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 2321:

  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 2322: In Nigeria, a balance of payments deficit can be solved by all of the following EXECPT? Options:
  A) imposing import bans on some commodity
  B) imposing import duties
  C) drawing down on external reserves
  D) purchasing foreign exchanges from foreign countries
  E) devaluation of the currency
  Show Answer
  The correct answer is D .
• Question 2323: One major problem encountered by ECOWAS is_______? Options:
  A) Conflict of interest among members
  B) Increasing population
  C) Weakness in the trade relationship
  D) Language barrier
  Show Answer
  The correct answer is A .
• Question 2324:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

  $\begin{array}{ccc}\text{Products}& \text{Nigeria}& \text{Austria}\\ \text{Cocoa}& 20\text{ tonnes}& 12\text{ tonnes}\\ \text{Lace}& 10\text{ meters}& 8\text{ meters}\end{array}$

  The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

  Options:
  A) 2,2
  B) 2,1.5
  C) 1.5,4
  D) 1.5,2
  E) 0.5,1.5
  Show Answer
  The correct answer is D .
• Question 2325: The cost elasticity of supply is a useful instrument for measuring Options:
  A) profit
  B) productivity
  C) national income
  D) price index
  Show Answer
  The correct answer is B .
• Question 2326: If the government invest the sum of N1,000,000.00 and the marginal propensity to consume is 0.75, what is the change in income? Options:
  A) N1,000 000.00
  B) N4,000 000.00
  C) N6,000 000.00
  D) N14,000,000.00
  Show Answer
  The correct answer is B .
• Question 2327:

  

  Elasticity of demand is an effective tool in the hand of a producer in that it enables him

  Options:
  A) rise his profits and lower his, costs
  B) discourage buyers from cheating
  C) determine what he will produce
  D) set his price to maximize his profit
  Show Answer
  The correct answer is A .
• Question 2328: A major advantage of specialization and division of labour is that? Options:
  A) time wastage will be minimized
  B) trade unions will be encouraged
  C) there will be a ready market for labour
  D) workers will be adequately rewarded
  Show Answer
  The correct answer is A .
• Question 2329: When a business has unlimited liability Options:
  A) all its profits can be taxed away by the government
  B) all its assets are owned by the members of its board of directors
  C) the business ceases to exist at the death of one of its owners
  D) the owners are responsible for all its financial debts
  E) the owners are not responsible for all its financial debts
  Show Answer
  The correct answer is D .
• Question 2330: If goods were free, a rational consumer would consume? Options:
  A) an infinite amount of each good
  B) the amount where marginal utility became zero
  C) the same amount as when each good had a price
  D) the amount where marginal utility was the highest
  Show Answer
  The correct answer is D .