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 221: The best way of presenting data in tabular form is in Options:
  A) bars and columns
  B) charts and lines
  C) maps and rows
  D) pictographs and histogram
  E) rows and columns
  Show Answer
  The correct answer is C .
• Question 222:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 223: The stock exchange market is where? Options:
  A) businessmen borrow some capital
  B) the federal government trades on treasury bills
  C) existing bonds and stocks are traded
  D) new stocks and shares are bought or sold
  Show Answer
  The correct answer is C .
• Question 224: Resources are efficiently allocated when production takes place at that output where price equals? Options:
  A) marginal revenue
  B) average variable cost
  C) marginal cost
  D) toal cost
  Show Answer
  The correct answer is A .
• Question 225:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 226:

  Import duty and tariffs is an instrument used for international trade restriction and so is __________?

  Options:
  A) Preferential duties
  B) Preferential treatment
  C) Entreport
  D) Trade license
  Show Answer
  The correct answer is A .
• Question 227:

  $\begin{array}{ccc}& \text{Year 1}& \text{Year 2}\\ \text{GNP at current prices(NM)}& 20,000& 27,000\\ \text{Population(Million)}& 20& 24\end{array}$

  Calculate the GNP per head of the population in year 1 and year 2.

  Options:
  A) N2000.00, N1000.00
  B) N1125.00; N2000.00
  C) N1000.00, N2000.00
  D) N1000.00; N1125.00
  Show Answer
  The correct answer is D .
• Question 228: If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X Options:
  A) X and Y are complementary commodities
  B) X and Y are substitute goods
  C) X and Y are independent goods
  D) X and Y are jointly supplied
  E) X and Y are inferior commodities
  Show Answer
  The correct answer is A .
• Question 229:

  Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?

  Options:
  A) N20m
  B) N380m
  C) N200m
  D) N180m
  Show Answer
  The correct answer is B .
• Question 230: If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys Options:
  A) economies of scale
  B) specialization
  C) division of labour
  D) diseconomies of scale
  Show Answer
  The correct answer is A .