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:

  

  How many units of good X is produced for 8 units of commodity Y?

  Options:
  A) 80
  B) 40
  C) 20
  D) 0
  Show Answer
  The correct answer is D .
• Question 1752: The shut-down point for a firm in the short run is the output at which? Options:
  A) the pricr of the product is lowest
  B) marginal Cost is constant
  C) Average Variable Cost is not covered
  D) Average Cost is minimum
  Show Answer
  The correct answer is C .
• Question 1753: If two bags of rice were sold for N1,250 a mouth ago and two weeks later, the same amount was used to procure one bag. This simply means that the value of money is Options:
  A) constant
  B) decreasing
  C) fluctuating
  D) increasing
  E) proportional
  Show Answer
  The correct answer is B .
• Question 1754: Which of the following is NOT a cause of inflation? Options:
  A) excessive bank lending
  B) excessive deficit financing
  C) increase in domestics productivity
  D) increase in wages and salaries of workers
  E) increase in government expenditure
  Show Answer
  The correct answer is C .
• Question 1755: Non-bank financial intermediaries do not? Options:
  A) provide credit facilities
  B) accept deposits
  C) accept demand deposits
  D) sell shares
  Show Answer
  The correct answer is C .
• Question 1756:

  The method obtained by adding all the reward of factors of production in national income is________

  Options:
  A) income approach
  B) expenditure approach
  C) value added method
  D) output approach
  Show Answer
  The correct answer is A .
• Question 1757: The theoretical relationship between money supply and prices is weakened by changes in the Options:
  A) money supply
  B) general price level
  C) velocity of money
  D) interest rate
  Show Answer
  The correct answer is B .
• Question 1758: The downturn in the prices of shares on stock markets is a highlight of Options:
  A) efficient allocation of resources
  B) the invisible hand
  C) the regulatory nature of the market
  D) consumer rationality
  Show Answer
  The correct answer is C .
• Question 1759: In economic life, choice among alternatives depends on the? Options:
  A) income of the decision maker
  B) scarcity of resources
  C) scale of preference of the decision maker
  D) status of the decision maker
  Show Answer
  The correct answer is C .
• Question 1760: The argument of tariff protection in less developed economies is that such a measure would Options:
  A) raise the price of goods affected abroad
  B) make consumers pay a higher price for the domestically produced output
  C) protect young industries from ruinous competition from abroad
  D) help reduced excess capacity in domestic industries
  E) stifle private investment intiatives
  Show Answer
  The correct answer is C .