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 1971: The organization whose aim is to solve the trade problems of less developed nations is Options:
  A) UNCTAD
  B) OECD
  C) UNECA
  D) WTO
  Show Answer
  The correct answer is A .
• Question 1972: The additional revenue obtained by using one more unit of a factor is called its? Options:
  A) marginal product
  B) additional product
  C) marginal revenue product
  D) average product
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  The correct answer is C .
• Question 1973: Which of the following is a good example of invisible item on balance of payments account? Options:
  A) Shipping and aviation
  B) Export and imports
  C) Merchandise
  D) Bullion
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  The correct answer is A .
• Question 1974:

  Economic problem occurs when

  Options:
  A) There is scarcity relative to demand
  B) All raw materials are imported
  C) Many people are out of work
  D) There are no buyers for our goods
  Show Answer
  The correct answer is A .
• Question 1975: If a country has a balance of payments surplus on current account, this meansthat? Options:
  A) total invisible export is greater than invisible import
  B) the value of goods exported must be greater than the value of goods imported
  C) there must be a positive balance of capital account
  D) the aggregate of the balance of trade and the invisible balance must be positive
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  The correct answer is D .
• Question 1976: Under normal circumstances the concept of consumers sovereignty implies that Options:
  A) the consumer and not the producer owns the means of production
  B) the producer and not the consumer determines what is to be produced
  C) the consumer and not the producer determines what is to be produced
  D) both the consumer and the producer determines what should be produced
  Show Answer
  The correct answer is B .
• Question 1977: One major difference between monopoly and perfect competition is that? Options:
  A) the perfect competitor is a price taker while the monopolist determines his own output
  B) homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
  C) sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
  D) there is free entry and exist in perfect competition but no free exist in monopoly
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  The correct answer is A .
• Question 1978: The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct Options:
  A) E = C + I + G
  B) E = C + I + G + M – X
  C) E = C + I + G + X – M
  D) E = C + I + G – T + M – X
  Show Answer
  The correct answer is C .
• Question 1979: The money that commands a higher market value than its face value is called Options:
  A) paper money
  B) standard money
  C) commodity money
  D) fiat money
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  The correct answer is D .
• Question 1980: The tax levied on locally produced goods is Options:
  A) import duty
  B) excise duty
  C) company tax
  D) value added tax
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  The correct answer is B .