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 1801:

  The theory of ............... was propounded by ..................

  Options:
  A) Comparative advantage; Mercantilists
  B) Absolute advantage; Adam Smith
  C) Comparative advantage; Adam Smith
  D) Absolute advantage; David Ricardo
  Show Answer
  The correct answer is B .
• Question 1802: The balance of visible trade is the difference between the values of?` Options:
  A) imported and exported goods
  B) imported and exported services
  C) current account and capital account
  D) exchange rate of local and foreign currencies
  Show Answer
  The correct answer is A .
• Question 1803: Which of the business organization listed below is characterized by limited authority and liability of the individual owners? Options:
  A) Sole properitorship
  B) Partnership
  C) Joint stock company
  D) Co-operative society
  Show Answer
  The correct answer is C .
• Question 1804: Cost-push inflation occurs when Options:
  A) production cost is high
  B) factor prices decrease
  C) there is too much money in circulation
  D) government embarks on deficit financing
  Show Answer
  The correct answer is A .
• Question 1805: The income elasticity of demand of normal goods is Options:
  A) negative
  B) positive
  C) zero
  D) fixed
  Show Answer
  The correct answer is B .
• Question 1806:

  A problem of price control is

  Options:
  A) development of black markets
  B) increased earning and higher profit
  C) increase in employment
  D) increase investment
  E) redistribution of income
  Show Answer
  The correct answer is A .
• Question 1807: Price control indicate the following Options:
  A) price is fixed at equilibrium level
  B) price is fixed above equilibrium level
  C) price is not fixed but determined by demand and supply
  D) price is fixed below equilibrium level
  E) none of the above
  Show Answer
  The correct answer is D .
• Question 1808:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1809:

  A consumer of a single commodity is in equilibrium when

  Options:
  A) he can equate his demand with price
  B) he equates marginal utility and price
  C) he can equate his marginal and total utilities
  D) his marginal utility is equal to zero
  Show Answer
  The correct answer is B .
• Question 1810: Normative economics deals with? Options:
  A) what is and not what should be
  B) facts and not figures
  C) facts and figures
  D) value judgements
  Show Answer
  The correct answer is D .