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 1751: The total money values of all goods and services produced in a country during a certain period is measured by using the? Options:
  A) income method
  B) expenditure method
  C) output method
  D) factor method
  Show Answer
  The correct answer is C .
• Question 1752: An increase in money supply, other things being equal, will? Options:
  A) lower interest rates
  B) reduce income
  C) ensure trade balance
  D) increase money demand
  Show Answer
  The correct answer is D .
• Question 1753: Which of the following is NOT one of the balance of payment entries? Options:
  A) the current account
  B) foreign exchange
  C) Import and Export duties
  D) Short-term capital
  E) Long-term capital
  Show Answer
  The correct answer is B .
• Question 1754:

  A strategy for improving agriculture in Nigeria will involve

  Options:
  A) controlling the prices of agricultural products
  B) ensuring self-sufficiency in food production
  C) reducing agricultural exports
  D) establishing commondity boards
  Show Answer
  The correct answer is B .
• Question 1755: For the improvement of the welfare of a people, a high production level is not enough because Options:
  A) the have-nots deserve more than a fair share
  B) equitable distribution is necessary
  C) production efficiency is vital
  D) savings in the country must be guaranteed at more than 50 percent of income earned.
  Show Answer
  The correct answer is A .
• Question 1756: If the government invest the sum of N1,000,000.00 and the marginal propensity to consume is 0.75, what is the change in income? Options:
  A) N1,000 000.00
  B) N4,000 000.00
  C) N6,000 000.00
  D) N14,000,000.00
  Show Answer
  The correct answer is B .
• Question 1757: Tax which is levied on goods manufactured, sold or used within a country is? Options:
  A) sales tax
  B) excise tax
  C) direct tax
  D) income tax
  E) poll tax
  Show Answer
  The correct answer is B .
• Question 1758: The ultimate aim of agricultural policies in Nigeria is to achieve Options:
  A) food sufficiency
  B) industrialization
  C) full employment
  D) industrial capacity utilization
  Show Answer
  The correct answer is A .
• Question 1759: An economic problem arises when? Options:
  A) manufactured goods are in short supply
  B) money is in short supply
  C) buyers are many
  D) sellers are few
  E) scarcity and choice are involved
  Show Answer
  The correct answer is E .
• Question 1760:
  

  What is the lowest price the monopolist can charge

  Options:
  A) P2
  B) P1
  C) P3
  D) P4
  Show Answer
  The correct answer is A .