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 1881:

  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 1882:

  In a country with large population of full-time house wives, national income

  Options:
  A) will be composed of goods produced by women
  B) figures will be grossly over-stated
  C) statistics will be difficult to calculate
  D) figures will be grossly under-estimated
  Show Answer
  The correct answer is B .
• Question 1883: Deflation is a persistent fall in the general price level and is usually caused by? Options:
  A) a reduction in total demand
  B) an increase in government spending
  C) an increase in the money supply
  D) an increase in aggregate demand
  Show Answer
  The correct answer is A .
• Question 1884: One of the problems facing the Nigerian oil and gas industry is____________________? Options:
  A) Over-capacity utilization
  B) The discovery of alternative oil sources
  C) Shortage of indigenous manpower
  D) The excess supply of petroleum products
  Show Answer
  The correct answer is C .
• Question 1885:

  Economists refer to private goods as

  Options:
  A) rivalrous and non-excludable
  B) rivalrous and excludable
  C) non rival and non- excludable
  D) non rival and excludable
  Show Answer
  The correct answer is B .
• Question 1886:

  

  What type of price elasticity of demand is the diagram above representing?

  Options:
  A) perfectly inelastic demand
  B) perfectly elastic demand
  C) fairly elastic demand
  D) composite demand
  Show Answer
  The correct answer is A .
• Question 1887: Inflation is likely to benefit? Options:
  A) persons with bank savings
  B) persons employed in financial houses
  C) debtors
  D) persons who lived on fixed pension funds
  E) creditors
  Show Answer
  The correct answer is C .
• Question 1888:

  If X represents the factors of production and Y represent the factor price, which of the following sets of association is correct?

  Options:
  A) (land, rent) (capital, wage), (labour, profit)
  B) (land, interest) (capital,profit), (labour, wage)
  C) (land, wage), (capital, interest), (labour, rent)
  D) (land,rent), (capital, interest), (labour, wage)
  Show Answer
  The correct answer is D .
• Question 1889: If government fixes price below the equilibrium price, what effect will it have on demand? Options:
  A) Quantity demanded and supplied will be equal
  B) Quantity supplied will be greater than quantity demanded
  C) Quantity demanded will increase
  D) Quantity demanded will decrease
  Show Answer
  The correct answer is C .
• Question 1890: The major characteristics of an undeveloped nation is Options:
  A) Over-dependence on foreign products
  B) Dominance of the industrial sector
  C) High per capita income
  D) Efficient and sensitive financial sector
  Show Answer
  The correct answer is A .