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 2171:

  

  Which of the following graphs represents the price-quantity relationship between tea and lemon, if they are perfect complements? choose the answer from the option above

  Options:
  A) A
  B) B
  C) C
  D) D
  Show Answer
  The correct answer is B .
• Question 2172: A fall in the marginal propensity to save will lead to? Options:
  A) a decrease in national income
  B) an increase in national income
  C) no change in national income
  D) an increase in disposable income
  Show Answer
  The correct answer is A .
• Question 2173:

  The basic economic problems of society include___________

  Options:
  A) scarcity, for whom to produce and where
  B) what to produce, how and for whom
  C) how to produce and sell
  D) scarcity, when to produce and how
  Show Answer
  The correct answer is B .
• Question 2174:

  

  The diagram above shows theshifts in both demand supply curves. What is the new equilibrium point after the shifts?

  Options:
  A) E₃
  B) E₁
  C) E₄
  D) E₂
  Show Answer
  The correct answer is D .
• Question 2175: The raising of funds by selling stocks to the public is called? Options:
  A) equity financing
  B) stock financing
  C) debt financing
  D) loan financing
  Show Answer
  The correct answer is A .
• Question 2176:

  

  A country's budget allocation to various sectors of the economy is shown in the pie chart above...
  Use it to answer this question.

  What is the ratio of expenditure on health to Agriculture if the yearly budget is 7200?

  Options:
  A) 2: 3
  B) 3:4
  C) 4:3
  D) 5:4
  Show Answer
  The correct answer is B .
• Question 2177:

  The privatization exercise in Nigeria is a move towards a____________

  Options:
  A) command economy
  B) mixed economy
  C) subsistence economy
  D) market economy
  Show Answer
  The correct answer is D .
• Question 2178:

  A country with over-valued currency will

  Options:
  A) expect balance of payments surplus
  B) have increased demand for the exports
  C) increase her foreign reserve
  D) decrease her foreign reserve
  Show Answer
  The correct answer is D .
• Question 2179:

  The business risks of a public corporation are borne ultimately________

  Options:
  A) by the government
  B) by the treasury
  C) by the rate payers
  D) by the tax payers
  Show Answer
  The correct answer is D .
• Question 2180:

  A baker bought flour and other ingredients for S250.00, spent S52.00 on distribution, sold the bread for S320.00. The value added by the baker.

  Options:
  A) $302.00
  B) $52.00
  C) $18.00
  D) $622.00
  Show Answer
  The correct answer is C .