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 2001: The types, sources and uses of government income are mainly concerned with? Options:
  A) public expenditure
  B) public revenue
  C) public budget
  D) public finance
  Show Answer
  The correct answer is D .
• Question 2002:

  A commodity is defined as normal when its demand changes in the same direction as______

  Options:
  A) income
  B) price
  C) taste
  D) preferences
  Show Answer
  The correct answer is A .
• Question 2003: In the agricultural sector, improved extension services facilitate? Options:
  A) acquistion of techniques
  B) arable crop production
  C) mobility of labour
  D) livestock production
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  The correct answer is A .
• Question 2004: Time deposit is the same thing as Options:
  A) bank rate
  B) current account
  C) demand deposited
  D) fixed deposit
  E) saving account
  Show Answer
  The correct answer is D .
• Question 2005:

  Poverty simply refers to the low level of________

  Options:
  A) planning
  B) per capita income
  C) rich people
  D) labour face
  Show Answer
  The correct answer is B .
• Question 2006: A form of business organization which is characterized by limited authority and liability of individual owners is the? Options:
  A) sole proprietorship
  B) partnership
  C) joint stock company
  D) co-operative society
  Show Answer
  The correct answer is C .
• Question 2007: The characteristic of entry and exit ensures that firms Options:
  A) earn excess profit
  B) earn normal profit
  C) break-even
  D) expand their operations
  Show Answer
  The correct answer is B .
• Question 2008: In order to increase its profit margin, the monopolist can manipulate Options:
  A) both price and output
  B) either price or output
  C) only its price
  D) only its output
  Show Answer
  The correct answer is B .
• Question 2009:

  

  In the diagram above, RTX and STY are the marginal cost and the average cost curves responsively of a perfectly competitive firm. The supply curve of the firm is indicated by

  Options:
  A) TX
  B) RT
  C) ST
  D) TY
  Show Answer
  The correct answer is A .
• Question 2010:

  

  In the diagram, (III) refers to the calculation of national income through the

  Options:
  A) Income approach
  B) Government earnings approach
  C) Expenditure approach
  D) Output approach
  E) Flow of funds approach
  Show Answer
  The correct answer is C .