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: Industrial development in Nigeria can be encouraged through Options:
  A) signing WTO treaty
  B) granting subsidies
  C) the provision of efficient infrastructure
  D) direct government participation
  Show Answer
  The correct answer is B .
• Question 2342: The effectiveness of devaluation as a solution to a balance of payments problem depends on the Options:
  A) value of visible and invisible goods
  B) value of invisible items of both domestic and foreign trades
  C) relative elasticities of demand and supply of imports and exports
  D) foreign investments of businessmen
  Show Answer
  The correct answer is C .
• Question 2343: The demand curve for a normal good will shift to the left if? Options:
  A) the incomes of consumers rise
  B) the price of the goods rises
  C) the price of complementary goods rises
  D) advertising expenditure on complementary goods increase
  Show Answer
  The correct answer is B .
• Question 2344: Exclusions that makes Gross National Product a poor measure of welfare are? Options:
  A) goverment purchases
  B) government millitary outlays
  C) wages and salaries
  D) housewives services
  Show Answer
  The correct answer is D .
• Question 2345: In the process of production, total output is at maximum when Options:
  A) MP=0
  B) MP > 0
  C) AP = 0
  D) AP > 0
  Show Answer
  The correct answer is A .
• Question 2346: If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is Options:
  A) N 214 million
  B) N 45 million
  C) N 105 million
  D) N 500 million
  Show Answer
  The correct answer is D .
• Question 2347: Which one of the following functions of banks in Nigeria is reserved to the Central Bank? Options:
  A) Accepting deposits
  B) Serving as agents for payments
  C) Issuing bank-notes
  D) Lending to customers
  E) Purchasing and selling of stock exchange securities
  Show Answer
  The correct answer is C .
• Question 2348:

  The average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to________

  Options:
  A) Economies of scale
  B) Money cost
  C) Opportunity cost
  D) Cost functions
  Show Answer
  The correct answer is A .
• Question 2349: A country embarks on deficit financing in order to Options:
  A) increase revenue
  B) reduce aggregate demand
  C) curb inflation
  D) stimulate investment
  Show Answer
  The correct answer is C .
• Question 2350: The Economic Commission for Africa was set up by the? Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .