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 2351: A valid explanation for real wage growth is Options:
  A) an increase in the rate of productivity
  B) the rising cost of capital accumulation
  C) a contraction of emploment in service industries
  D) an increase in the quantity of labour
  Show Answer
  The correct answer is A .
• Question 2352:

  Efficiency in production means?

  Options:
  A) reducing the size of the work force
  B) producing a given output with the lowest cost of combination of factors of production
  C) adoption of capital intensive technology
  D) increasing the quantity of the fixed factors of production
  Show Answer
  The correct answer is B .
• Question 2353:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2354: Arrangement of wants in order of importance is brought about by Options:
  A) excess supply of goods
  B) interest in doing so
  C) scarcity of resources
  D) opportunity cost
  E) limited wants
  Show Answer
  The correct answer is C .
• Question 2355:

  Inflation is likely to benefit_______

  Options:
  A) Debtors
  B) Persons with back savings
  C) Creditors
  D) Persons who lived on fixed pension funds
  Show Answer
  The correct answer is A .
• Question 2356:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2357: In order to increase its profit margin, the monopolist can manipulate Options:
  A) both price and output
  B) either price or output
  C) only its price
  D) only its output
  Show Answer
  The correct answer is B .
• Question 2358: Which of the folowing NOT among the objectives of OPEC? Options:
  A) to stabilize the revenue from oil to producing countries
  B) to stabilize the price of iol in the world market
  C) to make sure that oil flows to all the consuming countries
  D) to estabilished petroleum refineries in all member state
  E) to co-ordinate and harmonize the oil policies of member countries
  Show Answer
  The correct answer is B .
• Question 2359: The value of the multiplier depends on? Options:
  A) MPC and level of income
  B) level of personal income
  C) level of personal savings
  D) government policy and MPC
  Show Answer
  The correct answer is D .
• Question 2360:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .