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 1921: Contractionary monetary policy is used to Options:
  A) control inflation
  B) bridge the deflationary gap
  C) expand the output level
  D) deregulate the economy
  Show Answer
  The correct answer is A .
• Question 1922: The theory of absolute advantage was propounded by Options:
  A) Adam Smith
  B) David Ricardo
  C) Irving Fisher
  D) JB Kynes
  E) Thomas Malthus
  Show Answer
  The correct answer is A .
• Question 1923:

  

  The relationship between tax rate and income which is relevant to a proportional tax is depicted by

  Options:
  A) Curves Z and Y
  B) Curve X
  C) Curve Z
  D) Curve Y
  Show Answer
  The correct answer is C .
• Question 1924:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1925:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1926: In national income accounts, an item counted as part of government spending is Options:
  A) salaries and wages
  B) pension
  C) scholarship
  D) social welfare
  Show Answer
  The correct answer is D .
• Question 1927: Full employment is a situation in which? Options:
  A) every adult is employed
  B) all adults who can work are employed
  C) all person who attained the age of 15 and above are employed
  D) only the disabled are not employed
  E) all those who are able and eligible can find employment
  Show Answer
  The correct answer is E .
• Question 1928: The elasticity of supply of perishable goods is? Options:
  A) unitary
  B) inelastic
  C) zero
  D) elastic
  Show Answer
  The correct answer is B .
• Question 1929:

  $\begin{array}{ccccc}\text{Units of labour}& \text{Fixed capital}& \text{Total product}& \text{Average product}& \text{Marginal product}\\ 0& 10& -& -& -\\ 1& 10& 10& 10& 10\\ 2& 10& 25& ?& 15\\ 3& 10& 50& 16.7& 25\\ 4& 10& 80& 20.0& 30\\ 5& 10& 106& 21.2& 26\end{array}$

  Calculate the average product when the 2nd labour was employed 12.5

  Options:
  A) 12.5
  B) 12
  C) 15
  D) 10
  Show Answer
  The correct answer is A .
• Question 1930:

  

  A country's budget allocation to various sectors of the economy is shown in the pie chart above...
  Use it to answer this question.

  If the budget of the country was $7,200, how much is allocated to Education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .