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 2331:

  Which of the following is an invisible item?

  Options:
  A) Petroleum services
  B) Processed rice
  C) Processed milk
  D) Banking services
  Show Answer
  The correct answer is D .
• Question 2332: The monetization policy of the Nigerian government is aimedat Options:
  A) encouraging public servants to retire early and become self-employed
  B) transferring government's properties to retired public servants
  C) reducing government's burden on the provision of fringe benefits to public servants
  D) helping government recover properties held by public servants
  Show Answer
  The correct answer is C .
• Question 2333: The formular used by the Expenditure approach to calculate National income is Options:
  A) Y=C + I + X - M –G
  B) Y= C + X – M – I + G
  C) Y = C + I + G + X – M
  D) Y = C – I + X – M + G
  E) Y = C + G – X + M – I
  Show Answer
  The correct answer is C .
• Question 2334: Which of the following is not an indicator of economic growth? Options:
  A) CPI
  B) PPI
  C) GDP
  D) High Level of Unemployment
  Show Answer
  The correct answer is D .
• Question 2335:

  One major problem facing West African countries is

  Options:
  A) Relations with Colonial Masters
  B) Joint Military operations in Member States
  C) Political integration
  D) Financial crunch of Member States
  Show Answer
  The correct answer is A .
• Question 2336: Inflation is a ……………. Options:
  A) general increase in the price of a single product
  B) period of economic recession
  C) period of hunger
  D) period of excessive money
  E) persistent rise in the general price level
  Show Answer
  The correct answer is E .
• Question 2337:

  $\begin{array}{ccc}\text{Units of Quantity consumed}& \text{Total utility}& \text{Marginal utility}\\ 0& ---& ---\\ 1& 10& 10\\ 2& 15& 5\\ 3& 17& 2\\ 4& 18& 1\\ 5& 18& 0\end{array}$

  The table above illustrates the law of

  Options:
  A) diminishing marginal utility
  B) diminishing marginal productivity
  C) diminishing returns
  D) increasing returns
  E) increasing total utility
  Show Answer
  The correct answer is A .
• Question 2338: The most important advantage of co-operative societies is? Options:
  A) their high degree of democracy
  B) the increase inthe cost of marketing
  C) that member are encouraged to save money
  D) the possibility of raising loans for the members
  Show Answer
  The correct answer is D .
• Question 2339: When a country's population is experiencing increase returns, that country is said to be? Options:
  A) overpopulated
  B) economically poor
  C) over-producing goods and services
  D) underpopulated
  Show Answer
  The correct answer is A .
• Question 2340: Population growth is determined by_______? Options:
  A) Dependency ratio
  B) Labour force
  C) Per capita
  D) Net migration
  Show Answer
  The correct answer is D .