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 2311:

  The labour force of a country is determined by the___________

  Options:
  A) geographical distribution of the population
  B) age structure of the population
  C) number of people available for work
  D) sex distribution of the population
  Show Answer
  The correct answer is B .
• Question 2312: If a government wants to reduce the level of inflation, it will? Options:
  A) run a budget surplus
  B) run a budget deficit
  C) run a balanced budget
  D) borrow more money
  Show Answer
  The correct answer is A .
• Question 2313: Patents and copyrights enable monopolists to Options:
  A) determine the quality of their products
  B) determine the scale of their products
  C) restrict information flow to new firms
  D) restrict entry of new firms
  Show Answer
  The correct answer is B .
• Question 2314: Which of the following could be used to measure the efficiency of labour? Options:
  A) rate of inflation
  B) input-output ratio
  C) buying more machines
  D) unemployment rate
  Show Answer
  The correct answer is B .
• Question 2315:

  The two major types of international trade are Bilateral trade and?

  Options:
  A) Internal trade
  B) Multilateral trade
  C) Dilateral trade
  D) Trilateral trade
  Show Answer
  The correct answer is B .
• Question 2316: By definition, variable cost (VC) is related to total costs (TC) and fixed costs (FC) by the equation? Options:
  A) VC =TC + FC
  B) VC = TC - FC
  C) VC = TC/FC
  D) VC = (TC)(FC)
  Show Answer
  The correct answer is B .
• Question 2317:

  Which of the following factors may not affect the efficiency of labour?

  Options:
  A) Education and training
  B) Provision of welfare service
  C) Race and colour of workforce
  D) Quality of other factor inputs
  Show Answer
  The correct answer is C .
• Question 2318: The production possibility curve can be used to explain the underlying concepts of Options:
  A) scale of preference and choice
  B) opportunity cost and choice
  C) wants and means
  D) opportunity cost and scale of preference
  Show Answer
  The correct answer is B .
• Question 2319:

  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 2320:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .