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 2151: Which type of business organization has the attribute effectively combining management with control? Options:
  A) sole proprietorship
  B) Partnership
  C) Limited liability company
  D) Co-operatives
  Show Answer
  The correct answer is A .
• Question 2152: National income at factor cost means national income at? Options:
  A) current prices
  B) nominal prices
  C) last year prices
  D) base year prices
  Show Answer
  The correct answer is A .
• Question 2153: 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 2154:

  Economic growth is different from economic development because economic growth

  Options:
  A) describes expansion and changes
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 2155: By ‘trade by barter’, we mean Options:
  A) Trade done by people in the village
  B) Exchange of goods for money
  C) International trade
  D) Exchange of goods for goods
  E) The trade of the middle ages
  Show Answer
  The correct answer is D .
• Question 2156: A normal supply curve is usually positively sloped because the relationship between Options:
  A) price and supply is positive
  B) demand and price is positive
  C) supply and price is negative
  D) price and demand is negative
  Show Answer
  The correct answer is A .
• Question 2157: Prohibiting the sale of lace materials in Nigeria would probably lead to? Options:
  A) Increase supply of lace material in Nigeria
  B) Production of better quality lace abroad
  C) Lower price of lace material in Nigeria
  D) Higher price of lace material in Nigeria
  E) Increase income to all dealers of lace materials in Nigeria
  Show Answer
  The correct answer is D .
• Question 2158: The purpose of import duties does NOT include the? Options:
  A) generation of revenue for government
  B) protection of domestic industries
  C) promotion of international trade
  D) conservation of foreign exchange earnings
  E) control of comsuption pattern
  Show Answer
  The correct answer is C .
• Question 2159: In the history of Economic Thought the concept of Division of labour is usually associated with? Options:
  A) David Richardo
  B) J.M. Keynes
  C) Adam Smith
  D) Karl Marx
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  The correct answer is C .
• Question 2160: The demand curve would shift to the left when there is a rise in Options:
  A) Constant proportions
  B) Constant complement
  C) Income
  D) The supply of the commodity
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  The correct answer is B .