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 2341: Disposable income equals Options:
  A) personal income less business profits
  B) personal inome minus taxes and subsidies
  C) national income less borrowing from abroad
  D) national income plus transfer of payments
  E) personal income less taxes plus subsidies
  Show Answer
  The correct answer is E .
• Question 2342:

  Given: Investment = N100 million

  Consumption = N200 m + 0.75Y

  Y = C + I

  Where, Y =Income, C = Consumption and where

  I = Investment

  What is the income level to the nearest million?

  Options:
  A) N100 Million
  B) N300 Million
  C) N1,000 Million
  D) N1,200 Million
  Show Answer
  The correct answer is D .
• Question 2343: If national income rises by 6% and population rises by 3%, per capita income will? Options:
  A) rise by 6 percent
  B) fall by 3 percent
  C) fall by 6 percent
  D) rise by 3 percent
  Show Answer
  The correct answer is D .
• Question 2344: The major role of multi-national companies in the petroleum industry in Nigeria is Options:
  A) the establishment of refineries
  B) oil marketing and prospecting
  C) oil marketing only
  D) oil prospecting only
  Show Answer
  The correct answer is B .
• Question 2345: What fundamentally determines how much a consumer spends in a producer's shop? Options:
  A) Individual's propensity to consume
  B) level of his taxation
  C) level of his income
  D) Individual's taste or fashion
  Show Answer
  The correct answer is C .
• Question 2346:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2347:

  Which of the following is an example of expansionary monetary policy by the Central Bank of Nigeria?

  Options:
  A) Lowering income taxes
  B) Increasing the discount rate
  C) Increasing the reserve ratio
  D) Buying Treasury securities from commercial banks
  Show Answer
  The correct answer is D .
• Question 2348: 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 2349: A high rent on land will affect the cost of producing maize Options:
  A) at the early stage of production
  B) negatively
  C) at the later stage of population
  D) positively
  Show Answer
  The correct answer is B .
• Question 2350: An important feature of a cartel is that? Options:
  A) members do not reduce price below the cartel price
  B) each member has a fixed output above which it is not expected to produce
  C) a powerful member fixes the price at which others will sell
  D) membes fix the prices for their products
  Show Answer
  The correct answer is B .