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 2241: An effect of inflation is that it? Options:
  A) discourages trade by barter
  B) favours debtors at the expense of creditors
  C) increases the real income of salary earners
  D) increases the value of a country's exports
  Show Answer
  The correct answer is B .
• Question 2242: The theory of comparative cost advantage is associated with Options:
  A) Adam Smith
  B) Reverend Thomas Malthus
  C) Professor trum fisher
  D) David Ricardo
  Show Answer
  The correct answer is D .
• Question 2243:

  A budget with a projected revenue in excess of its expenditure is said to be?

  Options:
  A) balanced
  B) surplus
  C) deficit
  D) inflationary
  Show Answer
  The correct answer is B .
• Question 2244: A greater burden of the taxes on essential goods is borne by the Options:
  A) lower income group
  B) higher income group
  C) contract workers
  D) newly recruited workers
  Show Answer
  The correct answer is A .
• Question 2245: GNP is not a good measure of social welfare because there are unrecorded? Options:
  A) indirect taxes
  B) social costs
  C) government subsidies
  D) transfer payments
  Show Answer
  The correct answer is D .
• Question 2246:

  The full meaning of NNPC is?

  Options:
  A) Nigerian National Population commission
  B) Nigerian National Petroleum Corporation
  C) National Number of Petroleum Companies
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 2247: If the production of a large firm is higher than that of a small firm, it is experiencing. Options:
  A) external economies of scale
  B) external diseconomies of scale
  C) internal economies of scale
  D) internal diseconomies of scale
  Show Answer
  The correct answer is C .
• Question 2248: The purchasing power of the naira will fall when? Options:
  A) the naira is devalued
  B) government cuts all salaries and wages
  C) there is inflation
  D) the colour of the naira is changed
  E) workers are retrenched
  Show Answer
  The correct answer is C .
• Question 2249: When a nation is experiencing balance of payment surplus, it is in a better position to? Options:
  A) increase its foreign exchange reserves
  B) increase its liabilities to foreigners
  C) reduce its foreign exchange reserves
  D) devalue its national currency
  Show Answer
  The correct answer is A .
• Question 2250: The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for Options:
  A) maintaining the fiscal supremacy of the central government the fiscal supremacy of the central government
  B) evolving an acceptable wage for public servants
  C) evolving an acceptable revenue-sharing formula
  D) ensuring equity in the sharing of fiscal responsibilities
  Show Answer
  The correct answer is C .