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 2221: The situation whereby the government of a country spends more than its budgets for a given financial year is known as Options:
  A) surplus budget
  B) deficit budget
  C) balanced budget
  D) minus budget
  Show Answer
  The correct answer is B .
• Question 2222: The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in Options:
  A) Paris, France
  B) Geneva, Switzerland
  C) Lagos, Nigeria
  D) Vienna, Austria
  Show Answer
  The correct answer is D .
• Question 2223: One of the characteristics of an imperfect market is the? Options:
  A) large number of buyers and sellers in the market
  B) awareness of market conditions by buyers
  C) availability of substitutes
  D) heterogenetity of products
  Show Answer
  The correct answer is D .
• Question 2224:

  Holding money to take care of contingencies is

  Options:
  A) a speculative motive
  B) a transactions motive
  C) a precautionary motive
  D) an expansionary motive
  Show Answer
  The correct answer is C .
• Question 2225:

  

  In the diagram above, the total revenue of the monopolist is given by the area

  Options:
  A) OQ₁MP₂
  B) P₄MTP₁
  C) OQ₁ TP₁
  D) OQ₂SP₂
  Show Answer
  The correct answer is C .
• Question 2226:

  A method of analysis that draws conclusions from data rather than general Principles already known is________

  Options:
  A) Deductive reasoning
  B) Inductive reasoning
  C) Normative reasoning
  D) Positive reasoning
  Show Answer
  The correct answer is B .
• Question 2227:

  The privatization of public enterprises will lead to efficient management of resources in the economy. This statement can best be described as_____________

  Options:
  A) deductive reasoning
  B) positive reasoning
  C) normative reasoning
  D) inductive reasoning
  Show Answer
  The correct answer is D .
• Question 2228:

  Which of the following persons is engaged in "Secondary Production"?

  I - a bricklayer

  II - an automobile assembly-line worker

  III - an accountant

  IV - a cinema projectionist

  Options:
  A) I only
  B) I, II
  C) II, III
  D) I, II, III, IV
  Show Answer
  The correct answer is B .
• Question 2229: Which of the following is not an indicator of economic growth? Options:
  A) CPI
  B) PPI
  C) GDP
  D) High Level of Unemployment
  Show Answer
  The correct answer is D .
• Question 2230: Which of the following is likely to reduce a surplus in the balance of payments of a country? Options:
  A) Devaluation
  B) Increased tariff on imports
  C) Export promotion
  D) Currency appreciation
  Show Answer
  The correct answer is D .