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 1771: GNP is not a good measure of social welfare because there are unrecorded? Options:
  A) indirect taxes
  B) social costs
  C) government subsidies
  D) transfer payments
  Show Answer
  The correct answer is D .
• Question 1772: Under normal circumstances the concept of consumers sovereignty implies that Options:
  A) the consumer and not the producer owns the means of production
  B) the producer and not the consumer determines what is to be produced
  C) the consumer and not the producer determines what is to be produced
  D) both the consumer and the producer determines what should be produced
  Show Answer
  The correct answer is B .
• Question 1773:

  Use the following information given to answer this question

  Total of all expenditure incurred during the year ₤ 80,000m

  Indirect taxes on goods and services ₤ 8,000m

  Capital consumption ₤ 6,000m

   

  Gross national expenditure at factor cost is_________

  Options:
  A) ₤ 88,000μ
  B) ₤ 82,000μ
  C) ₤ 74,000μ
  D) ₤ 72,000μ
  Show Answer
  The correct answer is D .
• Question 1774: One of the functions money is that, it helps? Options:
  A) detect frauds in matters of exchange
  B) postponed payments without loss of count
  C) store information about the valuation of an item
  D) record information about the valuation of an item
  Show Answer
  The correct answer is C .
• Question 1775: One of the characteristics of private enterprises is ______? Options:
  A) Provision of welfare to the citizens
  B) That tax payers bear all the risks
  C) Public ownership of shares
  D) Individual funding of business activities
  Show Answer
  The correct answer is D .
• Question 1776: The major contribution of the petroleum industry to the Nigerian economy is the Options:
  A) generation of revenue for the oil companies
  B) provision of employment opportunities for communites
  C) generation of revenue for government
  D) promotion of industrial harmony
  Show Answer
  The correct answer is C .
• Question 1777:

  

  The diagram above shows theshifts in both demand supply curves. What is the new equilibrium point after the shifts?

  Options:
  A) E₃
  B) E₁
  C) E₄
  D) E₂
  Show Answer
  The correct answer is D .
• Question 1778: The stock exchange is a market for the buying and selling of? Options:
  A) monetary instruments
  B) new shares
  C) existing shares
  D) treasury bills
  Show Answer
  The correct answer is C .
• Question 1779: An equilibrium price? Options:
  A) keeps excess demand within limits
  B) keeps excess supply within limits
  C) generates the greatest possible demand and supply
  D) generates the greatest possible profits
  E) equates the quantity supplied to be equal to the quantity demanded.
  Show Answer
  The correct answer is E .
• Question 1780: For an economy which last year produced only two commodities X and Y, the real cost of the quantity of X which it produced can be measured by the? Options:
  A) amount of X it could not produced
  B) amount of Y it produced
  C) total amount of Y it could have produced
  D) extra amount of Y it could have produced
  Show Answer
  The correct answer is C .