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 2091: One of the economic problems of Nigeria today arises from? Options:
  A) the over utilization of human and natural resources
  B) unavailability of mineral resources
  C) inadequate manpower resources
  D) the under-utilization of human and natural resources
  Show Answer
  The correct answer is D .
• Question 2092: In national income accounts, an item counted as part of government spending is Options:
  A) salaries and wages
  B) pension
  C) scholarship
  D) social welfare
  Show Answer
  The correct answer is D .
• Question 2093: The gains from international trade are shared on the basis of the Options:
  A) quantity produced of each of the traded goods
  B) cost of production of each of the traded goods
  C) terms of trade
  D) bilateral trade agreements
  Show Answer
  The correct answer is B .
• Question 2094:

  

  The shaded triangle in the diagram above is known as

  Options:
  A) excess supply
  B) consumer surplus
  C) excess consumption
  D) producer surplus
  Show Answer
  The correct answer is B .
• Question 2095: Which of the following best describes the concept of opportunity cost? Options:
  A) a special bargain or scale at below market price
  B) Cost of input tends to go up as we use more of them
  C) Goods that are not produced in order to produce more of another good
  D) A cost that constantly decreases
  Show Answer
  The correct answer is C .
• Question 2096:

  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 2097: If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct? Options:
  A) An increase in demand for X will increase the supply of Y
  B) An increase in demand for X will shift the supply of Y
  C) An increase in demand for Y will raise the price of X
  D) An increase in demand for X will cause less of Y to be produced
  E) A probable tax on Y will cause more of X to be supplied
  Show Answer
  The correct answer is A .
• Question 2098: One of the ways by which the government can speed up economic development is through the? Options:
  A) increase in consumption pattern of the people
  B) encouragement of savings, investment and equitable distribution of goods and services
  C) increase in the rate of population growth so as to ensure that the country has a large labour force
  D) encouragement of importation of raw materials to produce consumer goods
  Show Answer
  The correct answer is B .
• Question 2099: The monetization policy is an offshoot of Options:
  A) NEEDS
  B) SAP
  C) PAYE
  D) MDGs
  Show Answer
  The correct answer is A .
• Question 2100:

  

  The graph of the schedule above will depict

  Options:
  A) a kinked demand curve
  B) a normal demand curve
  C) an abnormal demand curve
  D) a diminishing marginal utility curve
  Show Answer
  The correct answer is C .