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:

  Which of the following matters may account for changes in demand?

   

  I - changes in consumer preferences

  II - changes in real income

  III - changes in distribution of incomes

  IV - changes in levels of taxation

   

   

  Options:
  A) I, II
  B) II, III
  C) I, III, IV
  D) I, II, III, IV
  Show Answer
  The correct answer is D .
• Question 1772: Minimum wage legislation will result in Options:
  A) reduced income
  B) greater supply labour
  C) reduced labour productivity
  D) greater demand for labour
  Show Answer
  The correct answer is B .
• Question 1773:

  The investment expenditure of an economy changes by N 2 million and MPC is 0.75

  The multiplier is

  Options:
  A) 8
  B) 4
  C) 3
  D) 2
  Show Answer
  The correct answer is D .
• Question 1774:

  The term 'investment' in macroeconomics means

  Options:
  A) Profit
  B) Total amount of money invested in bonds and stocks
  C) The total amount of capital goods in the country
  D) The production of goods for immediate consumption
  Show Answer
  The correct answer is C .
• Question 1775: The major factor that causes fluctuations in the supply of agricultural produce is? Options:
  A) high price
  B) pests
  C) weather variations
  D) rural-urban migration
  Show Answer
  The correct answer is C .
• Question 1776: A decrease in aggregate spending in an economy will ultimately lead to Options:
  A) boom
  B) inflation
  C) deflation
  D) recession
  Show Answer
  The correct answer is C .
• Question 1777: Which of the following is NOT a type of business ownership? Options:
  A) Debenture holding
  B) private company
  C) Parnership
  D) Joint Stock venture
  Show Answer
  The correct answer is A .
• Question 1778: Corrections in the GNP figures for price changes require the use of a Options:
  A) Retail price index
  B) Producer price index
  C) Price index
  D) Price deflator
  Show Answer
  The correct answer is D .
• Question 1779: The most popular sizes of dresses and shoes are determined by the Options:
  A) range
  B) mean
  C) mode
  D) median
  Show Answer
  The correct answer is C .
• Question 1780: One of the problems arising from the localization of industries is? Options:
  A) high prices of output
  B) the exportation of output
  C) the scarcity of foreign exchange
  D) structural unemployment
  Show Answer
  The correct answer is D .