technology but not in consumer goods technology
  B) a movement from unemployment to full employment
  C) that the output for the society has declined
  D) a gain in consumer goods technique and not in capital goods technique
  Show Answer
  The correct answer is A .
• Question 1747: The basic principle of cooperative societies is to ________ Options:
  A) maintain the integrity of their members
  B) protect the interest and pursue the welfare of members
  C) ensure better working conditions for members
  D) provide voluntary services to the members
  Show Answer
  The correct answer is B .
• Question 1748:

  The number of people who are qualified to work and who offer themselves for employment is called____________?

  Options:
  A) Migrant labour
  B) Working population
  C) Labor turnover
  D) Mobility of Labour
  Show Answer
  The correct answer is B .
• Question 1749: An important role of agriculture in Nigeria's economic development is the Options:
  A) processing of raw materials for industries
  B) regulation of price system
  C) provision of infrastructure
  D) provision of employment
  Show Answer
  The correct answer is D .
• Question 1750:

  If the marginal utility of commodity is equal to its price, then

  Options:
  A) the consumer is in equilibrium
  B) more of the commodity can be consumed
  C) total utility is also equal to its price
  D) the market is not in equilibrium
  Show Answer
  The correct answer is A .