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 2071: If Nigeria's composite price index in 1999 was 140.03% in 2000, the rate of inflation in 2000 was Options:
  A) 4.02%
  B) 2.10%
  C) 2.06%
  D) 1.03%
  Show Answer
  The correct answer is D .
• Question 2072: The information that rank a consumer preferences is given by Options:
  A) Scale of preference
  B) Indifference map
  C) Demand schedule
  D) Supply schedule
  Show Answer
  The correct answer is B .
• Question 2073: If the government invest the sum of N1,000,000.00 and the marginal propensity to consume is 0.75, what is the change in income? Options:
  A) N1,000 000.00
  B) N4,000 000.00
  C) N6,000 000.00
  D) N14,000,000.00
  Show Answer
  The correct answer is B .
• Question 2074: Which of the following falls continuously as output expands? Options:
  A) Average fixed cost
  B) Marginal cost
  C) Average variable cost
  D) Average cost
  Show Answer
  The correct answer is D .
• Question 2075: 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 2076: Population growth is determined by_______? Options:
  A) Dependency ratio
  B) Labour force
  C) Per capita
  D) Net migration
  Show Answer
  The correct answer is D .
• Question 2077: If W stands for wages/salaries, P for profit, R for interest and Z for rent on land real estate, then national income is? Options:
  A) W -P - R - Z
  B) W + P + Z - R
  C) P - R - Z + W
  D) W + P + R + Z
  Show Answer
  The correct answer is D .
• Question 2078: Inflation n the Nigeria economy may be fueled by increase in? Options:
  A) the dollar price of crude oil
  B) the sale of company shares
  C) government expenditure
  D) sale of government bonds
  Show Answer
  The correct answer is C .
• Question 2079:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2080: Creeping inflation implies that there is a? Options:
  A) gentle and persistent increase in the general price level
  B) rapid and persistent increase in the general price level
  C) gentle but not permanent increase in the general price level
  D) rapid but not permanent increase in the general price level
  Show Answer
  The correct answer is A .