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 1891: A change in the pump price of petrol in Nigeria has a direct effect on the Options:
  A) prices of consumer goods
  B) prices of essential goods
  C) cost of raw materials
  D) cost of transportation
  Show Answer
  The correct answer is B .
• Question 1892: If a country operates a freely floating exchange rate system, and suffers a balance of payments deficit can be eliminated through? Options:
  A) a rise in the external value of its currency
  B) a fall in the external value of its currency
  C) an increase in the volume of imports
  D) the consumption of more foreign goods
  Show Answer
  The correct answer is B .
• Question 1893:

  John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

  Options:
  A) marginal physical productivity
  B) marginal income productivity
  C) consumer's surplus
  D) economic rent
  Show Answer
  The correct answer is D .
• Question 1894:

  $\begin{array}{cc}\text{Unit of output}& \text{Table cost}\\ 1& 20\\ 2& 32\\ 3& 42\\ 4& 48\\ 5& 50\end{array}$

  Inthe above table, the marginal cost of the 3rd unit of output is

  Options:
  A) 12
  B) 6
  C) 10
  D) 2
  E) 9
  Show Answer
  The correct answer is C .
• Question 1895: One method through which the Central Bank can restrict the commercial banks' power of credit expansion is to? Options:
  A) demand for increased special deposit
  B) decrease the cash ratio
  C) buy securities in the open market
  D) reduce the rate of interests at which banks borrow from it
  Show Answer
  The correct answer is A .
• Question 1896: The country will be over populated when Options:
  A) the rate of birth is high
  B) the death rate is low
  C) the growth rate is high
  D) population is increasing more than resources in the country
  E) unemployement is high in the country
  Show Answer
  The correct answer is D .
• Question 1897: An important function of the price system is to Options:
  A) ensure that producers' profits remain high
  B) guarantee full employment of resources
  C) allocate resources to most productive uses
  D) protect the economic interests of government
  Show Answer
  The correct answer is D .
• Question 1898: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .
• Question 1899: Invisible trade refers to trade in? Options:
  A) services
  B) goods and services
  C) tangible goods
  D) short-term and long-term capital
  E) goods that cannot be seen
  Show Answer
  The correct answer is E .
• Question 1900: Which of the following is an indirect tax? Options:
  A) Poll tax
  B) personal income tax
  C) Company tax
  D) excise duties
  Show Answer
  The correct answer is D .