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 1841: If government increases in its expenditure on public works, the desired effect is Options:
  A) a reduction in the use of capital equipment
  B) an increase in the level of emploment
  C) an increase in the level of inflation
  D) an increase in the use of capital equipment
  Show Answer
  The correct answer is A .
• Question 1842: Indicate which of the following are invisible trade items in a country’s balance of payments? Options:
  A) oil exports and imports
  B) Gold and foreign reserves
  C) foreign investment
  D) Dividends and profit
  E) Expenditure on the shipping and tourism
  Show Answer
  The correct answer is E .
• Question 1843: The commercial banks differ from non-bank financial institutions because they Options:
  A) Accept deposits withdrawable by cheque
  B) Mobilize savings
  C) Invest surplus funds
  D) Contribute to economic development
  Show Answer
  The correct answer is A .
• Question 1844: The term ceteris paribus implies that Options:
  A) Resources are scarce
  B) Human problems can be solved
  C) Human beings are unpredictable
  D) All factors are fully utilized
  Show Answer
  The correct answer is D .
• Question 1845: The hoarding of goods is usually experienced when Options:
  A) supply is greater than demand
  B) the market price above the equilibrium price
  C) demand is greater than supply
  D) excess demand is greater than excess supply
  Show Answer
  The correct answer is C .
• Question 1846:

  The petro-chemical industries are located in Rivers State of Nigeria due to ________

  Options:
  A) Coal deposit
  B) Palm oil products
  C) Favourable soil
  D) Oil deposits
  Show Answer
  The correct answer is D .
• Question 1847: A country's terms of trade can be improved by ____? Options:
  A) collective bargaining
  B) imposing lower export duties
  C) revelation of currency
  D) reducing demand for imported goods
  Show Answer
  The correct answer is B .
• Question 1848:

  

  The supply of commodity II increasing from S₁S₁ to S₂S₂

  Options:
  A) Moves the price below OP₂
  B) Leads to a fall in price from OP₁ to OP₂
  C) Increases the price from OP₂ to OP₁
  D) Moves the price to OP₁
  Show Answer
  The correct answer is B .
• Question 1849: Which of the following defines Economics most comprehensively? Options:
  A) Buying and selling
  B) Organization and Industries
  C) study of human behaviour in the allocation of scarce resources
  D) National development planning and budgeting
  E) Banking and Insurance
  Show Answer
  The correct answer is C .
• Question 1850: The primary barrier to land reform in developing countries is the? Options:
  A) frequent opposition by the landlords
  B) realization that output levels might fall
  C) fear that peasants will be cut off from credit
  D) general contentment with the present arrangement
  Show Answer
  The correct answer is A .