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: Taxes and government expenditures are instrument of? Options:
  A) monetary policy
  B) tax policy
  C) economic policy
  D) fiscal policy
  Show Answer
  The correct answer is D .
• Question 2302: If the increase in the price of yams is used to estimate the inflation rate, this is an example of Options:
  A) deductive reasoning
  B) inductive reasoning
  C) normative reasoning
  D) positive reasoning
  Show Answer
  The correct answer is B .
• Question 2303: What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices? Options:
  A) Free market
  B) Perfectly competitive market
  C) Controllled market
  D) Stock exchange market
  E) Open market
  Show Answer
  The correct answer is B .
• Question 2304:

  In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?

  Options:
  A) 0.0045 million
  B) 4.5 million
  C) 1.25 million
  D) 16 million
  Show Answer
  The correct answer is C .
• Question 2305:

  The middlemen is responsible for

  Options:
  A) providing research facilities
  B) purchasing raw materials
  C) designing the product
  D) breaking the bulk
  Show Answer
  The correct answer is D .
• Question 2306: The value of money is generally measured in reference to Options:
  A) the interest rate charged on bank loans
  B) the general price level
  C) the size of countries gold stock
  D) the level of economic development in a country
  E) the price of stocks and shareson the stock exchange
  Show Answer
  The correct answer is B .
• Question 2307: The term balance oftrade, can be defined as the? Options:
  A) relation between value of exports and value of imports over a given period of time
  B) balance owed to the rest of the world in payment for imports
  C) price paid for imports in term of exports
  D) relation between payments of all kind made by a country to the rest of the world, over a given period of time
  Show Answer
  The correct answer is A .
• Question 2308: The study of economics is necessary mainly because of Options:
  A) Unemployment
  B) Unlimited resources
  C) Scarcity of resources
  D) Overpopulation
  Show Answer
  The correct answer is C .
• Question 2309:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 2310: By terms of trade, we mean the? Options:
  A) ratio of exports and imports
  B) differences between exports and imports
  C) differences between current account and capital account
  D) index of export prices to import prices expressed as a percentage
  E) ratio of short-term capital movements to long-term capital movements
  Show Answer
  The correct answer is D .