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 Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________

  Options:
  A) The activities of multinationals
  B) inadequate personnel at the secretariat
  C) political instability
  D) inadequate international support
  Show Answer
  The correct answer is C .
• Question 1972:

  The money paid per hour for work done is_________

  Options:
  A) cost
  B) salary
  C) bonus
  D) wage rate
  Show Answer
  The correct answer is D .
• Question 1973: The population theory that is concerned with the cases of over population and shortage of food production is ______ Options:
  A) population density
  B) Malthusian population theory
  C) national population theory
  D) demographical transition theory
  Show Answer
  The correct answer is B .
• Question 1974: in equilibrium, injections are equal to? Options:
  A) withdrawals
  B) surplus of imports over exports
  C) government spending
  D) wages
  Show Answer
  The correct answer is A .
• Question 1975: What to produce in any society is determined by the? Options:
  A) expenditure of the people on different commodities
  B) competition among the different producers
  C) competition among the different consumers
  D) supply and demand in the factor markets
  Show Answer
  The correct answer is D .
• Question 1976: In taxation, the benefit principle requires that? Options:
  A) everybody must draw benefit from taxation
  B) all those who earn more income must pay more taxes
  C) only those who derive benefit from services provided from public revenue should be taxed
  D) taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities
  E) everybody pays an equal amount
  Show Answer
  The correct answer is C .
• Question 1977: The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as? Options:
  A) budget deficit
  B) balance budget
  C) budget surplus ‘
  D) budget statement
  E) unfavourable budget.
  Show Answer
  The correct answer is A .
• Question 1978: When marginal cost equals marginal revenue of products Options:
  A) the firms is producing at a loss
  B) the firm is at a break-even point
  C) the firm is making the least profit
  D) the supplementary cost of the firm is highest
  E) the firm has maximum profit
  Show Answer
  The correct answer is B .
• Question 1979:

  

  If the country is currently producing at point Y, it can increase production of producer goods by moving to the point

  Options:
  A) V
  B) W
  C) X
  D) Z
  Show Answer
  The correct answer is B .
• Question 1980: A deficit budget can be used to? Options:
  A) stimulate recovery from a trade depression
  B) protect the economy from inflation
  C) starve the economic of funds for economic development
  D) provide measures to remedy the balance of payments
  Show Answer
  The correct answer is B .