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 1961:

  The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as?

  Options:
  A) Revenue generation
  B) Economic development
  C) Fiscal Policy
  D) Taxation
  Show Answer
  The correct answer is C .
• Question 1962:

  In a capitalist economy, factors of production are owned and controlled by the _____?

   

  Options:
  A) Citizen
  B) Business Men
  C) Government
  D) Foreigners
  Show Answer
  The correct answer is B .
• Question 1963:

  A movement along a given demand curve for a good is caused by a change in

  Options:
  A) A consumer income
  B) The price of the good
  C) Taste
  D) The prices of other goods
  E) Population
  Show Answer
  The correct answer is B .
• Question 1964:

  From the table, how many people scored above 6?

  Options:
  A) 25
  B) 24
  C) 5
  D) 30
  Show Answer
  The correct answer is B .
• Question 1965: The circular flow of income defines the? Options:
  A) relationship between ends and means in the economic system
  B) allocation of income to various members of the household
  C) flow of goods, srvices amd money among the various macro-sectors of the economy
  D) micro-economic relationships in economic analysis
  Show Answer
  The correct answer is C .
• Question 1966: Economic freedom is a basic feature of economy Options:
  A) an industrialized economy
  B) a planned economy
  C) a developed economy
  D) a market economy
  Show Answer
  The correct answer is D .
• Question 1967: Inflation that is usually associated with periods of trade boom is Options:
  A) creeping inflation
  B) cost-push inflation
  C) stagflation
  D) demand-pull inflation
  Show Answer
  The correct answer is D .
• Question 1968: Bills of exchange originates from a? Options:
  A) central bank
  B) commercial bank
  C) community bank
  D) development bank
  Show Answer
  The correct answer is B .
• Question 1969:

  An upward movement along the same supply curve result in_____________

  Options:
  A) a decrease in price
  B) an increase
  C) an increase in quantity supplied
  D) a decrease In quantity supplied
  Show Answer
  The correct answer is C .
• Question 1970: The main function of the price system is to? Options:
  A) distribute resources equally among competing ends
  B) ensure efficient allocation of resources in the economic system
  C) allocate goods and services equally
  D) minimize cheating
  Show Answer
  The correct answer is B .