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 2301: Let P _x represent the price of exports and P_m the price of imports. Then the terms of trade (TOT) are said to be favourable if Options:
  A) $\frac{Px}{Pm}$
  B) $\frac{Px}{Pm}$=1
  C) $\frac{Px}{Pm}$>1
  D) $\frac{Px}{Pm}$+1
  Show Answer
  The correct answer is C .
• Question 2302: Which of the following best describes the concept of opportunity cost? Options:
  A) a special bargain or scale at below market price
  B) Cost of input tends to go up as we use more of them
  C) Goods that are not produced in order to produce more of another good
  D) A cost that constantly decreases
  Show Answer
  The correct answer is C .
• Question 2303: Which of the following is not a type of unemployment Options:
  A) factory unemployment
  B) structural unemployment
  C) mass unemployment
  D) frictional unemployment
  Show Answer
  The correct answer is A .
• Question 2304: A disadvantage of Nigeria's dependence on imported petroleum products is the Options:
  A) instability in the demand for the products
  B) dominance of multinational firms
  C) instability in the supply of the product
  D) poor maintenance of the refineries
  Show Answer
  The correct answer is C .
• Question 2305:

  

  Which of the following is NOT a visible iterm in international trade payments?`

  Options:
  A) Payments for imported cars
  B) Receipts from coca exports
  C) Payments to foreign shipping companies
  D) Payments for steel imports
  E) Payments for petroleum imports
  Show Answer
  The correct answer is C .
• Question 2306: The average product of labour in a given period is obtained by dividing the? Options:
  A) number of workers by the total product
  B) total product by the number of hours actually worked
  C) change in total product by the change in the number of workers
  D) total product by the number of workers
  Show Answer
  The correct answer is D .
• Question 2307:

  If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?

  Options:
  A) 2
  B) 4
  C) 5
  D) 3
  Show Answer
  The correct answer is D .
• Question 2308:

  The largest component of national income in developing countries consist of

  Options:
  A) profit
  B) profit and rent
  C) rent
  D) wages and salaries
  Show Answer
  The correct answer is D .
• Question 2309: A government budget proposing to spend more than its expected revenue in a year will create_______? Options:
  A) Opportunity for combating inflation
  B) Depression in the economy
  C) Shortage in money supply
  D) Opportunity for full employment
  Show Answer
  The correct answer is D .
• Question 2310:

  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 .