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 1811:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1812:

  

  The shaded triangle in the diagram above is known as

  Options:
  A) excess supply
  B) consumer surplus
  C) excess consumption
  D) producer surplus
  Show Answer
  The correct answer is B .
• Question 1813: Net National Product is derived by deducting Options:
  A) net exports from GNP
  B) subsidies from GDP
  C) taxes from GDP
  D) depreciation from GNP
  Show Answer
  The correct answer is D .
• Question 1814:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1815: The foreign exchange market is a market where Options:
  A) graded commoditties like wheat, flour, etc are sold and bought
  B) currencies are sold and bought
  C) treasury bills are sold and bought
  D) government bonds are sold and bought
  E) treasury certificates are sold
  Show Answer
  The correct answer is B .
• Question 1816:

  Mono production economies are those that____

  Options:
  A) Produce one main commodities
  B) Have a rich cultural heritage.
  C) Specialize in agricultural industries.
  D) Produce only raw materials.
  Show Answer
  The correct answer is A .
• Question 1817:

  Money becomes a very poor store of value in a period of _______

  Options:
  A) Harvest
  B) Deflation
  C) Recession
  D) Inflation
  Show Answer
  The correct answer is D .
• Question 1818: The supply curve of a perfectly competitive firm is identical to its Options:
  A) total cost
  B) marginal cost
  C) fixed cost
  D) variable inputs
  Show Answer
  The correct answer is B .
• Question 1819:

  Use the information below to answer questions.

  When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.Determined the cross elasticity of demand?

  Options:
  A) 1.7
  B) 0.6
  C) -0.6
  D) -1.7
  Show Answer
  The correct answer is A .
• Question 1820: The current industrial development strategy in Nigeria is aimed at encouraging Options:
  A) small-scale industries
  B) medim-scale industries
  C) small-and medium-scale industries
  D) medium-and large-scale industries
  Show Answer
  The correct answer is C .